The Bank of Russia has announced that the platform being developed for the digital ruble will be able to operate with various state-issued digital currencies. The central bank is currently working on mechanisms for interaction with digital coins minted by other countries’ central banks.
Exploring CBDC integration models
During a discussion with Russian lawmakers, central bank officials stated that while the specifics still need to be finalized, they are actively developing different models for interactions between the digital ruble and other central bank digital currencies (CBDCs). Potential options include creating two-way integration with each CBDC platform or launching an international digital platform enabling simultaneous interactions between multiple digital currencies.
Opposition to decentralized cryptocurrencies and national crypto exchange
The Central Bank of the Russian Federation (CBR) maintains its opposition to the free circulation of decentralized cryptocurrencies in the country and has no plans to establish a national crypto exchange. However, the bank is considering legalizing international crypto settlements under experimental legal frameworks, with a special organization set up to facilitate cryptocurrency transactions between participants.
During a meeting with the New People party, the CBR representatives stated that the bank has no plans to issue a stablecoin pegged to the national fiat currency. Nevertheless, the regulator is open to using digital financial assets like stablecoins for cross-border payments and trading on Russian exchanges.
In response to Western sanctions over the war in Ukraine, Russia is working to create alternative payment gateways with partner nations, such as Turkey. CBR Governor Elvira Nabiullina has clarified that the Russian central bank will also permit the experimental use of cryptocurrencies in foreign economic activities.