Russia's central bank is pegged to start work on a cross-border settlement system for its digital ruble as global sanctions continue to grip the nation.
The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia's central bank study two possible cross-border settlement models, according to a Jan. 9The first proposed model sees various countries entering into separate bilateral agreements with Russia to integrate their CBDC systems.
Each agreement would be made to ensure the conversion and transfer of assets between the countries are in accordance with the rules of the agreements. The second, more complicated model proposes a single hub-like platform for Russia to interact with other countries, sharing common protocols and standards to facilitate payments between the connected countries.Roman Prokhorov, the head of the board of the Financial Innovations Association opined that the first model was more simple to implement but less promising for bilateral interactions between countries.
The other option was more “advanced” and he considered an initial two-way system may be implemented with China as the most likely partner for its “technological and political readiness.”by sometime in 2023.Vice President of the Association of Banks of Russia, Alexey Voylukov, said introducing a digital ruble won’t change or improve Russia’s global political situation and trials for the CBDC platform can only be undertaken with Russian government-friendly countries who are technologically ready.
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