International Financial Settlements in Foreign Economic Relations

Иванова, Т. А.

doi:10.18572/1812-3929-2020-8-50-53

Cited by 2 publications

(1 citation statement)

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“…International trade practices have developed forms of settlements that differ depending on the degree of mutual trust of trading partners, as well as the role that banks are called upon to play in each particular case in settlements between the buyer and the seller [9]. Some countries carry out settlement and credit transactions in accordance with interbank agreements.…”

Section: Resultsmentioning

confidence: 99%

Digital ruble in Russian civil circulation: challenges and perspectives

Stepanchenko

2022

SHS Web Conf.

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Recently, Russia, as well as the whole world, has undergone changes in the payment market, along with cash funds, cashless methods of paying for goods and services, payments and transfers. Despite this, the demand of market participants for increasing the speed, convenience and security of cashless payments and transfers, as well as a decrease in bank commissions, is constantly growing. In order to facilitate the digitalization of the financial market, the Bank of Russia is already implementing such infrastructure projects as the Fast Payment System, the Unified Biometric System, the Digital Profile, the Know Your Client platform and is actively exploring the possibility of introducing a digital national currency. In 2019, the Bank of Russia prepared the first report – a study on the prospects for digital currencies of central banks, and in 2020 it published a report for public consultations “Digital Ruble”. Taking into account the results of public discussion of this document, in April 2021 the Bank of Russia presented the Concept of the Digital Ruble, in which it presented the features of the implementation of the target model of the digital ruble. The paper is devoted to the analysis of the Concept of the Digital Ruble proposed by the Bank of Russia, its main advantages and disadvantages.

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Section: Resultsmentioning

confidence: 99%

Digital ruble in Russian civil circulation: challenges and perspectives

Stepanchenko

2022

SHS Web Conf.

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On the issue of contour transformation of international settlements in the context of increasing geopolitical risks and fragmentation of the global financial and economic area

NAVOI

2024

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Subject. Given the increasing geopolitical risks, new approaches are needed to organize the contour of the international payment system, which ensures safety and reliability of international settlements Objectives. The article aims to assess the approaches of the Committee on Payment and Settlement Systems to creating models of international payment systems, propose a model for organization of international settlements for the Russian Federation, identify the specifics of the existing models of national payment systems of the Russian Federation and PRC for organization of interaction within the framework of the international payment system, evaluate prospects for joining the international payment system of other BRICS countries. Methods. The study employs general scientific methods. Results. Based on the specifics of restrictions on international operations of residents of the Russian Federation, the optimal solution to the problem is to create a closed international payment system on the basis of the payment system of the Bank of Russia, and gradually connect payment service providers from friendly jurisdictions to it, the most promising of which is the Chinese payment system CIPS. Creating a separate international payment system based on Peer-to-Peer type payment infrastructures, using digital currencies of central banks of BRICS countries is a promising model of the organization of international settlements. Conclusions. Building a closed international payment system on the basis of the Bank of Russia's payment system will enable to significantly overcome the existing problems, provide Russian companies and banks with a reliable and safe settlement mechanism for foreign trade and financial transactions.

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International Financial Settlements in Foreign Economic Relations

Cited by 2 publications

References 0 publications

Digital ruble in Russian civil circulation: challenges and perspectives

Digital ruble in Russian civil circulation: challenges and perspectives

On the issue of contour transformation of international settlements in the context of increasing geopolitical risks and fragmentation of the global financial and economic area

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