1/12/23, 8:09 AM Russia developing cross-border CBDC settlement - Central Banking

Russia developing cross-border CBDC

settlement
Research into two proposed models for digital ruble
exports to begin in Q1

Central Banking Newsdesk

11 Jan 2023

Russia is developing its cross-border settlement capabilities using

central bank digital currency (CBDC).

The first of two models the Bank of Russia is exploring to export the
digital ruble sees countries entering into bilateral agreements to integrate
their respective CBDC systems.The second proposal would create a
single supranational platform with a common protocol and standards. 

According to a presentation seen by Russian business news outlet

Kommersant, work on the two CBDC models is due to start this quarter. 

Earlier last year, Russia announced its plans to roll out the digital ruble
by 2024. 

A group of from both the upper and lower houses of the Russian
parliament submitted a bill on the digital ruble at the end of 2022. 

Following sanctions implemented due to its invasion of Ukraine, Russian

market participants note that political as well as technological readiness

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1/12/23, 8:09 AM Russia developing cross-border CBDC settlement - Central Banking

will have a bearing as to which central banks would participate in the

CBDC settlement system.

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