foreign banks will have access to the digital ruble

digital ruble digital ruble
digital ruble digital ruble

From January 1, 2025, foreign credit institutions will be able to open accounts for digital rubles. This follows from the Bank of Russia project.

The document makes adjustments to the chart of accounts of institutions. The amendments involve the creation of a special “digital ruble account for a foreign bank.”

Transactions on such accounts will be carried out in accordance with the regulations “On the Digital Ruble Platform”.

According to RBC, in accordance with the current version of the regulation, foreign banks cannot be participants in the platform and open accounts in CBDC. At the same time, the Law on the Digital Ruble gives them such an opportunity.

“When building the platform, we considered the possibility of cross-border interaction. That is why it is already spelled out in the law. This possibility should be reflected, among other things, in the necessary by-laws. We will carry out the relevant work as necessary,” — a representative of the Central Bank explained to the publication.

Experts interviewed by RBC see the initiative as creating conditions for doing business with Russia, bypassing the SWIFT system.

“This can be any bank that is ready to enter into an agreement with the Central Bank of the Russian Federation. You don’t need your own digital currency for this. The only question is whether it is economically feasible,” – commented Yaroslav Shitsle, head of the IT and IP dispute resolution department at Rustam Kurmaev and Partners.

According to Ekaterina Semerikova, head of research at the blockchain and fintech laboratory at the Skolkovo School of Management, the option may be of interest to banks from the BRICS and CIS countries.

In September, the Ministry of Finance of the Russian Federation clarified the procedure for accounting for transactions with the digital ruble.

Since CBDC is a type of non-cash money, reporting on it is carried out in a general manner.

Digital rubles are stored in a separate bank account. At the same time, to summarize information about the availability and movements of an asset, an organization can introduce an additional synthetic account.

Companies that maintain simplified accounting can indicate transactions with digital rubles in the “current accounts” section.

Let us remind you that the law on national cryptocurrency came into force on August 1. Citizens of the Russian Federation will have the opportunity to massively use the new means of payment in 2025–2027.

According to Rosbank’s calculations, the cost of implementing the solution over two years could amount to 150 million rubles.

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