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India and Russia explore digital trade payments
Reports have confirmed that Russia and India are considering the use of digital currencies to settle bilateral trade, aiming to make cross-border payments faster and more efficient. The Russian central bank and the Reserve Bank of India are working on developing this mechanism, with support from Russian Sberbank, to enhance trade cooperation and reduce reliance on the Western-dominated SWIFT international payment network. This initiative is part of both countries' efforts to boost trade, which has reached approximately $60 billion annually, with the goal of increasing it to $100 billion by the end of the decade. The focus is on settling payments using digital currencies and developing joint payment systems.
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