Russia plans to cooperate with other countries’ central bank digital currencies

This week, representatives of Russia’s monetary policy regulator pointed out that the system underlying issuance and trading CBDC, the Russian Central Bank digital currencyIt may work well with other countries’ digital currencies.

Also Read: Russia: Law Enforcement Prepares to Seize Crypto Assets

Central bank officials, speaking to Russian lawmakers, noted that the matter still needs to be resolved, but stressed that various models are currently being developed for the interaction between the digital ruble and other central bank digital currencies.

On the other hand, alternatives include creating a two-way integration with other central cryptocurrency platforms, or launching an international digital platform that would facilitate interaction between cryptocurrencies of multiple issuers.

reps said Central Bank of the Russian Federation CBRthat the bank still opposes the free circulation of decentralized cryptocurrencies in the country, and does not plan to establish a national cryptocurrency exchange.

Russia plans to cooperate with other countries' central bank digital currencies

It also appears that the central bank is not planning to issue a stablecoin pegged to national bonds, according to statements made during the meeting with party members. New People.

But at the same time, he is not against using this type of digital financial asset for cross-border payments, or trading these currencies through Russian stock exchanges.

In turn, the governor of the Central Bank of the Russian Federation revealed, Elvira Nabiullina Recently, on the pressure of Western sanctions because of the war in Ukraine.

Also read: Russia: Numerous illegal cryptocurrency mining operations seized

As Russia is working to create alternative payment gateways with partner countries, including Turkey, the governor indicated that the Russian Central Bank will also allow the experimental use of cryptocurrencies in foreign economic activities.

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