30% of Russian Banks Hesitant to Support CBDC Adoption: Survey

The rollout of Russia’s CBDC (Central Bank Digital Currency), known as the digital ruble, is encountering significant obstacles, with a recent survey revealing that nearly 30% of banks are unprepared for its adoption.

The study , conducted by Flant and Diasoft among over 150 IT professionals in the banking sector, highlights critical infrastructure shortcomings, security concerns, and resistance from financial institutions.

While the digital ruble was initially planned for a broad rollout by July 2025, mounting technical and strategic concerns have led to delays, with the Bank of Russia now reconsidering the launch timeline.

Technical Hurdles and Security Concerns Delay Adoption

One of the biggest challenges facing Russian banks is the state of their IT infrastructure.

The survey found that only 20% of banking IT specialists believe their systems, business processes, and internal regulations are fully prepared to support the digital ruble. Meanwhile, 50% of respondents said they were only partially ready.

A significant concern is the ability to scale IT systems to accommodate the increased transaction load associated with digital ruble transactions.

Processing large volumes of data at high speeds necessitates a robust infrastructure upgrade, which many banks have yet to implement.

Moreover, 14% of respondents cited concerns over cybersecurity risks, citing the need for enhanced security protocols to protect against potential cyber threats.

Beyond technical issues, banks also face regulatory and operational challenges. For the digital ruble to function smoothly, financial institutions must integrate their IT systems with Russia’s centralized banking network.

This integration requires substantial financial investments and extensive testing and coordination among all stakeholders.

Resistance from Banks and the Postponement of the Rollout

Despite the Bank of Russia’s push for the digital ruble, some financial institutions are hesitant to fully embrace the initiative.

The reluctance stems from concerns over losing control over customer finances and facing stricter transparency requirements.

As the Central Bank would directly manage the digital ruble, commercial banks would effectively become intermediaries rather than independent entities managing digital assets, which would effectively affect profitability and revenue.

There is also resistance from smaller and mid-sized banks, which lack the financial resources to implement IT upgrades.

Many of these institutions were not designed to handle digital assets, focusing instead on traditional lending and transactional services.

According to the report, the 30% of banks unprepared for the digital ruble are likely smaller players that have not prioritized digital transformation.

The Bank of Russia initially set July 2025 as the deadline for systemically important banks to integrate the digital ruble into their operations.

However, in February 2024, Central Bank Governor Elvira Nabiullina announced that this deadline would be postponed .

Although the pilot program, involving 15 major banks and 1,700 individuals, has progressed, regulators have decided to take a more cautious approach before a full-scale launch.

A new implementation date has yet to be determined, and there are indications that the pilot phase could be extended to ensure that all potential risks and challenges are addressed.

Russia Embraces Crypto But Struggles with Digital Ruble

While so many forces have been against CBDC, crypto seems to be performing just well.

A recent report shows that Russia has increasingly turned to cryptocurrencies like Bitcoin (BTC) , Ethereum (ETH) , and stablecoins such as Tether (USDT) to facilitate oil trade with China and India, allowing it to bypass Western sanctions.

While Moscow has openly promoted digital assets for international trade, its use in oil exports has remained largely undisclosed.

This method enables Russian companies to circumvent the U.S. dollar-dominated financial system by converting Chinese yuan and Indian rupees into crypto, which is then exchanged for roubles.

Although these transactions represent a small fraction of Russia’s $192 billion oil industry, they are gaining traction as an alternative to traditional banking channels, which have been restricted due to financial sanctions.

As Russia moves towards digital currency adoption, the digital ruble’s success will depend on financial institutions’ ability to modernize their IT systems while maintaining profitability.

Clearly, the Central Bank is losing it with small banks, but whether it will eventually be adopted remains to be seen.