Banks flag wary attitude toward the digital ruble

The Association of Banks of Russia (ABR) has written to the Bank of Russia seeking clarifications on the digital ruble and put forward a set of suggestions, citing an extremely wary attitude among citizens toward the asset. The information comes from Kommersant, citing the letter.

In particular, the ABR proposed banning mandatory opening of a digital account, limiting fee increases charged by the operator of the digital ruble (the Bank of Russia) for individuals, and prohibiting unilateral changes to the contract by the operator.

Banks also ask the regulator to clarify:

• whether the Bank of Russia will reimburse costs of providing clients with access to the digital ruble platform;
• whether banks will become participants in the platform and how their infrastructure should change in that case.

Additionally, the ABR noted ambiguity in the interpretation of the procedure for debiting digital rubles from an account, and several other points.

The Bank of Russia said it would consider the appeal in the prescribed manner.

The regulator previously set out requirements for information security of digital ruble transactions.

The digital ruble law, which enshrines the possibility of settlements using this asset, came into force 1 August.

Russian citizens will be able to use the digital ruble en masse from 2025–2027.