The Central Bank of Russia (CBR) is already discussing the integration of its central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. Elvira Nabiullina, Governor of the CBR, declared the bank was exploring different possibilities of integration with other CBDC systems to complete cross-border payments and settlements.
Central Bank of Russia Discusses Digital Ruble Integration
The Central Bank of Russia (CBR) is already advancing discussions on integrating its central bank digital currency (CBDC), the digital ruble, with the digital currencies of other countries. The governor of the CBR, Elvira Nabiullina, stated that many countries were already developing their digital currencies and that the bank was currently discussing the integration procedures that the digital ruble might undergo to interact with these.
According to TASS, the Russian state-owned news agency, Nabiullina explained that these discussions were directed at using the digital ruble in cross-border digital payments, an option already built into the design of the CBDC.
She stated:
Two options are feasible here: interaction between our platform and another country’s digital currency platform, and establishing a common settlement center to which digital currency platforms can connect.
Nabiullina detailed both options were being discussed with friendly countries, explaining that the mainstream adoption of the digital ruble might happen in 2025, the same timeframe given by CBR First Deputy Chairman Olga Skorobogatova on July 6, even before the approval of the law that gave faculties to the CBR regarding the CBDC.
Deploying the Digital Ruble
The interest of the CBR in deploying the digital ruble to make it part of its cross-border payments system is not new, as the bank had outlined these uses back in January. At the time, the two options mentioned by Nabiullina for digital ruble cross-border payments were already being developed. Subsequently, a pilot trial of consumer-to-business (C2B) operations with over a dozen financial institutions and banks was also announced.
A comprehensive pilot test is slated to start in August, as the State Duma, the lower house of the Russian Federal Assembly, recently approved the Digital Ruble law, defining the framework for issuing this digital currency. The CBR had expected to start this trial in April, but the State Duma failed to approve the related regulations, resulting in a delay.
The CBR recently issued rules for the digital ruble’s operation and its platform, opening a consultation period for this ruleset that ended on July 19.
What do you think about the digital ruble’s integration with other digital currencies in the cross-border payments arena? Tell us in the comments section below.
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