Russia Excluded from International Payment Network Plans to Introduce Digital Ruble Next Year

[Image source=Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] Russia, which was excluded from the international payment system following its invasion of Ukraine, announced plans to enable international payments using the digital ruble by next year.

According to major foreign media on the 21st (local time), Elvira Nabiullina, Governor of the Bank of Russia, appeared before the State Duma and stated, "We are prioritizing the introduction of the digital ruble as one of our top projects."

Governor Nabiullina said, "We are currently producing prototypes and conducting inspections with the financial sector, and we plan to initiate pilot transactions starting next year."

She also mentioned plans to expand the usage countries of the Mir card, the payment brand of the National Payment Card System (NSPK), a payment institution under the central bank.

The Mir card is Russia's largest payment system created by NSPK in 2015, which handles all card payment processing within the country, including Visa and MasterCard.

Governor Nabiullina also stated that further interest rate cuts will be considered at upcoming meetings. However, she did not comment on whether a rate cut decision would be made at the meeting scheduled for the 29th.

The Bank of Russia raised interest rates to 20% last February and then lowered them to 17% on the 8th of this month.

This content was produced with the assistance of AI translation services.