The platform developed for the digital ruble will be able to cooperate with other state-issued digital currencies, the Bank of Russia declared. Systems for interacting with the digital coins minted by the central banks of other countries are already under development, the monetary authority announced.
Digital Ruble Platform to Enable Integration With Other CBDCs, Bank of Russia
The system powering the issuance and circulation of Russia’s central bank digital currency (CBDC) might be able to collaborate with the digital legal tenders of other countries, representatives of the Russian monetary policy regulator indicated this week.
Talking with Russian lawmakers, the central bank representatives stated that the matter still needs to be worked out but underlined that various mechanisms for interaction between the digital ruble and other CBDCs are currently being developed.
The alternatives include making two-way integration with each of the other CBDCs platforms or launching an international digital platform which would ease the simultaneous interaction between the digital currencies of multiple issuers.
The Central Bank of the Russian Federation (CBR) is against the free circulation of decentralized cryptocurrencies in the country and does not plan to set up a national crypto exchange, its representatives said, quoted by the crypto news outlet Bits.media.
However, taking into account the option to legalize international crypto settlements under experimental legal regimes, a special organization will be established to facilitate the purchase and sale of cryptocurrencies between the participants in such transactions.
The CBR does not plan to issue a stablecoin pegged to the national fiat, according to the statements made during the meeting with members of the New People party. At the same time, the regulator is not opposed to using this type of digital financial assets in cross-border payments or the trading of such coins through Russian exchanges.
Pushed by Western sanctions over the war in Ukraine, Russia has been also striving to create alternative payment gateways with partnering nations, including Turkey, CBR Governor Elvira Nabiullina recently revealed. The top executive made it clear that the Russian central bank would also permit the experimental use of cryptocurrencies in foreign economic activities.
Do you think Russia will try to persuade other nations to set up a common platform for CBDC payments? Share your expectations in the comments section below.
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