CryptoMediaClub
Monday, July 7, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Digital Ruble Rollout Will Cost Russian Banks $536m a Year – Experts

15.04.2024
A A
0
136
VIEWS
ShareShare

Digital ruble rollout plans could cost the Russian banking sector a total of $536 million per year, financial analysts have claimed.

Per Forbes Russia, the nation’s retail sector could be in for a windfall if CBDC adoption plans go ahead as planned.

Experts said the retail market could expect to see annual profits rise to the tune of $857 million once the CBDC becomes widespread.

Digital Ruble Rollout Plans in Motion

The Central Bank Governor Elvira Nabiullina last week confirmed that the digital ruble will roll out “no earlier” than 2025.

This comes after the Finance Ministry suggested that “all” Russians would have the chance to use the CBDC at some point this year.

A Russian bank ATM.
A Russian bank ATM. (Source: Valera N. Trubin [CC BY-SA 3.0])

Analysts from Yakov and Partners (formerly partners with McKinsey in Russia) said the digital ruble was on track to “occupy a niche in the domestic retail payments market.”

The experts said that the token would “partially take away” market share from bank card payments.

And within three to five years of “full-scale” adoption efforts, banks could start feeling the losses.

‘Retailers Will Be the Big Digital RUB Winners’

Yakov and Partners said Russian retail firms would likely embrace the coin, which will do away with interbank commission fees.

CBDC transactions are also instantaneous, unlike bank card payments, which can take several days to process.

However, Yakov and Partners added that for consumers, the “benefits” of the CBDC “are less clear-cut.”

Many will be hesitant to use the coin due to the fact that Russian CBDC wallets will not allow holders to accrue interest on their tokens.

A further blow could come in the form of cashback incentives. The experts opined that “banks will stop” offering cashback services “if their income falls.”

Yakov and Partners also opined that “the digital ruble has no obvious advantages in terms of ease of everyday use.”

A rollout is equally unlikely to affect prices, and would only lead to boosts in “profits for retailers.”

Banks to Go on Defensive?

The firm further added that Russian banks “can choose from two options” when it comes to safeguarding their interests.

Russia and Ukraine are targeting each other's energy infrastructure. The collateral damage is showing up in global markets https://t.co/IgqUHklEnj

— Bloomberg Politics (@bpolitics) April 13, 2024

The first would be “defensive,” and could see banks try to muscle out the digital RUB. They could look to do so with offers of higher interest payments or better cashback deals.

A second more proactive option could involve banks actively promoting “products that use the digital ruble and try to earn money from them.”

But, Yakov and Partners stated, that if the result is a stand-off between the commercial banking sector and the Central Bank, neither party would win.

Instead, “the implementation of the digital ruble will be delayed, and banks will suffer losses relatively slowly.”

Russia's Aeroflot diverts Tehran-bound flight, postpones others https://t.co/3sdA8TeaPJ

— Reuters Iran (@ReutersIran) April 13, 2024

The Central Bank began accelerating its CBDC rollout in 2023 as part of a response to US and EU-led sanctions packages.

Moscow hopes it can convince international trading partners to ditch USD-powered trade in favor of the digital ruble and other CBDCs.

Nabiullina, meanwhile, stated that the full digital ruble rollout and adoption process would likely take between five and seven years.

Russian banks have already expressed skepticism about the CBDC, although most major players are taking part in pilots.

The post Digital Ruble Rollout Will Cost Russian Banks $536m a Year – Experts appeared first on Cryptonews.

Share10Tweet7ShareSharePin2

Related Posts

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH
All news

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
0

A sophisticated cyberattack on C&M Software, a technology provider for Brazil’s Central Bank, has triggered a wave of crypto laundering,...

Read moreDetails
Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

06.07.2025
Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Load More
Next Post
Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds

Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds

1 1 vote
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

The State Of Michigan Has Bought Bitcoin In Its Pension Fund

The State Of Michigan Has Bought Bitcoin In Its Pension Fund

11 months ago
Tesla and SpaceX Hold Over $1.3 Billion Worth of Bitcoins: Arkham

Tesla and SpaceX Hold Over $1.3 Billion Worth of Bitcoins: Arkham

1 year ago
FV Bank Introduces USDT Deposit Feature

FV Bank Introduces USDT Deposit Feature

7 months ago
The best way to Construct an Excellent Liquid Staking Protocol

The best way to Construct an Excellent Liquid Staking Protocol

4 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

Trending

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH
All news

Brazil’s Central Bank Hack Sparks $40M Crypto Laundering in BTC, ETH

07.07.2025
0

A sophisticated cyberattack on C&M Software, a technology provider for Brazil’s Central Bank, has triggered a wave...

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

06.07.2025
Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz