Russia began to work on the development of a model of cross-border settlements, which will use the digital ruble, in the first quarter of 2023. The Central Bank has already made a presentation of two methods that may become the basic option for settlements between countries using the central banks’ digital currency. Read the latest cryptocurrency news on Login Casino.
The Central Bank gave a presentation on the digital ruble project, which included specific proposals for introducing the regulator’s digital currency into cross-border transactions. The regulator cites two possible models for such settlements:
To integrate digital currencies of central banks of different countries with each other, bilateral agreements are concluded. After that platforms of the states create conditions for conversion and transfer of digital currency according to the approved standards and rules.
A single integration platform is created, to which each country is connected. This platform and provides cross-border payments on the basis of a single protocol.
As Victor Dostov, head of the Association of participants of money transfer and electronic money market explains, the first approach involves the implementation of the format each to each, while the second approach involves the creation of a hub, which will act as a single payment system. The first scheme is simpler, but less promising. The second method is more revolutionary and will actually allow organizing a supranational payment system.
Market participants are sure: introduction of digital currency by central banks in cross-border settlements is a rather distant prospect, which depends not only on technological capabilities, but also on political environment. Therefore, the implementation of pilot settlements will only be possible with the closest friendly countries, provided that they can also be technically prepared for such operations.
Recall that in the spring session, the Russian government will consider a bill that will allow more effective fight against match-fixing.
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