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Russia and India's central banks are exploring a digital currency trade settlement mechanism, aiming to accelerate cross-border payments and reduce reliance on SWIFT.
According to Herman Gref, CEO of Sberbank, the central banks of Russia and India are exploring a mechanism to utilize digital currencies for bilateral trade payments. This move aims to accelerate cross-border settlements and reduce reliance on the SWIFT system, while also being part of the BRICS members' efforts to explore closer payment system integration. The two countries plan to expand bilateral trade to $100 billion by 2030.
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