Russia Conducts First Cross-Border Transactions with Digital Financial Assets and Plans QR Code for CBDC

In 2024, Russia conducted its first cross-border transactions with digital financial assets (DFAs), engaging in operations with Belarus. This was reported to Izvestia by Anatoly Aksakov, head of the State Duma Committee on Financial Markets.

According to him, the DFA market is expected to experience a breakthrough next year, particularly in the realm of international settlements. The deputy proposed including tokenized assets in the subsidy program and working on creating tax incentives for the industry.

“Companies can use DFAs to attract funds for the structural transformation of the economy,” he noted.

Aksakov also discussed efforts to implement a universal QR code, which will facilitate operations with the digital ruble. The centralized QR format is supported by most market participants, the Central Bank, and the government. It is intended to simplify the customer journey and reduce buyer costs.

“The NSPK will set very low tariffs for payments via the centralized QR, so people will spend less money on this service. Although competition is also important,” the official added.

Aksakov predicts that the law will be adopted in the first quarter of 2025, and by summer, the universal QR code will be operational and “placed at every checkout.”

Previously, the Ministry of Industry and Trade called for a two-year delay in the launch of the digital ruble to avoid risks for retail chains.

Back in February, Russia enacted a law on international settlements in DFAs.

It is anticipated that Moscow Exchange clients will gain access to tokenized products at the beginning of 2025.