{"id":67407,"date":"2023-09-30T23:06:05","date_gmt":"2023-10-01T03:06:05","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-biz-leaders-call-for-brics-digital-fiat\/"},"modified":"2023-09-30T23:06:08","modified_gmt":"2023-10-01T03:06:08","slug":"russian-biz-leaders-call-for-brics-digital-fiat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67407","title":{"rendered":"Russian Biz Leaders Call for BRICS Digital Fiat"},"content":{"rendered":"
\n

Russian business leaders want to use \u201cdigital assets\u201d and a \u201csingle digital currency\u201d to trade with BRICS members and other \u201cfriendly\u201d nations.<\/p>\n

Experts in Brazil have previously claimed that a BRICS digital fiat could launch within the next five to 10 years.\u201d<\/p>\n

Per the media outlet Bankovskoye Obozrenie, members of the Russian Chamber of Commerce and Industry\u2019s Council on Financial, Industrial, and Investment Policy have \u201crepeatedly\u201d discussed the matters.<\/p>\n

Yulia Prikhodina, the Council\u2019s Deputy Chair said experts and Chamber of Commerce members have \u201cproposed\u201d the possibility of using \u201cdigital financial assets (DFAs)\u201d in international payments.<\/p>\n

The Council, she said, has spoken about the use of DFAs \u201cin the international payments space.\u201d<\/p>\n

It has also spoken about the possibility of \u201ccreating and adopting\u201d a \u201csingle digital currency for use in cross-border payments\u201d within the BRICS.<\/p>\n

The Council also wants to use DFAs and\/or a digital fiat to trade with the Commonwealth of Independent States (CIS) and the Eurasian Economic Union economic and political blocs.<\/p>\n

Prikhodina said that using DFAs or a common digital currency, rather than foreign currencies like the USD, would help \u201censure export-import transactions\u201d are not disrupted in Russia.<\/p>\n

This is particularly important as Western-led sanctions continue to target Russian trade, she claimed.<\/p>\n

In Russian political circles, the term DFAs has been used interchangeably.<\/p>\n

Sometimes it refers to assets like digitized commodities, CBDCs, and digital securities.<\/p>\n

But in other instances, it refers to NFTs.<\/p>\n

DFAs can also refer to cryptoassets and stablecoins like USDT and Bitcoin (BTC).<\/p>\n

Recognizing the uncertainty this has caused, Prikhodina called for clarification in official terminology.<\/p>\n

She said:<\/p>\n

\n

\u201cThe [nomenclature] causes some confusion, including among experts, since it is not clear which of these concepts are identical to each other. Is it even possible to talk about [differences] between Russian and foreign terminology [when Russian law does not make use of terms like \u201cNFTs\u201d etc.]? This problem needs to be solved.\u201d<\/p>\n<\/blockquote>\n

Russia Eyes Digital Financial Assets & Digital RUB-powered Trade<\/h2>\n

The Council recently struck a cooperation agreement with the Plekhanov Russian University of Economics.<\/p>\n

The parties looked at a \u201cglobal study\u201d of CBDC-related regulations and legislation in \u201cfriendly countries.\u201d<\/p>\n

These include the likes of Belarus, Turkey, Kazakhstan, India, Iran, Mongolia, UAE, China, and Qatar.<\/p>\n

Belarus has previously confirmed a willingness to align its CBDC plans with Moscow\u2019s digital ruble project.<\/p>\n

China, meanwhile, is moving its own CBDC interoperability efforts into the private sector as its digital yuan pilot continues.<\/p>\n

Meanwhile, there are signs that parts of the Russian banking sector is coming round to the central bank\u2019s CBDC plans.<\/p>\n

Banking associations have been critical of the digital ruble project, claiming that bank customers are \u201cwary\u201d of the CBDC.<\/p>\n

But per a Sinara Bank press release, the bank\u2019s Retail Business Development chief Alexey Lutsenko said:<\/p>\n

\n

\u201cThere is a long road ahead and banks need to adapt to the new reality. They need to learn how to provide good service and earn money using the digital ruble. They also need to explain all the coin\u2019s features and advantages to their clients.\u201d<\/p>\n<\/blockquote><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Russian business leaders want to use \u201cdigital assets\u201d and a \u201csingle digital currency\u201d to trade with BRICS members and other \u201cfriendly\u201d nations. Experts in Brazil have previously claimed that a BRICS digital fiat could launch within the next five to 10 years.\u201d Per the media outlet Bankovskoye Obozrenie, members of the Russian Chamber of Commerce […]<\/p>\n","protected":false},"author":1,"featured_media":67408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-67407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRussian Biz Leaders Call for BRICS Digital Fiat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Russian business leaders want to use \u201cdigital assets\u201d and a \u201csingle digital currency\u201d to trade with BRICS members and other \u201cfriendly\u201d nations.Experts in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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