XI’AN /China/, November 24. /TASS/. The digital yuan is already actively used in China’s international settlements, allowing transactions to be completed in seconds without using the SWIFT system, Boris Titov, Russian presidential envoy for relations with international organizations to achieve sustainable development goals, told TASS, adding that Russian businesses are exploring the potential of this platform.

"The digital yuan is already widely used in international trade; transactions take seconds, and there's no overlap with foreign financial transactions, which means SWIFT isn't involved at all," said Titov, who is also co-chairman of the Russian-Chinese Committee for Friendship, Peace, and Development. China already implements similar transactions with countries in Southeast Asia and the Middle East, he added.

Although the digital platform is currently primarily available to government agencies and banks, accredited companies have already emerged providing these services to businesses, Titov noted, adding that the Committee will inform entrepreneurs about how to use the digital yuan to facilitate cross-border payments.

Speaking about the digital ruble, Titov said that its implementation is "slightly delayed" compared to its Chinese counterpart, but is "on track." In the future, businesses will be able to use both the digital yuan and the digital ruble, he noted.