Banks estimate the cost of implementing the digital ruble

The rollout CBDC could require Russian banks to spend “hundreds of millions” of rubles. Such figures were provided to «Kommersant» by representatives of financial institutions.

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In particular, Rosbank estimated the required investment at 150 million rubles.

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According to Olga Makhova, director for innovation and data management, the largest outlays were required to build a special infrastructure for settlements — “the deployment of sophisticated cryptography” and the overhaul of the information-security system.

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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.

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“These are enormous projects; they are comparable to the supply of new equipment such as ATMs,” — he added.

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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.

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The publication noted that in the first year the sector could lose up to 50 billion rubles, according to estimates by “Yakov and Partners.” 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 — not exceed 0.3% of the payment amount.

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Managing Director of the NKR Agency, Stanislav Volkov, forecast delays in CBDC implementation, citing the history of integrating the Faster Payments System.

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The law on the digital ruble came into force 1 August. Citizens of the Russian Federation will have the opportunity to use the new payment instrument in 2025–2027.

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The pilot is currently being tested in several banks.

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Earlier, the State Duma Committee on Budget and Taxes recommended passing in the first reading bill providing for the integration of the digital ruble into the tax regulation and oversight system.

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In September, the Russian Finance Ministry clarified the accounting treatment of CBDC operations.