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

The digital ruble’s rollout is facing challenges, with 30% of Russian banks unprepared due to outdated infrastructure and reluctance to comply with the central bank’s CBDC plans.

A recent survey conducted by tech firm Flant and Diasoft found that around 30% of Russian banks aren’t yet ready to adopt the digital ruble, Russia‘s form of a central bank digital currency.

According to a Vedomosti report, March 14, Russian banks appear to be reluctant to act as “agents” for the central bank. The main problem: concerns about losing control over their clients’ finances and facing stricter transparency requirements.

Local experts suggest that banks realize the digital ruble would mean giving up some control and facing more reporting to the Bank of Russia, adding that the shift is “clearly not in the banks’ best interest.”

The survey — which included over 150 IT directors and banking professionals — found that only 20% of banks reported that their infrastructure is ready for the digital ruble. About 50% said they’re only partially prepared.

Additionally, 14% of respondents remain concerned about information security risks due to the strict data protection requirements. While many banks face difficulties in adopting the digital ruble, some, including the sanctioned banking group VTB, Sberbank, and Gazprombank, are already preparing for the transition.

In late February, crypto.news reported that the Bank of Russia delayed the mass rollout of the digital ruble. Russian authorities say that a new launch date will be announced later, highlighting the importance of ensuring the system benefits both banks and their clients.

The digital ruble pilot began in August 2023, allowing select banks and users to test payments. The government had aimed for a wider launch by July 1, but the timeline now remains unclear.