World Economy

Russia, India to Develop Digital Currency Settlement System for Trade

Russia's largest bank confirmed its central bank is collaborating with India's Reserve Bank to establish a digital currency framework for bilateral trade settlements. The initiative aims to accelerate cross-border payment processing and reduce transaction friction between the two nations. Both central banks have begun technical discussions on implementation timelines and operational standards. The arrangement would enable faster settlement of goods and services traded between the countries while potentially reducing costs associated with conventional international transfer methods. Officials from both institutions have indicated the project remains in developmental stages, with further coordination expected in coming months.