Digital Technologies in the System of Financial Mechanisms of International Settlements with the Participation of Russia

The relevance of the study is due to the need to carry out foreign economic activity and international settlements in the conditions of isolation of the Russian Federation from the global dollar monetary and financial system, including the payment infrastructure. The subject of the study is digital technologies of international settlements. The purpose of the work is to identify the advantages and disadvantages of alternative ways for Russian residents to make cross–border payments based on digital technologies in the context of sanctions restrictions. During the study, based on the use of content analysis, retrospective analysis, logical and comparative analysis methods, the advantages and limitations of international settlements using cryptocurrencies in peer-to-peer format and with the participation of banks were identified, the possibilities of stablecoins were established, including the prospects of the BRICS token (BRICS Food Token — BFT), as well as the creation of settlement-the payment system of digital currencies of the central banks of the BRICS countries with different. The result of the study was the conclusion that it is advisable to simultaneously form several vectors for the development of digital financial mechanisms for international settlements with the participation of the Russian Federation, including the use of cryptocurrencies, stablecoins, digital currencies of central banks and their combination with fast payment systems of friendly countries within the framework of BRICS and the EAEU.

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