According to parliamentarians, sanctions restrictions

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The deputies proposed that the Central Bank return to considering the issue of introducing a wholesale model of the digital ruble intended for interbank payments. This model was considered by the regulator in a consultative report (model A), but in April 2021 it was decided to abandon it and give preference to the retail model.

The proposal to expand the latvia whatsapp number database experiment on the digital ruble is contained in the recommendations of three relevant committees of the State Duma on the Central Bank’s report on the unified monetary policy for 2024-2026.

"The implemented model of the digital ruble is retail and is intended to expand the payment options of the population and businesses. The committees note that some foreign countries are experimenting with the creation of another form of digital currency intended for wholesale payments between banks with an eye to cross-border use," says the document, which Interfax has reviewed.

"A timely turn to our own experiment with a wholesale digital currency model would help the Russian Federation not to miss out on the advantages of flexibility and adaptability that will be available as long as wholesale digital money projects of central banks around the world remain in the experimental phase," the deputies believe.

require the Bank of Russia to develop digital innovations in cross-border settlements to reduce dependence on Western payment infrastructure.

The deputies also propose to include in the analytical publications of the Central Bank an analysis of the prospects for the introduction of a wholesale model of digital money for cross-border settlements (including the use of such a model in the EAEU and BRICS), possible plans for piloting such models, as well as an assessment of the potential impact of a wholesale digital currency on the transmission mechanism of monetary policy, financial and price stability.

In the Central Bank's consultative report (October 2020), the regulator presented four models for implementing the digital ruble in the Russian Federation. Wholesale (model A) assumed that the Central Bank would open wallets to banks for interbank settlements and securities transactions. However, at the consultation stage, the Central Bank noted that this model was not planned for further development, since it did not bring additional advantages for citizens and businesses compared to existing payment systems. In the digital ruble concept presented in April 2021, it was decided to abandon model A.

The first experience of cooperation between two central banks on cross-border payments in wholesale central bank digital currencies was implemented by the European Central Bank (ECB) and the Bank of Japan (BoJ) back in 2017.

Two models (retail and wholesale) of a central bank digital currency system are being developed by China, Canada, and the USA.