India and Russia explore digital currency use
The article focused on Russia and India's efforts to develop and utilize digital currencies for settling their bilateral trade, aiming to make cross-border payments faster and more efficient. Russia has been working on issuing its digital currency, the Digital Ruble, since September 2022, while India has been developing a pilot digital currency since 2022, with some used in government programs. Banks from both countries are supporting this initiative, with discussions at the BRICS summit about linking payment systems to reduce reliance on the global SWIFT network. Officials also noted that the accumulation of rupees by Russia no longer poses an obstacle, as the surplus has been invested in Indian securities. Both countries are seeking to boost their bilateral trade, which increased after the invasion of Ukraine, while also working to correct a trade deficit exceeding $50 billion.
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