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Settlements in national digital currencies to become norm within 5 years — MP

First international payments in digital currencies may be carried out with China or Belarus, Anatoly Aksakov noted

ST. PETERSBURG, June 5. /TASS/. Countries using national digital currencies to pay each other will become the norm within five years, Chairman of the Russian State Duma’s Financial Markets Committee Anatoly Aksakov told TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Fundamentally, there are few countries that have made serious progress in using national digital currencies. This is why technologically they are simply not ready to launch a digital currency in mutual settlements with other countries. However, I am confident that it will be common practice within five years," he said.

First international payments with digital ruble may be carried out as early as in the second half of next year, Aksakov added. "I admit that digital ruble will probably be used for international payments as early as next year, with first settlements carried out, not in the first half of the year though. It should be launched more widely within our country, including for being used by legal entities. I suggest that budget financing with the use of smart contracts be tested as quickly as possible," he said.

First international payments in digital currencies may be carried out with China or Belarus, MP noted. "Chinese have made good progress with digital yuan, China is clear in this sense. Both we and they already got certain experience, which is why with China it would be interesting to launch the process of settlements in digital currencies. Technologically we are quite close. It would also be possible to have a try with Belarus as well since it is a friendly country," he explained.

The St. Petersburg International Economic Forum (SPIEF) is being held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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