The Bank of Russia said that the platform developed for the digital ruble will be able to work with various digital currencies issued by the country. The Monetary Authority has unveiled mechanisms for interacting with digital currencies minted by central banks in other countries that are already under development.
Digital ruble platform to support integration with currencies of other central banks, Bank of Russia
The system underlying the issuance and circulation of the digital currency of the Central Bank of Russia (CBDC) may work well with other countries’ digital legal tenders, as representatives of Russia’s monetary policy regulator noted this week.
Speaking with Russian lawmakers, central bank officials noted that the matter still needs to be resolved, but emphasized that various models for interaction between the digital ruble and other central bank digital currencies are currently being developed.
Alternatives include creating two-way integration with each of the other CBD platforms or launching an international digital platform that would facilitate simultaneous interaction between digital currencies of multiple issuers.
Representatives of the Central Bank of the Russian Federation (CBR) said that it still opposes the free circulation of decentralized cryptocurrencies in the country and does not plan to create a national cryptocurrency exchange.
However, given the option of legalizing international cryptocurrency settlements under experimental legal regimes, a special organization will be created to facilitate the buying and selling of cryptocurrencies among participants in such transactions.
CBR does not plan to issue a stablecoin pegged to national bonds, according to statements made during the meeting with members of the New People party. At the same time, the regulator is not against using this type of digital financial asset for cross-border payments or trading these currencies through Russian exchanges.
CBR Governor Elvira Nabiullina recently revealed pressure from Western sanctions due to the war in Ukraine. Russia is also working on alternative payment gateways with partner countries, including Turkey. The CEO explained that the Russian Central Bank will also allow the experimental use of cryptocurrencies in foreign economic activities.
Do you think Russia will try to convince other countries to create a common platform for CBDC payments? Share your predictions in the comments section below.
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