From 1 January 2025, foreign credit institutions will be able to open accounts for the digital ruble. This follows from Bank of Russia project.
The document amends the chart of accounts used by institutions. The amendments envisage creating a dedicated ‘foreign-bank digital ruble account’.
Operations on such accounts will be conducted in accordance with the Regulation on the Digital Ruble Platform.
According to RBC, under the current version of the regulation, foreign banks cannot participate in the platform or open accounts in CBDC. At the same time, the law on the digital ruble gives them this possibility.
\n
“In developing the platform, we considered the possibility of cross-border interaction. That is why it is already enshrined in the law. We will carry out the necessary work as required,” — said to the publication a representative of the Central Bank.
\n
\n\n
Experts questioned by RBC see in the initiative the creation of conditions for doing business with Russia outside the SWIFT network.
\n\n
\n
“Any bank willing to sign an agreement with the Bank of Russia could do this. It does not require its own digital currency. The question is only whether it is economically viable,” — said Yaroslav Shitsle, head of the IT- and IP-disputes resolution practice at the firm “Rustam Kurmaev and Partners”.
\n
\n\n
According to Ekaterina Semerykova, head of the research division of the blockchain and fintech lab at the Skolkovo School of Management, the option may interest banks from the BRICS and the CIS.
\n\n
In September, the Russian Finance Ministry clarified the procedure for accounting of operations with the digital ruble.
\n\n
As the CBDC is a form of cashless money, accounting for it is kept in the standard manner.
\n\n
Digital rubles are held on a separate bank account. At the same time, for consolidating information on the asset’s presence and movements, an organisation may introduce an additional synthetic account.
\n\n
Companies using simplified accounting may record digital-ruble operations under the ‘settlement accounts’ heading.
\n\n
The law on the national cryptocurrency came into force 1 August. Russian citizens will be able to widely use the new payment instrument in 2025–2027.
\n\n
According to Rosbank’s calculations, the cost of implementing the solution over two years could amount to 150 million rubles.