{"id":39991,"date":"2023-07-24T21:11:34","date_gmt":"2023-07-25T01:11:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-russias-cbdcs-may-be-compatible\/"},"modified":"2023-07-24T21:11:36","modified_gmt":"2023-07-25T01:11:36","slug":"china-russias-cbdcs-may-be-compatible","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39991","title":{"rendered":"China, Russia\u2019s CBDCs May Be Compatible"},"content":{"rendered":"
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A leading Russian lawmaker says China and Russia\u2019s CBDCs may be \u201ccompatible\u201d and could be used to make international payments between the nations.<\/p>\n

Per RBC, the comments were made by Anatoly Aksakov, a member of the State Duma from Chuvashia\u2019s Kanash constituency and the Chairman of the State Duma Committee on the Financial Markets.<\/p>\n

Aksakov told attendees at a CBDC-related forum:<\/p>\n

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\u201cWe in the State Duma really hope that [international CBDCs] will be actively used in foreign economic activity. Accordingly, it will be possible to use our digital ruble for international payments.\u201d<\/p>\n<\/blockquote>\n

On China, the MP said:<\/p>\n

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\u201cOptions for system compatibility can be considered. For example, the Chinese [CBDC] system and our own [could be made compatible] in order to enables conversions between the two digital currencies.\u201d<\/p>\n<\/blockquote>\n

Aksakov said the tokens could be \u201cused in the economic turnover of our countries [China and Russia].\u201d<\/p>\n

The MP added that it was \u201cnecessary to introduce a new currency to the country in stages,\u201d a model that Beijing has pursued in the past.<\/p>\n

Instead of setting a national rollout date, China\u2019s government has created an ever-expanding CBDC pilot zone for its digital yuan.<\/p>\n

Denis Polyakov, the Deputy Director of the Department of the Russian Central Bank\u2019s National Payment System claimed that digital ruble will allow domestic businesses \u201cthe opportunity to reduce costs,\u201d as the commission for payments \u201cwill be only about 0.3%.\u201d<\/p>\n

Polyakov added that ordinary citizens would be able to use the CBDC to \u201cmake quick transfers without commission.\u201d<\/p>\n

Earlier this month, Russia\u2019s Prosector-General visited Beijing, where he told his Chinese counterpart that the two nations should cooperate on the matter of CBDC regulation.<\/p>\n

Beijing is yet to publicly reciprocate this sentiment.<\/p>\n

But it is also testing the e-CNY\u2019s cross-border capabilities as China-Russia relations continue to improve.<\/p>\n

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Russia\u2019s CBDC Push: Chinese Inspiration?<\/h2>\n

Aksakov is also the chief architect of Russia\u2019s crypto legislation.<\/p>\n

However, his efforts to have crypto laws passed have been largely frustrated by an impasse between the crypto-skeptic Central Bank Governor Elvira Nabiullina and pro-industry government ministries.<\/p>\n

Nabiullina is one of President Vladimir Putin\u2019s closest allies.<\/p>\n

She has previously served as Putin\u2019s economic adviser and Russia\u2019s Minister of Economic Development.<\/p>\n

Nabiullina has spoken in favor of enacting a China-style crypto ban and fast-tracking the launch of a digital ruble.<\/p>\n

Analysts think the digital RUB could be fully rolled out in 2025, but Nabiullina is hoping to begin a \u201creal-world\u201d CBDC pilot by early August at the latest.<\/p>\n<\/p><\/div>\n