CBDC project in Russia

In the first quarter of 2023, the Central Bank of the Russian Federation will start developing a model of cross-border settlements using the digital ruble.

The Kommersant publication reports this, referring to the presentation of the CBDC project.

The document contains two models of cross-border settlements:
— The countries conclude separate bilateral agreements on the integration of digital currency platforms among themselves. The sites of each state ensure the conversion and transfer of formats between them according to agreed rules and standards.
— The country is connecting to a single integration platform that provides cross-border payments based on developed unified protocols.

The launch of the digital ruble platform prototype took place in January 2022 with the participation of five banks. They tested the issue of an asset, the opening of digital wallets and transfers between individuals as well.

Testing of the tool on real operations and clients will start in April 2023.

A full-scale launch of the digital ruble, as the third form of money, is expected by 2030.