The Bank of Russia, the country’s central bank, touched upon the important and interesting topic of the digital ruble. As part of the session answering questions from the New People faction, the regulator spoke about the interaction of the digital ruble platform with digital currencies of central banks (CBDC) of other countries.
When asked about the possibilities of cross-border payments, the Central Bank replied that the architecture of the digital ruble platform provides for interaction with other CBDC platforms. Currently, various models of interaction are being worked out, which can be used in the future. However, the regulator has nothing specific for cross-border payments at the moment.
The information that the regulator does not plan to create a national cryptocurrency exchange is also interesting. Naturally, the Central Bank does not like the idea of establishing a circulation of digital currencies in the country. For international settlements in cryptocurrencies under the experimental legal regime (EPR), a special organization will be created that will ensure the purchase and sale of digital currencies between the participants of the EPR.
Russian users of digital currencies cannot see ruble stablecoins as their ears. Since all payments in Russia must be made in Russian rubles, the regulator will never approve such liberties. The Central Bank is not against the use of digital financial assets in international settlements within the EPR, but the creation of a ruble-pegged stablecoin is not necessary for this.
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