The Central Bank will work to integrate the Faster Payment System (FPS) and digital currency settlements with the United Arab Emirates. This was stated by the first deputy chairman of the Central Bank Olga Skorobogatova.
“Over the next year, we will work on the topic of integrating the Faster Payments System and CBDC (digital currencies of central banks.— ”b”), because we are ready with the digital ruble, and our colleagues are already ready,” said Mrs. Skorobogatova at the Finopolis-2023 forum (quote from Frank Media).
According to the deputy chairman of the Central Bank, if the parties resolve issues with identification, then in at least a year it will be possible to build “a normal settlement system for citizens and businesses” between Russia and the UAE.
The Central Bank launched the Faster Payment System in 2019. At the beginning of November, the Central Bank proposed to give access to SBP to foreign payment service providers. In July of this year, the regulator launched a digital ruble in test mode – funds are stored on the Central Bank platform, and not in commercial banks. The UAE also introduced its own digital currency this year.