Bank of Russia allows the possibility of non-residents using the digital ruble

Further expansion of the technology is planned only after the successful completion of the first stage of testing

28.09.2022 - 11:45

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What’s new? At the first stage of testing the digital ruble, only residents of Russia will be able to get access to it. Alexey Zabotkin, Deputy Governor of the Bank of Russia, announced this during the International Banking Forum, Treasury-2022. According to the TASS material, further expansion of coverage will depend on the success of the implementation of the national cryptocurrency, Zabotkin noted.

Material by TASS

What else did Zabotkin add? The deputy governor of the Bank of Russia also noted that the regulator is cautious about expanding the use of cryptocurrencies, unregulated stablecoins, and digital financial assets (DFAs) as a means of payment.

“In terms of foreign economic activity, given the evolving circumstances, perhaps this position will be adjusted based on the results of the discussions that are currently taking place. But inside the country, the Russian ruble will remain the only legal tender,” explained Zabotkin.

Earlier, the Bank of Russia introduced the concept of the digital ruble into the banks’ accounting plan. The new reporting requirements for organizations will come into effect starting in 2023. At the first stage of testing the digital ruble, it will be displayed only as assets.

Also, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, reported that Russia plans to use the state cryptocurrency in international settlements with China.

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