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Russia to Launch CBDC Soon [Report]:

Many countries are finding utilities in having their CBDC (Central Bank Digital Currency).

Russia is also on the verge of launching its CBDC early next year in mutual settlements with China that has already tested its digital Yuan – a senior Russian lawmaker said in an interview.

According to reports, the goal for the development is to reduce the US hegemony over the global financial system, media reports said.

Russian CBDC to Take on US Hegemony

“The topic of digital financial assets, the digital roble and cryptocurrencies is currently intensifying in society, as Western countries are imposing sanctions and creating problems for bank transfers, including in international settlements,” Anatoly Aksakov, head of the finance committee in Russia’s lower house of parliament, said in an interview with Russia’s parliamentary newspaper.

With that objective in mind, Russia is looking at alternatives, he added.

“If we launch this, then other countries will begin to actively use it going forward, and America’s control over the global financial system will effectively end,” the Russian lawmaker said.

Over the years, the digital ruble has been in the works.

But it was solely aimed at modernizing the country’s financial system and speeding up payments.

But after several sanctions on the Country, the development of the digital currency has gained more momentum and its implementation is being fast-tracked –  Russian banks are reported to be testing it.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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