Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma of Russia, stated at the St. Petersburg International Economic Forum (SPIEF) that central bank digital currencies (CBDCs) will become popular within five years and will be used as a standard for international payments.

He also revealed that Russia may start using digital rubles for international transactions in the second half of 2025, but first it needs to be tested and widely implemented domestically, including by legal entities. He also suggested testing budget financing with smart contracts as soon as possible.

Aksakov also mentioned that preliminary testing of CBDC international transactions may involve China or Belarus, as the two countries are technically close and have friendly relations. (CryptoSlate)