【Macro Data】Russia’s digital ruble exceeds 220,000 accounts in its first month, nearly 4 times the forecast; BRICS accelerates development of a cross-border CBDC settlement network
According to data recently disclosed to Reuters by Bank of Russia Deputy Governor Zulfiya Kakhrumanova, the Russian central bank digital currency (the digital ruble) surpassed 220,000 accounts in its first month of operation, following its official launch on September 1. This was nearly 4 times (approximately 3.7 times) the Bank of Russia’s initial benchmark forecast of 60,000 accounts, signaling strong early adoption of a sovereign CBDC after it moved beyond a small-scale sandbox pilot.
■ Breakdown of key drivers and the geopolitical settlement landscape:
1. Sanctions response and decentralized clearing: Facing restrictions from Western financial sanctions and exclusion from the SWIFT system and conventional cross-border clearing channels, Russia is accelerating development of the underlying infrastructure for its fiat digital currency, with the aim of building an independent clearing channel beyond the reach of extraterritorial jurisdictions.
2. Progress on direct multilateral connections among BRICS countries: At the recent 18th BRICS Summit held in New Delhi, representatives focused on multilateral local-currency settlement mechanisms. Russia is exploring a cross-border payments network with major emerging-market partners such as China (the digital renminbi, e-CNY) and India (the digital rupee), centered on an interconnected network of central bank digital currencies (such as a multilateral framework similar to mBridge) to bypass the dollar and correspondent-bank intermediaries.
■ Fragmentation of sovereign monetary systems and global regulatory contrasts:
- Divergence between emerging economies and Western regulatory policy: Compared with Russia and some Asian economies’ aggressive deployment of sovereign CBDCs, the EU is stepping up efforts to advance digital euro legislation to guard against market fragmentation, while the United States recently passed legislation explicitly prohibiting the Federal Reserve from issuing a retail CBDC before the end of 2030. Policy approaches are diverging structurally around the world.
- Competition between stablecoins and sovereign on-chain assets: The rapid rollout of sovereign CBDCs will directly compete with dollar stablecoins (USDT/USDC) in cross-border trade and B2B settlement, reshaping the global landscape of on-chain capital flows and liquidity pools.
#CBDC #數位盧布 #BRICS #跨境結算
According to data recently disclosed to Reuters by Bank of Russia Deputy Governor Zulfiya Kakhrumanova, the Russian central bank digital currency (the digital ruble) surpassed 220,000 accounts in its first month of operation, following its official launch on September 1. This was nearly 4 times (approximately 3.7 times) the Bank of Russia’s initial benchmark forecast of 60,000 accounts, signaling strong early adoption of a sovereign CBDC after it moved beyond a small-scale sandbox pilot.
■ Breakdown of key drivers and the geopolitical settlement landscape:
1. Sanctions response and decentralized clearing: Facing restrictions from Western financial sanctions and exclusion from the SWIFT system and conventional cross-border clearing channels, Russia is accelerating development of the underlying infrastructure for its fiat digital currency, with the aim of building an independent clearing channel beyond the reach of extraterritorial jurisdictions.
2. Progress on direct multilateral connections among BRICS countries: At the recent 18th BRICS Summit held in New Delhi, representatives focused on multilateral local-currency settlement mechanisms. Russia is exploring a cross-border payments network with major emerging-market partners such as China (the digital renminbi, e-CNY) and India (the digital rupee), centered on an interconnected network of central bank digital currencies (such as a multilateral framework similar to mBridge) to bypass the dollar and correspondent-bank intermediaries.
■ Fragmentation of sovereign monetary systems and global regulatory contrasts:
- Divergence between emerging economies and Western regulatory policy: Compared with Russia and some Asian economies’ aggressive deployment of sovereign CBDCs, the EU is stepping up efforts to advance digital euro legislation to guard against market fragmentation, while the United States recently passed legislation explicitly prohibiting the Federal Reserve from issuing a retail CBDC before the end of 2030. Policy approaches are diverging structurally around the world.
- Competition between stablecoins and sovereign on-chain assets: The rapid rollout of sovereign CBDCs will directly compete with dollar stablecoins (USDT/USDC) in cross-border trade and B2B settlement, reshaping the global landscape of on-chain capital flows and liquidity pools.
#CBDC #數位盧布 #BRICS #跨境結算
