Russia to use digital ruble for trade with BRICS nations

Timur Aitov, chairman of Russia's Financial Market Security Committee, said in an interview that the country plans to use the digital ruble for trade with its BRICS partners, DL News reported. He noted that BRICS nations require a central bank digital currency (CBDC) for trade, which is why Russia's central bank is targeting a Sept. 1 launch for digital ruble payments. Aitov acknowledged that domestic demand for a CBDC is not very high, agreeing with the assessment that individuals, businesses, and particularly banks do not need it. He described the digital ruble as being, in many ways, an international project.