Russia to begin work on CBDC settlement system in Q1 as sanctions endure
The plans to develop a cross-border settlement system using a central bank digital currency (CBDC) 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 by local media outlet Kommersant.
The first proposed model sees various countries entering into separate bilateral agreements with Russia to integrate their CBDC systems.