The digital ruble platform being developed by the Bank of Russia will have the capability to interact with other state-issued digital currencies, according to the central bank. The bank is working on mechanisms to facilitate interaction with digital coins issued by other countries' central banks, potentially through two-way integration or an international digital platform. The Bank of Russia does not plan to create a national crypto exchange but is considering legalizing international crypto settlements under experimental legal regimes. The bank is also open to using stablecoins in cross-border payments or trading them through Russian exchanges. The bank is exploring alternative payment gateways with partnering nations, including Turkey, amid Western sanctions over the war in Ukraine.

(By Lubomir Tassev)