The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 5/2024.  Finance.

Dmitry A. Kochergin

Dr. Sci. (Econ.), Assistant Professor, Chief Researcher, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia

ORCID: 0000-0002-7046-1967

Sergey A. Andryushin

Dr. Sci. (Econ.), Professor, Chief Researcher, Institute of Economics of the Russian Academy of Sciences, Moscow, Russia

ORCID: 0000-0003-2620-8515

PROSPECTS FOR INTERNATIONAL SETTLEMENTS IN CENTRAL BANK DIGITAL CURRENCIES ON A PLATFORM BASIS IN FOREIGN COUNTRIES AND RUSSIA

156-185

1.09 MB

Full text

The article investigates the main problems, state and development of the system of modern cross-border settlements in the global economy; shows the classification of multilateral platforms of central bank digital currencies through the prism of currency agreements used in cross-border payments; considers models of interoperability of central bank digital currencies and options for access of payment service providers; analyzes international projects of both wholesale and retail multicurrency systems of central bank digital currencies; proposes the author’s version of the Eurasian project of a multicurrency system of central banks, which can increase the efficiency of cross-border payments of the Russian Federation and countries that are its main trading partners.

Keywords: currency agreements, central bank digital currencies (CBDCs), mCBDC arrangements, multilateral digital currency platforms, interoperability models, payment service providers, cross-border payments.

