Russia is moving forward with plans to expand the use of its central bank digital currency (CBDC), the digital ruble, beyond its borders. The Bank of Russia recently announced it will partner with the United Arab Emirates (UAE) to develop a cross-border digital ruble payment system. This new system will allow fast digital ruble payments between the two countries.
The announcement came from First Deputy Governor Olga Skorobogatova at the Finopolis forum, where she stated:
“We will work out the fast payment system and the CBDC because the colleagues are ready with the digital ruble, and we are ready.”
Additionally, Skorobogatova estimated that the new international payment platform could launch within a year once user identification challenges are solved.
Moreover, the Bank of Russia continues testing the digital ruble in a limited pilot program that started in August with 13 private banks. At Finopolis, the head of the Bank of Russia, Elvira Nabiullina, said the pilot is on track and will expand next year to more users.
“The central bank is technologically ready for international operations with the digital ruble, but much depends on partners,” Nabiullina noted.