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Statements from the President of Russia’s Central Bank
Elvira Nabiullina, the President of Russia’s Central Bank, has already started discussions on the integration of the central bank digital currency (CBDC), the digital ruble, with other countries’ payment systems. She revealed that the bank is exploring different integration possibilities with other digital currency systems to facilitate cross-border payments and settlements.
“Two options can be implemented here: creating interaction between our platform and another country’s digital currency platform, or establishing a shared server center where digital currency platforms can connect.”
Nabiullina stated that many countries are already developing their own digital currencies. She mentioned that the Bank of Russia is currently discussing integration procedures that can be developed to interact with these systems. According to the Russian state news agency TASS, Nabiullina explained that these discussions are focused on cross-border digital payments and the use of the digital ruble.
Nabiullina detailed that both options have been discussed with friendly countries and that the mainstream adoption of the digital ruble could take place by 2025. This statement was made even before the announcement by Olga Skorobogatova, Deputy Governor of the Bank of Russia, that the necessary legal framework for the digital ruble had been established on July 6.
Pilot Trials and Legal Approval
Russia’s interest in using the digital ruble as part of a cross-border payment system is not new, as it was summarized in a statement made in January. In that statement, Nabiullina had already announced the option of developing a cross-border digital ruble payment system. Subsequently, pilot trials involving various financial institutions and banks from consumers to businesses were also announced.
A comprehensive pilot test is planned to start in August because the State Duma, the lower house of the Russian Federal Assembly, recently approved the Digital Ruble Law, which defines the framework for issuing this digital currency. The trial was expected to begin in April, but the State Duma did not approve the relevant regulations, causing a delay.
