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Russian Banks Struggle with High Costs to Join Central Bank’s Digital Currency Platform

23 October 2024
in CBDC, News
Reading Time: 3 mins read
102 7
Home Explore CBDC

Small Russian banks are encountering significant financial hurdles in joining the country’s central bank digital currency (CBDC) platform, according to a recent report by local media outlet, Kommersant. 

The report claimed that the integration costs, ranging from ₽120 million to over ₽200 million ($1.3 million to $2.2 million), exceed the annual technology budgets of many of these smaller banks. It cited industry insiders who noted that the challenge for smaller banks lies in their reliance on multiple providers for their digital banking systems, complicating the integration process.

One of those interviewed by the Kommersant, Niyaz Sharipov, head of transaction business at Uniteller, stated that the costs for banks implementing the digital ruble include infrastructure and information security expenses, application software development, and integration with existing systems. He emphasized that growing transaction volumes will necessitate additional infrastructure and licensing investments, along with skilled personnel for implementation and ongoing support.

Elvira Nabiullina, the Governor of the Bank of Russia, recently confirmed that the rollout of CBDC, the digital ruble, remains on track for July 2025, with plans to extend services to all banks by 2027. Nabiullina noted this timeline provides adequate opportunity for integration, as several major banks are already conducting pilot tests.

Notably, Sberbank, Russia’s largest bank, announced its plans earlier this year to offer the digital ruble, the country’s central bank digital currency (CBDC), to customers by early 2025.

The Russian central bank introduced the CBDC prototype in December 2021 and began testing with 12 banks in 2022. On August 30, 2024, it expanded the pilot program, set to start on September 1, involving 9,000 individuals and 1,200 companies, a significant increase from the previous phase. This new phase will feature dynamic QR code payments and business-to-business transfers, allowing participants to deposit funds into CBDC accounts.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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