In the past, the Bank of Russia stated its intention to launch its digital ruble by 2024, connecting all banks and credit institutions to the CBDC platform
According to a recent report, Russia's central bank plans to develop a cross-border settlement system using a central bank digital currency (CBDC) in response to ongoing sanctions related to its invasion of Ukraine.
These plans, which involve the study of two possible models for the settlement system, are planned to be implemented in the first three months of 2023.
One of the proposed models for the cross-border settlement system being developed by Russia's central bank involves the establishment of bilateral agreements with other countries to integrate their CBDC systems. These agreements would establish rules for the conversion and transfer of assets between the countries involved.
The other proposed model for the cross-border settlement system involves the creation of a centralised hub or platform through which Russia can interact with other countries. The idea is that this platform would allow countries to connect and share common protocols and standards to facilitate cross-border payments.