The Russian Central Bank is increasing its attention on central bank digital currencies (CBDCs). In an interview with CNBC, Russia’s central bank governor, Elvira Nabiullina expressed interest in enabling interoperable CBDCs for cross border payments. The comments come at a time of heightened tensions between the U.S. and Russia.
CBDC is a digital form of currency that is issued by a country’s monetary authority. According to the Bank for International Settlements (BIS), in 2020 about 86% of the world’s central banks are exploring digital currencies in some way. While some smaller countries such as the Bahamas have issued a CBDC, as yet no major economy has done so, although China’s pilots have reached more than a million citizens so far.
Russia’s interest in CBDC for cross border payments is consistent with many central banks around the world. Digital money can enable faster and cheaper international payments, especially for remittances.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
