The Bank of Russia has announced it will create a joint payment system with the United Arab Emirates (UAE) using the digital ruble. Bank of Russia’s First Deputy Governor Olga Skorobogatova stated that the system would serve individuals and businesses alike and estimated its development would take a year.
Russia to Develop Digital Ruble ‘Fast Payments’ System With the UAE
Russia is taking the first steps to internationalize its central bank digital currency (CBDC), the digital ruble. The Bank of Russia recently announced that it will collaborate with the United Arab Emirates (UAE) to develop a digital ruble-based fast payment system. The announcement was made by First Deputy Governor Olga Skorobogatova at Finopolis, a forum organized by the bank with IT industry leaders to discuss the use of digital technology in finance.
Skorobogatova stated:
We will work out the fast payment system and the CBDC because the colleagues are ready with the digital ruble and we are ready.
In additio
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