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Russian Vision for Digital Finance
Russian business magnates are harboring aspirations of harnessing the potential of “digital assets” alongside the adoption of a unified digital currency for conducting trade with fellow BRICS constituents and other amicable nations.
In the realm of expert opinions, luminaries hailing from Brazil have posited that the advent of a BRICS digital fiat may materialize within the forthcoming five to ten years.
According to reports emanating from the venerable media outlet, Bankovskoye Obozrenie, members affiliated with the Russian Chamber of Commerce and Industry’s Council on Financial, Industrial, and Investment Policy have engaged in recurrent discourse surrounding these topics of considerable import.
Yulia Prikhodina, serving in the capacity of Deputy Chair within the Council, revealed that erudite experts and distinguished stalwarts of the Chamber of Commerce have tabled compelling propositions exploring the viability of integrating “digital financial assets (DFAs)” into the fabric of international financial transactions.
In its deliberations, the Council has been preoccupied with the idea of incorporating DFAs “within the domain of international financial transactions.” Moreover, the concept of “formulating and embracing” a solitary digital currency, primed for application in cross-border financial dealings among BRICS nations, has been ardently contemplated.
In addition to these ambitions on the BRICS stage, the Council is also earnestly endeavoring to usher in the utilization of DFAs and/or a digital fiat mechanism, thereby facilitating commerce with the Commonwealth of Independent States (CIS) as well as the economic and political conglomeration known as the Eurasian Economic Union.
In the pursuit of safeguarding the continuity of export-import transactions within Russia, Prikhodina advocates for the utilization of Digital Financial Assets (DFAs) or a unified digital currency, instead of reliance on foreign currencies such as the USD.
This strategic shift gains paramount significance in the prevailing landscape of Western-led sanctions that have squarely targeted Russia’s trade endeavors.
The Versatility of DFAs
Within the intricate web of Russian political discourse, the term “DFAs” has become a versatile chameleon, assuming various connotations. At times, it encompasses assets of a digital nature, encompassing digitized commodities, Central Bank Digital Currencies (CBDCs), and digital securities.
However, in other contexts, it extends its purview to include the enigmatic realm of Non-Fungible Tokens (NFTs).