Russia announces the transition to settlements in national cryptocurrencies in the next 5

The Central Bank allows the possibility of integrating CBDCs of other states with the digital ruble platform

06.04.2023 - 13:40

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What’s new? The Bank of Russia expects the transformation of the system of international settlements in the coming years. During a speech in the State Duma, Deputy Governor of the Bank of Russia Olga Skorobogatova admitted that in the next 5-7 years cross-border settlements may be carried out in national digital currencies (CBDCs). In her opinion, the platform of the digital ruble will be able to integrate similar assets of other states.

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What else is known? Skorobogatova said that the launch of the digital ruble will create a new system of cross-border settlements with direct integration between various CBDC issuing regulators, bypassing the international interbank messaging system SWIFT. This will be either direct integration or interaction between united platforms, where each side will enter through its own channel, she explained.

The First Deputy Governor of the Central Bank added that loyal and friendly countries are ready to make integration with the Russian Faster Payments System (SBP) and carry out transactions on their side. In 2023, the regulator will continue to work on the introduction of payments through SBP for merchants and will consider the possibility of transfers to the budget through SBP. Also, this year, the Bank of Russia will focus on testing the digital ruble platform.

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The State Duma postponed the adoption of a package of draft laws on the digital ruble, so the testing of the asset on real transactions was also postponed from April 1 to a later date. According to Deputy Anatoly Aksakov, the document was adopted only in the first reading, and amendments to it will be considered in early April.

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