Bank of Russia outlines payment models with digital rubles and other CBDCs - Finance
Bank of Russia outlines payment models with digital rubles and other CBDCs - Finance
The Central Bank of Russia has described two methods for implementing digital ruble and other state -supported coins in detail in international accounts. The currency authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year.
Russia's central bank suggests platforms for payments in digital currency in foreign trade
Promotes in the efforts to introduce the digital currency of the central bank (
The proposals are part of a presentation of the business newspaper. The document outlines two possible payment models that the Russian monetary policy authority wants to develop in the first quarter of 2023. The first is based on bilateral agreements between countries to integrate their digital currency platforms. In this approach, the focus is on ensuring the convertibility between the CBDCs of two partner countries and the facilitation of transfers in accordance with previously agreed rules. As an alternative, the Bank of Russia proposes to set up a single, multilateral platform, which enables payments between the digital currencies of several nations. These transactions would also be carried out according to common standards and protocols. Russia's access to the global finances and markets was severely restricted by the punishments that the West imposed due to its invasion in Ukraine. In addition to the advance of accelerating the introduction of the digital ruble, the Russian central bank has also done this Attitude an crypto payments as long as they are only international trade or under special legal regulations. The presentation cited by the Russian daily newspaper also gives an insight into other steps of the CBDC project, including the tests with C2B transactions with participating banks. So far, through a dozen banking institutes and other financial companies, have participated in the experiments. Another goal for this period is the development of the necessary legal provisions to regulate the company with the digital version of the national Fiat. A corresponding invoice was already available before stored in December. The currency authority also plans to test digital ruble payments between customers to a limited extent. Do you expect international payments with digital central bank currencies to become reality soon? Share your thoughts on this topic in the comment area below. Bedy verification : Shutterstock, Pixabay, Wikicommons Bank of Russia tests C2B transactions with digital rubles
