India and Russia are working on a mechanism to use digital currencies for bilateral trade settlements, potentially opening a new route for faster and more efficient cross-border payments as the two countries seek to expand trade. Herman Gref, chief executive officer of Russia’s biggest lender Sberbank, said the Russian central bank and the Reserve Bank of India were working on the mechanism. The initiative comes as both countries look to ease payment frictions in bilateral commerce and deepen economic ties, reported Bloomberg on Friday.