The Central Bank plans to give foreign banks access to the digital ruble – Kommersant
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The Central Bank is preparing a regulatory framework for foreign banks to access the digital ruble from 2025. This will allow cross-border payments to bypass SWIFT, they reported RBC experts.
In the draft instructions, the regulator makes changes to the charts of accounts of banks and creates a special account in which digital rubles of foreign credit organizations will be taken into account. This part of the document will come into force on January 1, 2025.
Calculations will be carried out in accordance with the regulations “On the Digital Ruble Platform”. The current provision does not allow foreign companies to make payments in digital rubles. The regulator’s new bills will remove this restriction. It is planned that foreign banks will be able to use the digital ruble to carry out cross-border transfers bypassing the SWIFT system.
According to Yaroslav Shitsle, head of IT and IP dispute resolution at Rustam Kurmaev and Partners, foreign banks can join the digital ruble platform to conduct international transactions bypassing SWIFT. “This can be any bank that is ready to enter into an agreement with the Central Bank of the Russian Federation. You don’t need your own digital currency for this,” he noted. Deputy Chairman of the Central Bank Olga Skorobogatova also spoke about this in 2022.
Digital ruble is a unique electronic code (token). Unlike cryptocurrency, it is issued exclusively by the Bank of Russia. It is also backed by gold and foreign exchange reserves and is tied to the value of the national currency. Digital rubles will be stored in digital wallets.
August 1, 2023 It entered into force law on the digital ruble. Now the Russian ruble is presented in three forms: cash, non-cash and digital. Since August 15, 13 banks carry out test operations with digital ruble. The regulator has no plans until 2025 oblige banks to connect to the digital ruble.
How banks estimate the costs of introducing a new form of national currency is in the material “The digital ruble costs a pretty penny”.
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