Научная статья

УДК 339.72

Abstract. Relevance. The People’s Republic of China is a key trading partner of Russia. Since 2022, virtually all payments between the two countries have been settled in national currencies. The use of central bank digital currencies (CBDCs) is the next step in the development of bilateral trade, enabling a fast, efficient and independent payment infrastructure while reducing the negative impact of sanctions. Objective. To assess the prospects of using CBDCs in bilateral trade between Russia and China, and to identify the necessary conditions for their practical implementation. Methods. The study employs a comparative analysis of CBDC development levels in Russia and China, cross-border payment modelling, as well as an analysis of regulatory documents and statistical data from pilot projects. Results. Asymmetry in the level and direction of CBDC development between the two countries is revealed. The use of CBDCs in bilateral trade is currently severely hampered by the lack of legal and technical conditions for cross-border payments using the digital ruble. The necessary measures are listed: adoption of a legislative framework, enabling non-residents to open digital wallets, and conclusion of a bilateral agreement between the central banks. Sanction risk is separately highlighted as a factor that may impede the development of a joint payment infrastructure. Conclusions. The prospects for using CBDCs in Russian-Chinese trade are high, but practical implementation requires transitioning the digital ruble to a retail-wholesale model.

Keywords: central bank digital currencies, international settlements, sanctions risks

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