Digital Ruble to Support Integration with CBDCs of Other Nations
The Bank of Russia has announced that the platform for the digital ruble will now support the integration of other state-issued digital currencies. The monetary authority of Russia has unveiled mechanisms under development for interaction with digital coins minted by the central banks of other countries.
CBR Unveils Plans to Work with Other CBDC Platforms
The
representatives of the Russian monetary policy regulator indicated this week
that the central bank digital currency (CBDC) of Russia
is likely to work with the digital legal tenders of other nations.
The
central bank officials apprised the Russian lawmakers that various models for
interaction between the digital ruble and other CBDCs are currently being
developed and that efforts are on to find a solution.
Generally,
there are two ways to proceed with the issue. Launching an international digital platform for
simultaneous interaction between the digital currencies of multiple issuers.
Establishing two-way integration with each of the other CBDC platforms.
The
Central Bank of the Russian Federation (CBR) remains opposed to the free
circulation of decentralized cryptocurrencies in the country and does not plan
to create a national crypto exchange, according to the crypto news publication
Bits.media.
However,
considering the option to legalize international crypto settlements under
experimental legal regimes, a special organization is likely to be set up to
facilitate the purchase and sale of cryptocurrencies between the participants
in such transactions.
In
statements made during the meeting with members of the New People Party, the
CBR clarified that there are no plans to issue a stablecoin pegged to the
ruble, digital assets can be used in
cross-border payments, and trading of such coins can be done through Russian exchanges.
Russia is Working on Alternative Payment Gateways
The
CBR Governor, Elvira Nabiullina, recently said that Russia has been working to
create alternative payment gateways to counter Western sanctions after the
Ukraine invasion with partner nations, such as Turkey, and that the Russian
central bank would allow the experimental use of cryptocurrencies in foreign
economic activities.
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