Recent discussions have surfaced online, particularly on Reddit, suggesting that Russia might consider adopting Ripple’s XRP as a replacement for the ruble amid the national currency’s depreciation. However, there is no official confirmation or credible reports supporting these claims.
In July 2024, Russia’s financial authorities expressed interest in developing cryptocurrency payment infrastructures to facilitate international trade, especially for businesses affected by sanctions. Yuri Chekhanchin, head of Russia’s money laundering watchdog, advocated for the accelerated creation of such infrastructures while emphasizing the need for regulatory oversight to prevent illegal activities.
President Vladimir Putin also acknowledged the experimental introduction of a digital ruble, a blockchain-based asset backed by the central bank, and mentioned ongoing collaborations with countries like Iran and China to use digital currencies for bilateral transactions. However, these initiatives focus on state-controlled digital currencies rather than adopting existing cryptocurrencies like XRP.
As of now, there is no substantial evidence to suggest that Russia plans to replace the ruble with XRP. The country’s approach appears to be centered on developing its own digital currency and establishing regulated frameworks for international crypto payments.
