Russia is fast-tracking a digital ruble to reduce the dollar’s sway inside the BRICS bloc and to enable ruble-based trade among member states ahead of the 18th summit in New Delhi. The central bank aims to strengthen the economy against sanctions and broaden international payments options.
China could be the first BRICS country to accept the digital ruble after launch, said Timur Aitov (linked) about the plan, and he described the effort as an international initiative. said “The digital ruble is first and foremost an international project.”
Almost all of the bloc’s 11 members are exploring central bank digital currencies, with several running pilots and planning future rollouts. (Ed. note: BRICS comprises 11 members.)
Sberbank chief German Gref backed using the e-ruble for intergovernmental trade but questioned retail use in July. said “I don’t understand why an individual needs the option to use a CBDC,” and he added “And neither do banks or businesses. I still don’t really understand why we need the (digital ruble).”
The Reserve Bank of India has circulated guidance to BRICS members on linking national CBDCs, setting the stage for discussions in New Delhi. Russia may formally propose the digital ruble at the summit, depending on its domestic rollout progress.
