The deployment of the digital ruble faces challenges and is not ready as 30% of Russian banks are reluctant to comply with outdated infrastructure and central bank CBDC plans.
A recent survey conducted by high-tech companies Flant and DiaSoft found that around 30% of Russian banks are not yet ready to adopt the digital ruble, the digital currency of the Russian central bank.
According to a Vedomosti report, on March 14, Russian banks appear to be reluctant to act as “agents” for the central bank. Key issues: Concerns about losing control over client finances and facing stricter transparency requirements.
Local experts recognize that the banks mean that the digital ruble will abandon some control and face more reporting to the Russian Bank, adding that the shift “clearly not the bank’s greatest profit.”
A survey that includes more than 150 IT directors and banking experts found that only 20% of banks reported that their infrastructure is ready for the digital ruble. About 50% said they were only partially prepared.
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Additionally, 14% of respondents are concerned about information security risks due to strict data protection requirements. While many banks face difficulties in adopting the digital ruble, some already prepared for the transition, including the licensed banking groups VTB, Sberbank and Gazprombank.
In late February, Crypto.News reported that the Bank of Russia had slowed the massive deployment of the digital ruble. Russian authorities say the new release date will be announced later, highlighting the importance of the system benefiting both the bank and its clients.
The Digital Louvre Pilot began in August 2023 and is now available for selected banks and users to test payments. The government had been aiming for a wide range of releases by July 1st, but the timeline remains unknown now.
read more: Russian lawmakers believe that the digital ruble will replace the bank
