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Bank of Russia says international settlements to move to digital currencies in 5-7 years

"I think that in the future, within 5-7 years, we will see an absolutely different system of transborder settlements based on national digital currencies," Olga Skorobogatova said

MOSCOW, April 6. /TASS/. The system of transborder settlements will transform in coming years, First Deputy Chairperson of the Russian Central Bank Olga Skorobogatova said in the State Duma (lower house) on Thursday, adding that it might be based on digital national currencies within 5-7 years.

"The digital ruble, once the platform is tested and ready, will provide a new possibility to create a system of transborder settlements," she said, adding that "SWIFT will not be employed in any form in this case." "I think that in the future, within 5-7 years, we will see an absolutely different system of transborder settlements based on national digital currencies," Skorobogatova said.

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Central Bank of Russia

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