Listen, a fresh analysis reveals that Russia’s effort to introduce a digital Ruble is encountering considerable obstacles. Approximately 30% of Russian financial institutions are hesitant to embrace this central bank digital currency (CBDC).
Vedomosti reported on March 14th that banks are not enthusiastic about acting as “agents” for the central bank. The primary concern is the potential loss of control over customer funds and the need to manage increased transparency.
The study surveyed over 150 IT executives and banking specialists, with only 20% indicating their systems were prepared for the digital Ruble. Approximately half reported being only partially prepared.
Flant and Diasoft, two technology firms, conducted their own survey and discovered that approximately 30% of Russian banks are not yet ready to adopt the digital Ruble.
Additionally, approximately 14% remain concerned about information security risks due to stringent data protection regulations. Despite these challenges, major players such as VTB, Sberbank, and Gazprombank are preparing for the transition. Memereum Early Token Sale Surpasses $2 Million, Displaying Blockchain Coverage Potency; Ethereum Remains Constant at $1900
Local analysts suggest that banks recognize the digital Ruble entails relinquishing some authority and submitting more reports to the Central Bank, which is not in their favor.
In late February, crypto.news reported that the Central Bank of Russia had postponed the broad implementation of the digital Ruble. The Russian government plans to announce a revised date later, emphasizing the need to ensure the system benefits both banks and their clients.
Testing of the digital Ruble began in August 2023, allowing select banks and users to experiment with payments. The government initially aimed for a wider launch by July 1st, but the timeline is now uncertain.
