Russia and India collaborate to establish a bilateral trade settlement mechanism for digital currencies, to be discussed at the BRICS summit

The head of Russia's largest bank stated that the Central Bank of Russia is collaborating with the Reserve Bank of India to establish a bilateral trade settlement mechanism for digital currencies, with the aim of accelerating cross-border payment speeds and improving efficiency. Russia launched the digital ruble on September 1st; India will pilot a central bank digital currency in 2022 and it has been used in some government projects. The Kremlin stated that Russia will raise the issue of digital currency trade settlement at this week's BRICS summit in New Delhi, and India supports the initiative.