Russian Experts Predict a Turning Point for Cross-border Crypto and CBDC Payments in 2024
Russian legal and tech experts believe that 2024 will be a significant year for the use of cryptocurrency and central bank digital currencies (CBDCs) in cross-border payments. Andrey Tugarin, the head of the law firm GMT Legal, stated that digital assets, including cryptoassets and the digital ruble, will be used for cross-border payments. Several Russian projects have emerged with technical solutions for these payments using cryptocurrency. Some firms have already conducted crypto-powered business with overseas companies with Moscow’s approval. However, ready-made solutions are still lacking for using digital financial assets and the digital ruble in this context.
Russia-China CBDC Payments May Debut in 2024
A top Russian politician suggests that Moscow and Beijing could start using their CBDCs, the digital ruble and digital yuan, for payments as early as 2024.
Progress Expected in Russia’s Cross-border Crypto and CBDC Payments in 2024
Maria Telegina, a legal expert, expects an experimental platform to launch in 2024 for international payments using cryptocurrency and digital financial assets. Such solutions could help alleviate problems caused by sanctions imposed by the EU and the US on Russia’s financial system. Dmitry Kirillov, a Blockchain Law teacher, hopes to see a working payment tool using the digital ruble ahead of schedule. While the Central Bank has ruled out a digital ruble rollout before 2025, the finance ministry claims that all citizens will be able to experience making CBDC payments within the next year.
Crypto Adoption to Rise in Russia in 2024?
Kirill Lyakhmanov, Chief Legal Advisor at EBR Law Firm, predicts that the fragmentation of global financial markets will generate increased interest in cryptocurrencies. Despite the NFT market collapse in 2023, Lyakhmanov believes these assets still have a future in the utility tokens field, even in Russia. The idea of launching a state-run crypto exchange in Moscow has lost traction, but domestic firms are already exploring crypto-powered trade solutions with Iranian companies. Overall, experts anticipate significant developments and progress in cross-border crypto and CBDC payments in Russia throughout 2024.
Hot Take: Russian Experts Optimistic About Cross-border Crypto and CBDC Payments
Russian legal and tech experts are optimistic about the future of cross-border cryptocurrency and central bank digital currency (CBDC) payments. They believe that 2024 will be a turning point for the use of digital assets, including cryptoassets and the digital ruble, in international transactions. While there are currently some technical solutions available for cross-border payments using cryptocurrency, further advancements are needed to fully utilize digital financial assets for this purpose. Nevertheless, with ongoing developments and experimental platforms expected to launch, experts foresee progress in enabling cross-border crypto and CBDC payments. This could potentially solve problems caused by international sanctions and contribute to the adoption of cryptocurrencies in Russia.
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