Russia To Interlink Its CBDC With Foreign Banks
The Bank of Russia is developing a regulatory framework to enable foreign banks to access the digital ruble, Russia’s central bank digital currency (CBDC). The system will track all operations, and it is expected that foreign banks will be allowed to open digital ruble accounts on the Bank of Russia’s platform starting in 2025.
The Bank of Russia is working on a digital currency (CBDC) project since 2020 to eliminate financial limitations and reduce reliance on Western financial networks. The Kremlin has praised CBDCs as a tool to reduce reliance on Western networks. The regulator hopes to collaborate with China, India, and the UAE to interlink payment systems, allowing Russians to shop abroad using a digital ruble. However, introducing CBDCs is unlikely to improve Russia’s geopolitical situation and trials could only be conducted with “friendly” and technologically capable nations like India and China.
(With inputs from Shikha Singh)
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