The Central Bank of the Russian Federation will begin developing a model for using the digital ruble in international settlements as early as the first quarter of this year. In a new presentation, representatives of the regulator showed two possible models of calculations. The new presentation is more specific. If earlier they talked about the general aspects and prospects for the use of state cryptocurrencies in international settlements, now there are possible models for such use. However, most market participants believe that settlements using CBDC are a matter of a rather distant future. The first model assumes the conclusion of separate bilateral agreements on international settlements in digital currencies. This will require the integration of the platforms of each of the countries and the harmonization of mechanisms for currency conversion. When choosing the second model, it is supposed to create a single platform that will provide payments and currency conversion. This method is beneficial in that the platform will have uniform rules and standards, and only an accession protocol will be needed to connect. Roman Prokhorov, head of the board of the Financial Innovations Association (AFI), noted that although the first interaction scheme is simpler, the second is much more promising – in fact, this is the creation of a unified international payment system in digital currencies. “Obviously, the implementation of cross-border settlements using the Central Bank of Central Banks will depend not so much on the readiness of the Russian side – here it is precisely our jurisdiction to promote the Central Bank of Central Banks project that is confidently in second place after the PRC – but on the readiness of our partners,” the head of the AFI said. Prokhorov believes that at the initial stage, the first model of interaction will still be implemented. Most likely, China will become a partner – the Celestial Empire has almost ready its own digital yuan and, given the relationship between the countries, it will be quite simple to agree on payments in digital currencies. Earlier, a new bill was submitted to the State Duma, which will allow the Central Bank to process personal data of digital ruble users without their consent.