The Bank of Russia promises cross-border payments in digital rubles

The Bank of Russia, the country’s central bank, plans to start developing a model for cross-border settlements using the digital ruble in the first quarter of this year, reports businessman with reference to the presentation of the regulator.

The presentation presents the platform of the digital ruble, the stages of implementation that have already been completed. So, in the near future, pilot banks will be testing C2B operations (client-to-business), preparing a legislative and regulatory framework for operations with the digital ruble, as well as launching a pilot project for payments in real digital rubles for a limited number of clients.

As for cross-border operations, the development of cross-border interaction models is scheduled for the first quarter of this year. Moreover, the regulator provided two options for possible models.

In the first option, countries enter into separate bilateral agreements on the integration of digital currency platforms among themselves. The platforms of each of the countries ensure the conversion and transfer of formats between countries according to agreed rules and standards.

The second option involves connecting the country to a single integration platform, which allows, on the basis of developed common protocols and standards, to ensure payments between digital currency platforms of different countries connected to it.

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