VTB gave a forecast for the development of digital currencies in the world

In the future, we can expect the formation of "cores" of digital currencies of central banks, which will be used as preferential in settlements in certain areas and regions. This forecast was given by Vadim Kulik, Deputy President and Chairman of the VTB Management Board, in the Digital Ruble on the World Map market review prepared by the bank's analysts for the Finopolis 2025 forum.

"Different countries are at different stages of the implementation of the Central Bank. It is unlikely that a single digital currency for international settlements will appear in the near future," Kulik said. According to his estimates, several large "cores" will most likely be formed — digital currencies of central banks of various countries, which will be used as preferential in settlements in certain areas and regions. "For example, some countries may preferentially use the digital yuan for foreign economic activity, some use the digital ruble, and some use the digital dirham," explained the VTB top manager.

According to him, Russia is at the forefront of the development of central securities markets around the world, along with China, India and Kazakhstan. As the infrastructure of the digital ruble develops in Russia and the popularity of a new type of payment grows, more and more services will appear that do not require active user participation and independently make a purchase or transaction at the right time according to specified parameters, Kulik added.

"The infrastructure of digital rubles is the rails for a new smart payment system," the top manager believes. He expressed the opinion that if we talk about the direct exchange of the central securities of one country for another third form of currency, for example, the exchange of digital rubles for digital tenge, then everything depends on the agreements of the countries among themselves. Thus, "corridors" and "bridges" of the Central Securities Exchange between the central banks of individual countries will appear, Kulik is convinced. He stressed that this would require solving many issues, including the technical integration of platforms, solving the problem of liquidity, as well as agreeing on standards for information exchange between the parties.

Speaking about the global development of specific operations at the Central Securities Exchange, Kulik noted that individual operations at the Central Securities Exchange will gain more or less popularity in each country. This will be due to the differences in the technological landscape and the social characteristics of individual countries around the world.

So, in Russia, where the level of technology penetration is high, and the share of non-cash transactions is approaching 90%, the digital ruble is not interesting as just a means of payment, Kulik is sure. "The government, business and citizens will use the Central Bank as a smart financial tool to optimize their costs and expenses — combining it with smart contracts and using its "programmability" property for certain expenses," the VTB top manager believes. In those countries where fintech is not so developed, in his opinion, the Central Securities Exchange can become the basis for the transition to more massive digital payments and less use of cash, as well as contribute to greater accessibility of banking services to the population.

Elena Chetverikova, Deputy Head of the Department of Operational Business Support and Senior Vice President of VTB, in turn, noted that among the main advantages of central banks' digital currencies for citizens is increased transparency of the financial system while reducing costs for its participants. "For states as a whole, the possibility of cross—border settlements in digital currency can be an obvious advantage, which can become one of the catalysts for the development of the country's economy and strengthening its external relations," she said.

The Digital Ruble on the World Map market review is devoted to the analysis of the Russian experience in the context of the development of digital currencies of central banks around the world. The document was prepared for the Finopolis 2025 forum by VTB technology analysts with the involvement of the industry expert community.

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