Elvira Nabiullina, Governor of the Central Bank of Russia, has revealed discussions with BRICS member states on utilizing digital currencies for facilitating international trade and payments.
As quoted by state media outlet RIA Novosti, Nabiullina stated that “consultations with friendly countries, including BRICS members” are underway regarding cross-border transactions powered by digital currencies. She specifically cited the in-development digital ruble’s integration capabilities with foreign CBDCs.
The openness towards cryptocurrencies marks a shift for the previously anti-crypto Governor. Nabiullina has long advocated for China-style crypto bans, including mining restrictions. However, her latest comments struck an unusually pro-digital asset tone.
“Our position on cryptocurrencies is well known. We are against their use in payments within the country. At the same time, we support their use in foreign trade,” she stated.
The Governor added that a bill legalizing crypto for international settlements is being debated in Russia’s State Duma. She also provided optimistic updates on the digital ruble pilot, highlighting growing interest from Russia’s financial industry.
The statements come as Russia seeks to reduce dependence on the US dollar-dominated global financial system. Hard hit by Western sanctions, exploring alternate trade and payment rails with friendly nations could enable circumvention.
Fellow BRICS members have previously mulled joint digital currency initiatives as well. With multiple countries pursuing CBDCs, shared platforms present a sanctions-resistant way for Russia to retain economic connectivity.
While Nabiullina was short on specifics, her call for enhanced blockchain collaboration signals recognition of cryptocurrencies’ potential. With Russia’s economy squeezed, pragmatism appears to be overcoming long-held skepticism from Russian leadership.
