Bank of Russia spoke about the possibility of integrating the digital ruble and the yuan

The bank’s First Deputy Governor Olga Skorobogatova said that the regulator plans to develop technological interaction with other countries

17.05.2022 - 16:10

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What’s new? The Bank of Russia plans to develop technological interaction with other countries through the faster payment system and the digital ruble. In addition, the regulator sees opportunities to integrate the electronic ruble with foreign digital currencies such as the yuan. The bank’s First Deputy Governor Olga Skorobogatova said this at an online conference for the Junior PayTech Forum’s students, Financial One reports.

Material by Financial One

What events happened before? On April 14, Skorobogatova said that the digital ruble could be introduced in the coming years as it is “really needed” for Russia.

On April 18, at a joint meeting of the relevant committees of the State Duma, the Bank of Russia Governor Elvira Nabiullina reported that 7 more Russian banks would join the testing of the digital ruble. A total of 12 banks take part in the testing: SberBank, VTB Bank, Gazprombank, Alfa-Bank, Bank DOM.RF, Rosbank, Promsvyazbank, Tinkoff Bank, SKB-Bank, Ak Bars Bank, Transcapitalbank and Bank SOYUZ.

On April 21, Nabiullina reported that the first real payments as part of the piloting of the digital ruble would start in 2023. She said that the regulator “quite quickly” created a prototype of its own digital currency. Nabiullina noted that the digital ruble should make payments cheaper.

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