Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
30% of Russian Banks Hesitant to Support CBDC Adoption: Survey

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

CryptoNewsCryptoNews2025/03/14 15:11
By:Hassan Shittu

Russian banks face significant challenges in adopting the digital ruble, citing outdated infrastructure, cybersecurity risks, and operational costs. Resistance from smaller banks and public skepticism further complicate the rollout.

Last updated: March 14, 2025 07:34 EDT

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.

Postponement of Digital Ruble (CBDC) – But Not Off the Table

July 1, 2025 – Original launch date for the digital ruble in Russia. The Central Bank of Russia had planned to roll out CBDC payments on a wide scale.

February 27, 2025 – Russia indefinitely postpones the introduction…

— Lumis Vista (@LumisVista) February 28, 2025

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.

You might also like

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.

📝 Russia has increasingly turned to cryptocurrencies to facilitate its oil trade with China and India, allowing it to bypass Western sanctions. #Russia #China https://t.co/T3bKfCy8fP

— Cryptonews.com (@cryptonews) March 14, 2025

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Code of Joker game will reappear on smartphones in a new version via Sui blockchain

Share link:In this post: The arcade Code of Joker existed from 2013 to 2019 The game will run on a platform Mysten acquired just days ago. Sui partnered with Jokers, Inc., which is obtaining more games to revive in Web3

Cryptopolitan2025/03/15 01:11