Russia to Allow Foreign Residents to Own and Use Digital Ruble

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The central bank of Russia intends to ensure that the digital ruble is convertible to foreign currencies and can be used by non-residents. In a document devoted to the digitalization of the Russian financial sector, the regulator reiterates its concerns over the risks associated with cryptocurrencies and insists that state-issued digital currencies are safer.
Bank of Russia to Give Foreigners Access to Its CBDC
The Central Bank of the Russian Federation (CBR) will facilitate the exchange of the digital ruble with foreign currencies and allow users residing outside its jurisdiction to open and use digital ruble wallets. The monetary authority revealed these intentions in its “Main Directions for Digitalization of the Financial Market, 2022 – 2024” project published recently.
Bank of Russia started contemplating a central bank digital currency (CBDC) in 2018 and decided to explore the possibility of issuing one last year. A consultation paper was published in October 2020 to gathe

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