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The Russian central bank has started to develop a global payments and settlement system, according to reports, that will make use of a central bank digital currency (CBDC) in order to make cross-border payments amidst the sanctions as a result of the Ukranian invastion.
As per reports from local media, the Russian national bank has plans in motion to develop and launch a digital Ruble in the first quarter 2023. This cryptocurrency, unlike Bitcoin ($BTC), will create a payments solution for cross-border payments, both in and out of Russia without relying on fiat sanctions. The system proposed by the country will have different countries working with Russia to implement into its financial banking system. The model will have different countries with different bilateral agreements with Russia. Each agreement made with Russia will operate to ensure that converstions and trasactions will occur in regulation and rules drawn into the agreements.
This simple model would be easy to implement, according to the board of the Financial Innovations Association (AFI), but will be able to offer less option for bilateral interactions between countries. Another, more complex system, would be a two-way system relying on more complicated technology.
Russian digital ruble to work with Chinese nationals to make cross-border payments
In September, reports from Reuters pointed to plans that Russia would use its digtial ruble to make settlements in China starting in 2023. While political unrest remains, plans for a Russian CBDC working with China might take time to implement and regulate. According to Alexey Voylukov, the VP of the Association of Banks of Russia, introducing a digital version of Russian tender won’t do anything to change the political situation for Russia. However, it might open up channels to countries that are aligned with working alongside Russia both in technology and service.
With increasing trade and monetary sanctions toward Russia owing to the Russian-Ukranian war, there has been pressure for the country to find a way to work with Russia-friendly countries for financial solutions.