Russia announced on September the first to start its cryptocurrency cross-border exchange. As said the use of digital tokens will help the economy especially Russian companies to easy transaction outside country, because of the difficulties who are set by international sanction.

Because of the international sanction and Western restriction Russia was forced to develop its own system and to create new BRICS block challenging the West. Western countries despite the effort to help Ukraine to rage war against Russia and create sanction against Russia have backfired in many ways.

Russia will utilize its National Payment Card System (NPCS) to carry on the exchange of rubles into cryptocurrencies for international transactions. All trial transaction will be under the supervision of the Central Bank of Russia.

About National Payment Card System (NPCS) who was created by the central bank in 2014 and currently operates Mir cards and Russian instant interbank payment systems. Russian officials picked the network for the crypto-exchange test, the reason is that it features infrastructure for functions like interbank settlement and clearing, and all under the supervision of central bank.

Russia in early 2022 has proposed a ban of the use and creation of cryptocurrency. The war with Ukraine started couple weeks later. After the start of the war all Western countries put sanction on Russia forcing the country to get back to cryptocurrency as the only way to trade. Before Russian-Ukraine war all countries around the world and their central bank have started to explore the new way of money called (CBDC). Is this a coincidence or was this planed in the background, forcing the transformation of paper money to a digital form? If this was planned, then the war will end after BRCIS confirms the full operation of its CBDC system.

One more interesting fact about this event occurred in Aug. 14. where finance Minister Anton Siluanov said that authorities were looking for ways to legalize crypto exchange. He said “We haven’t found a solution yet on how to do this,”.

From 2022. a lot has changed in field of central bank digital currency where BRICS nations will be the first who will use CBDC system as legal way to trade with each other, without using US dollar whose government already planned and tested the use of CBDC, waiting for the perfect moment to stop using paper money.