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Russia to Begin Work on CBDC Settlement System in Q1 as Sanctions Endure: Report

Russia’s central bank is reportedly set to begin developing a cross-border settlement system using its Central Bank Digital Currency (CBDC) amid ongoing sanctions in response to its invasion of Ukraine. The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia's central bank study two possible cross-border settlement models, according to a Jan. 9 report from local media outlet Kommersant. The first proposed model sees various countries entering into separate bilateral agreements with Russia to integrate their CBDC systems. (Cointelegraph)

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Crypto CBDC policy Russia
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