Russia is hoping that its new payment system will reduce its reliance on the U.S. dollar and will allow for cross-border payments using digital currencies, with no other countries able to intercede and freeze payments. Russian Finance Minister Anton Siluanov said Monday that the system, which uses modern technology such as digital financial assets and digital currencies, is has no restrictions, as two parties could reach an agreement and make their settlement payments without any country being able to interfere.

Russia is currently aiming to de-dollarize its economy and the Bank of Russia has explored creating a digital currency, the digital ruble, for this purpose. The U.S. Congressional Research Service has reported that Russian government intensified its de-dollarization efforts in 2014 and a digital ruble could lower the country's reliance on Western payments infrastructure. Reports also suggest that the Russian ruble and the Chinese yuan have already replaced the U.S. dollar in existing mutual settlements between the two countries and over 70% of the said settlements are currently done in their own national currencies.

In conclusion, Russian Finance Minister Anton Siluanov has said that the new payment system with no restrictions will be based on modern technologies such as digital financial assets, digital currencies and other similar currencies. The launch of the new payment system is part of Russia's initiative of de-dollarizing its economy and reducing its reliance on the U.S. dollar which continues to be the global reserve currency for many countries. With the help of this new payment system, Russia will be able to make international payments using digital currencies and without any country being able to interfere or freeze those payments.



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