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Russian Central Bank Considers Collaboration of Digital Currencies with Other Countries

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On April 23rd, the Russian Central Bank announced that the system supporting the issuance and circulation of the Russian Central Bank\’s digital currency (CBDC) may cooperate well w

Russian Central Bank Considers Collaboration of Digital Currencies with Other Countries

On April 23rd, the Russian Central Bank announced that the system supporting the issuance and circulation of the Russian Central Bank’s digital currency (CBDC) may cooperate well with other countries’ digital fiat currencies. During a conversation with Russian lawmakers, central bank officials stated that this issue still needs to be addressed, but emphasized that various interaction modes between the digital ruble and other CBDCs are currently being developed. Alternative solutions include establishing bidirectional integration with each other CBDC platform, or launching an international digital platform to promote simultaneous interaction between digital currencies of multiple issuers. However, the Russian central bank still opposes the free circulation of decentralized cryptocurrency in the country and does not intend to create a national cryptocurrency exchange. Previously, it was reported that the Russian Central Bank planned to allow the use of cryptocurrency for external settlement in an “experimental” environment.

The Russian Central Bank is developing an interactive model between the digital ruble and other CBDCs

The Russian Central Bank announced that they are exploring the possibility of the digital ruble interacting with other countries’ digital fiat currencies. The central bank officials said that different modes of interaction between the Russian Central Bank’s digital currency (CBDC) and other CBDCs are currently being developed.

CBDCs to Collaborate

During a meeting with Russian lawmakers, the central bank officials discussed the possible cooperation between the digital ruble and other CBDCs. The Russian Central Bank plans to establish bidirectional integration between the digital ruble and other CBDC platforms. They are also exploring the possibility of launching an international digital platform that will allow simultaneous interaction between digital currencies of multiple issuers.

No Plans for Decentralized Cryptocurrency in Russia

The Russian central bank’s exploration of digital currency collaboration and integration comes alongside their known opposition towards decentralized cryptocurrencies. They do not intend to create a national cryptocurrency exchange or allow the free circulation of decentralized cryptocurrency in the country.

Experimental Settlements using Cryptocurrency

Previously, the Russian Central Bank planned to test the use of cryptocurrency for external settlements in an “experimental” environment. With this plan, it is evident that the Russian Central Bank is interested in digital currencies but they want to ensure that they maintain control and safety measures around their usage.

FAQs

Q: What is the digital ruble?
A: The digital ruble is the Russian Central Bank’s digital currency (CBDC).
Q: What are the possible modes of interaction between the digital ruble and other CBDCs?
A: The possible modes of interaction are bidirectional integration with each other’s CBDC platform, or launching an international digital platform to promote simultaneous interaction between digital currencies of multiple issuers.
Q: Will the Russian central bank allow the free circulation of decentralized cryptocurrency in the country?
A: No, they do not intend to create a national cryptocurrency exchange or allow the free circulation of decentralized cryptocurrency in the country.

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