JEL: E4, G2

EDN: LQCJRN

DOI: https://doi.org/10.52180/2073-6487_ 2024_6_156_185

References

1. Kochergin D.A. Modern models of systems of central bank digital currency. St. Petersburg University Journal of Economic Studies. 2021. Vol. 37. No. 2. Рp. 205–240. DOI: 10.21638/spbu05.2021.202. EDN: XPJNDD. (In Russ.).
2. Kochergin D.A. Central banks digital Currencies for Cross-border Payments: Interoperability Models and Implementation Possibilities. Finance: Theory and Practice. 2024. Vol. 28. No. 2. Рp. 82–100. DOI: 10.26794/2587-5671-2024-28-2-82-100. EDN: AUCSSF. (In Russ.).
3. An Analysis of Trends in Cost of Remittance Services. Remittance Prices Worldwide Quarterly. 2022. Iss. 43. World Bank, 2022. September.
4. Annual Review 2022. SWIFT, 2023. https://www.swift.com/swift-resource/252040/download (дата обращения: 10.12.2023).
5. Arner D., Buckley R., Lammer T., Zetzsche D., Gazi S. Building Regional Payment Areas: The Single Rule Book Approach // BIS Working Papers. 2022, May. No. 1016.
6. Auer R., Haene P., Holden H. Multi-CBDC Arrangements and the Future of Cross-border Payments // BIS Papers. 2021, March. No. 115.
7. Bech M., Hancock J. Innovations in Payments // BIS Quarterly Review. 2020, March.
8. Bindseil U., Pantelopoulos G. Towards the Holy Grail of Cross-border Payments // ECB. Working Paper Series. 2022, August. No. 2693.
9. Boar C., Claessens S., Kosse A., Leckow R., Rice T. Interoperability Between Payment Systems Across Borders // BIS Bulletin. 2021, December. No. 49.
10. Carstens A. Digital Currencies and the Future of the Monetary System // BIS speech. 2021, 27 January.
11. Carstens A. Innovation and the Future of the Monetary System // BIS speech. 2023, 22 February.
12. Central Bank Digital Currencies for Cross-Border Payments. Report to the G20. CPMI, BISIH, IMF, WB, 2021, July.
13. Chaboud A., Rime D., Sushko V. The Foreign Exchange Market // BIS Working Papers. 2023, April. No. 1094.
14. Correspondent Banking Trends Persisted in 2020, Even as Payment Landscape Changed, New Data Show. Press release. CPMI. 2021, December 13.
15. Cross-border payment trends. Statistics Report on Different Strategies Undertaken to Develop Cross-border Payments in the Future. Statista, 2023. https://www.statista.com/study/135368/trends-in-cross-border-payments-worldwide (дата обращения: 10.12.2023).
16. Cross-border Payments. Bank of England, 2023.
17. Cross-Border Retail Payments. BIS. Committee on Payments and Market Infrastructures, 2018, February.
18. Enhancing Cross-Border Payments: Building Blocks of a Global Roadmap. Stage 2 Report to the G20. CPMI. Bank for International Settlements, 2020, July.
19. Exploring Multilateral Platforms for Cross-border Payments. BIS. 2023, January.
20. Future of Payments 2022: Turning the Cross-Border Payments Roadmap into Reality. DMI, 2022.
21. Interlinking Payment Systems and the Role of Application Programming Interfaces: A Framework for Cross-Border Payments. Report to the G20. CPMI, 2022, July.
22. Inthanon-LionRock to mBridge: Building a Multi CBDC Platform for International Payments. BISIH, HKMA, BoT, DCIoPBoC, BoUAE. 2021, September.
23. Kosse A., Mattei I. Gaining momentum – Results of the 2021 BIS Survey on Central Bank Digital Currencies. BIS Papers. 2022, May. No. 125.
24. Lessons Learnt on CBDCs. Report submitted to the G20 Finance Ministers and Central Bank Governors. BISIH. 2023, July.
25. Monthly Reporting and Statistics on Renminbi (RMB) progress Towards Becoming an International Currency. RMB Tracker. SWIFT. 2023, November. https://www.swift.com/swift-resource/252178/download (дата обращения: 10.12.2023).
26. Options for Access to and Interoperability of CBDCs for Cross-border Payments. Report to the G20. CPMI, BISIH, IMF, WB, 2022, July.
27. Project Dunbar. International Settlements Using Multi-CBDCs. BIS Innovation Hub, 2022, March.
28. Project Icebreaker: Breaking New Paths in Cross-border Retail CBDC Payments. BISIH, BoI, NB, SR. 2023, March.
29. Project Jura: Cross-Border Settlement Using Wholesale CBDC. BoF, BIS, SNB, 2021, December.
30. Project Mariana. Cross-border Exchange of Wholesale CBDCs Using Automated Market-makers. BISIH, BoF, SNB, MAS, 2023, September.
31. Project mBridge Update. Experimenting With a Multi-CBDC Platform for Crossborder Payments. BIS Innovation Hub, 2023, October.
32. Project mBridge: Connecting Economies through CBDC. BISIH, HKMA, BoT, DCIoPBoC, BoUAE, 2022, October.
33. Renzetti M., Dinacci F., Börestam A. Cross-Currency Settlement of Instant Payments in a Multi-Currency Clearing and Settlement Mechanism // CPMI Conference Proceedings from «Pushing the frontiers of payments: towards faster, cheaper, more transparent and more inclusive cross-border payments». 2021, 18–19 March.
34. Rice T., von Peter G., Boar C. On the Global Retreat of Correspondent Banks // BIS Quarterly Review. 2020. Pp. 37–52.
35. SWIFT in Figures. SWIFT. 2022. https://www.swift.com/swift-resource/251971/download (дата обращения: 10.12.2023).
36. The Future Monetary System. BIS Annual Economic Report 2022. 2022, June. Pp. 75–115.
37. The Role of Central Bank Money in Payment System. CPSS. Bank of International Settlement, 2003, August.
38. Using CBDCs Across Borders: Lessons from Practical Experiments. BIS Innovation Hub, 2022, June.

 Manuscript submission date: 02.10.2024

For citation:

Kochergin D.A., Andryushin S.A. Prospects for international settlements in central bank digital currencies on a platform basis in foreign countries and Russia// Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2024. № 6. Pp. 156-185. (In Russ.).  https://doi.org/10.52180/2073-6487_ 2024_6_156_185  EDN: LQCJRN

  Creative Commons 4.0