Survey reveals 30% of Russian banks reluctant to support CBDC adoption: report

The deployment of the digital ruble is faced with challenges, 30% of Russian banks not prepared due to an obsolete infrastructure and a reluctance to comply with the CBDC plans of the Central Bank.

A recent survey by the company Flant and Diasoft technological revealed that around 30% of Russian banks are not yet ready to adopt digital ruble, Russiaform of a digital currency from the central bank.

According to a vedomosti reportMarch 14, Russian banks seem reluctant to act as “agents” for the central bank. The main problem: concerns about the loss of finance control of their customers and more strict transparency requirements.

Local experts suggest that banks realize that digital ruble would mean abandoning some control and facing more reports to the Russian bank, adding that change is “clearly not in the best interests of banks”.

The survey – which included more than 150 IT and banking professional directors – revealed that only 20% of banks said their infrastructure was ready for digital ruble. About 50% said they are only partially prepared.

In addition, 14% of respondents remain concerned about information security risks due to strict data protection requirements. While many banks encounter difficulties in adopting the digital ruble, some, including the Banking Group sanctioned VTB, Sberbank and GazPrombank, are already preparing for the transition.

At the end of February, Crypto.News reported That the Russian bank delayed the mass deployment of the digital ruble. The Russian authorities say that a new launch date will be announced later, stressing the importance of ensuring that the system benefits both banks and their customers.

The digital ruble pilot began in August 2023, allowing certain banks and users to test payments. The government had targeted For a wider launch by July 1, but the calendar is now clear.