The central banks of Russia and India are working together on a mechanism to settle bilateral trade with digital currencies, according to ChainCatcher. The stated aim is to improve the efficiency of cross-border payments between the two countries. Russia has already launched the digital ruble, while India’s digital currency has been used in government projects. The two sides are also set to discuss digital-currency-based trade settlement with BRICS countries at a summit in New Delhi. The update points to ongoing official coordination between the two central banks on how digital currency infrastructure could be used in cross-border commerce.
Russia’s central bank and the Reserve Bank of India are cooperating on a mechanism to settle bilateral trade using digital currencies, according to ChainCatcher. The goal is to improve cross-border payment efficiency.
Russia has already launched the digital ruble. India’s digital currency has also been used in government projects. The two sides will discuss digital currency trade settlement with BRICS countries at a summit in New Delhi.
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