{"id":85229,"date":"2023-10-02T12:36:00","date_gmt":"2023-10-02T09:36:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85229"},"modified":"2025-09-12T22:01:58","modified_gmt":"2025-09-12T19:01:58","slug":"banks-estimate-the-cost-of-implementing-the-digital-ruble","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/banks-estimate-the-cost-of-implementing-the-digital-ruble\/","title":{"rendered":"Banks estimate the cost of implementing the digital ruble"},"content":{"rendered":"<p>The rollout <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> could require Russian banks to spend \u201chundreds of millions\u201d of rubles. Such figures were provided to<a href=\\\"https:\/\/www.kommersant.ru\/doc\/6251284\\\"> <\/a>\u00ab<a href=\\\"https:\/\/www.kommersant.ru\/doc\/6251284\\\">Kommersant<\/a>\u00bb by representatives of financial institutions.<\/p>\n<p>\\n\\n<\/p>\n<p>In particular, Rosbank estimated the required investment at 150 million rubles.<\/p>\n<p>\\n\\n<\/p>\n<p>According to Olga Makhova, director for innovation and data management, the largest outlays were required to build a special infrastructure for settlements \u2014 \u201cthe deployment of sophisticated cryptography\u201d and the overhaul of the information-security system.<\/p>\n<p>\\n\\n<\/p>\n<p>Independent market expert Andrey Barkhota explained that the rollout coincided with the imposition of sanctions. For this reason, issues of import substitution and technological migration arose.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p><em>\u201cThese are enormous projects; they are comparable to the supply of new equipment such as ATMs,\u201d<\/em> \u2014 he added.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>Experts surveyed estimated a payback within two to three years, provided banks can attract a substantial volume of funds into the new form of money that does not accrue interest.<\/p>\n<p>\\n\\n<\/p>\n<p>The publication noted that in the first year the sector could lose up to 50 billion rubles, according to estimates by \u201cYakov and Partners.\u201d The amount includes reductions in part of merchant-acquiring fees and other cashless payments, since operations with the digital ruble for citizens will be free, and for business \u2014<a href=\"https:\/\/u1f987.com\/en\/news\/bank-of-russia-sets-tariffs-for-digital-ruble-operations\"> not exceed 0.3%<\/a> of the payment amount.<\/p>\n<p>\\n\\n<\/p>\n<p>Managing Director of the NKR Agency, Stanislav Volkov, forecast delays in CBDC implementation, citing the history of integrating the Faster Payments System.<\/p>\n<p>\\n\\n<\/p>\n<p>The law on the digital ruble came into force <a href=\"https:\/\/u1f987.com\/en\/news\/russia-legally-recognises-foreign-cbdcs\">1 August<\/a>. Citizens of the Russian Federation will have the opportunity to use the new payment instrument <a href=\"https:\/\/u1f987.com\/en\/news\/central-bank-outlines-timelines-for-broad-rollout-of-the-digital-ruble\">in 2025\u20132027<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>The pilot is currently being tested in <a href=\"https:\/\/u1f987.com\/en\/news\/vtb-qiwi-bank-and-alfa-bank-test-the-digital-ruble\">several banks<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, the State Duma Committee on Budget and Taxes recommended passing in the first reading <a href=\"https:\/\/u1f987.com\/en\/news\/state-duma-committee-approves-integration-of-the-digital-ruble-into-russias-tax-system\">bill<\/a> providing for the integration of the digital ruble into the tax regulation and oversight system.<\/p>\n<p>\\n\\n<\/p>\n<p>In September, the Russian Finance Ministry clarified <a href=\"https:\/\/u1f987.com\/en\/news\/finance-ministry-sets-out-accounting-rules-for-the-digital-ruble\">the accounting treatment<\/a> of CBDC operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rollout of CBDC could require Russian banks to spend hundreds of millions of rubles. Such figures were cited by Kommersant, according to representatives of financial institutions.<\/p>\n","protected":false},"author":1,"featured_media":85230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1095,1165,27],"class_list":["post-85229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-cbdc","tag-digital-ruble","tag-russia"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85229"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85229\/revisions"}],"predecessor-version":[{"id":85231,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85229\/revisions\/85231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85230"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}