The mechanism for digital ruble settlements between Russia and other states could be implemented within 3-5 years. This depends on the interoperability of digital currencies of other countries’ Central Banks. This opinion was expressed by Eduard Kolozhvari, Candidate of Economic Sciences.
According to him, the issue of implementing cross-border payments using digital currency is not a top priority right now. However, it is an important step for the development of alternative settlements, which are due to Western sanctions pressure.
Within the next 5 years, the expert believes, foreign businesses will adapt to working with the new form of currency and will use it. This means Russians will be able to pay for goods and services in friendly countries using a QR code.
Bills will also be issued for payment in digital rubles.
Technically, the digital ruble is a unique electronic code (token). Thanks to this code, the Central Bank will be able to track the movement of funds.
Major banks are expected to ensure payments in digital rubles from September 1. The currency will be stored in special wallets on the regulator’s platform.
Online marketplaces Wildberries and Ozon will also implement payments for goods in digital rubles. In addition, Russians will be able to pay with the new currency in retail chain stores with annual revenues exceeding 120 million rubles.
Leave a comment