Central Bank Digital Currency Expected to Become Commonplace Within Five Years

According to Odaily, Anatoly Aksakov, Chairman of the Russian State Duma Financial Market Committee, has stated that Central Bank Digital Currency (CBDC) will become commonplace within the next five years and will serve as a standard for international payments. Aksakov revealed that Russia might start using digital rubles for international transactions in the second half of 2025. However, extensive domestic testing and implementation, including usage by legal entities, would be required first. He also suggested that smart contracts should be tested for budget financing as soon as possible. Aksakov also mentioned that the preliminary testing of CBDC for international transactions could involve China or Belarus, given their technical proximity and friendly relations. This statement indicates that the adoption of digital currencies is gaining momentum globally, with countries like Russia taking significant steps towards implementing and standardizing their use in international transactions. The potential involvement of China and Belarus in the initial testing phase also highlights the increasing cooperation between countries in the field of digital currency.