New Cryptocurrency And CBDC Move From Russia!

After Russia’s invasion of Ukraine, western countries imposed some economic sanctions on Russia. Russia, which is having a hard time in the face of these economic sanctions to cryptocurrencies approached.

In Russia trying to circumvent sanctions using cryptocurrencies cryptocurrency and CBDC work continues.

In this context, the central bank of Russia a central bank digital currency (CBDC) It plans to develop a cross-border payment system using

According to the news of the Russian local news agency Kommersant, Russia’s central bank will announce its progress plans for its CBDC, the digital ruble, in the first quarter of 2023 and will start working on two possible models of cross-border use.

The first proposed by the central bank CBDC The usage model is the conclusion of separate bilateral agreements with Russia to integrate the CBDC systems of various countries.

Accordingly, every bilateral agreement between different countries and Russia will be made to ensure that the conversion and transfer of assets between the countries comply with the rules of the agreements.

The second CBDC usage model is more complex.

Accordingly, it is proposed that Russia establish a single centralized-like platform for the use of CBDC with other countries and common protocols and standards to facilitate payments between linked countries.

Commenting on the models proposed by the central bank, Roman Prokhorov, chairman of the board of the Association for Financial Innovations (AFI), stated that the first model is simpler to implement but less promising for bilateral interactions between countries.

Alexey Voylukov, Deputy Chairman of the Banks Association of Russia Stating that the introduction of the digital ruble will not change or improve Russia’s global political situation, “Trials for the CBDC platform will only be made with countries friendly to the Russian government.” said.