Ravi Menon noted that cross-border payments are blighted by several issues, the most significant being the speed of settling transactions and the high costs associated with remittances.
SWIFT's two experiments conducted in recent months proved that it was possible to move CBDCs on existing financial infrastructure.
Following a barrage of sanctions and an ongoing row with the West, Russia is reportedly seeking to diversify its payment transactions with virtual currencies while mulling regulations to prevent misuse.
Rostec, a state-owned defense conglomerate in Moscow, has announced that it has developed a blockchain platform that can be used for international settlements.
