Russia’s Central Bank is planning to start working on a payment system using a digital currency (CBDC) as a way to deal with ongoing sanctions caused by the invasion of Ukraine.
The bank will study two possible models for this payment system in the first quarter of 2023.
The first model would involve other countries making agreements with Russia to integrate their CBDC systems, while the second model would be a hub-like platform shared with other countries to make payments.
Experts think that the second model is more advanced but harder to put into action.
The main concern is whether other countries will want to cooperate with Russia, due to political reasons rather than technical ones.
Previously, the bank had stated it plans to release its digital currency by 2024.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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