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Bank of Russia to create digital ruble payment system with the UAE

It is noted that solving the issue of client identification should precede building up "a normal system of payments for citizens and the business"

MOSCOW, November 8. /TASS/. The Bank of Russia is ready in cooperation with the UAE regulator to build up a system of fast payments and settlements with the use of the digital ruble for individuals and the business, First Deputy Governor Olga Skorobogatova said at the Finopolis forum.

"We will work out the fast payment system and the CBDC [central banks digital currency - TASS] because the colleagues are ready with the digital ruble and we are ready. If we solve the issue of client identification, then I think we will be able to build up a normal system of payments for citizens and the business between the two our countries in a year at the least," she said.

The Finopolis forum is being held on November 8 to 10. The Bank of Russia acts as its organizer in partnership with IT and financial market champions.

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United Arab Emirates

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