Bank of Russia will support cross-border payments with the digital ruble

This was announced by the head of the regulator, Elvira Nabiullina

08.09.2022 - 10:10

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What’s new? Bank of Russia Governor Elvira Nabiullina has said that the regulator intends to promote the possibility of cross-border payments using the digital ruble. This is reported by TASS with reference to Nabiullina’s statements in an interview for the Rossiya-24 TV channel.

News on the TASS website

What other statements did Nabiullina make? The head of the Central Bank stressed that many banks are actively involved in the experiment to implement the digital ruble, which will last until 2023. By next year, the regulator plans to conduct a separate type of operation in limited amounts for the further gradual introduction of the digital ruble into monetary circulation.

Earlier it was reported that the Ministry of Finance and the Bank of Russia may soon legalize cross-border settlements in cryptocurrency. Deputy Finance Minister Alexei Moiseyev added that the department hopes to resolve related issues during the fall session.

The Central Bank confirmed the discussion of options for legalizing cross-border settlements. However, the regulator is against the possible legalization of crypto exchanges and making payments in cryptocurrencies within the country.

In August, the Central Bank said that in 2024, it will start to connect all banks to the digital ruble platform in stages. This will increase the number of available payment options and transactions using smart contracts.

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