A recent survey conducted by tech firm Flant and Diasoft has revealed that 30% of Russian banks are hesitant to support the adoption of the Central Bank Digital Currency (CBDC), specifically the digital ruble. The survey found that these banks are unprepared for the rollout of the digital ruble due to outdated infrastructure and a reluctance to comply with the central bank’s plans.

According to a report by Vedomosti on March 14, Russian banks are showing reluctance to act as “agents” for the central bank, citing concerns about losing control over their clients’ finances and facing stricter transparency requirements. Local experts suggest that banks are realizing that adopting the digital ruble would mean giving up some control and facing increased reporting to the Bank of Russia, which is not in their 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, while 50% said they are only partially prepared. Additionally, 14% of respondents expressed concerns about information security risks due to the strict data protection requirements.

Despite these challenges, some banks, including the sanctioned banking group VTB, Sberbank, and Gazprombank, are already preparing for the transition to the digital ruble. However, the Bank of Russia recently announced a delay in the mass rollout of the digital ruble, with a new launch date to be announced later.

The digital ruble pilot program began in August 2023, allowing select banks and users to test payments. The government had initially aimed for a wider launch by July 1, but the timeline now remains uncertain. Russian authorities emphasize the importance of ensuring that the system benefits both banks and their clients.

Overall, the survey results highlight the challenges that Russian banks are facing in adopting the digital ruble and the need for further preparation and cooperation between banks and regulatory authorities to ensure a smooth transition to a digital currency system.