Russian banks warn of cyber threats in rollout of the digital ruble

The launch of the digital ruble is associated with cybersecurity risks and potential outflows of client funds from banks. This is evidenced by data from a study by the Association of Russian Banks (ABR), reported by RIA Novosti.

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Seventeen banks participated in the survey. They account for 57.4% of the Russian banking system’s total assets.

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Most respondents see in the digital ruble “the same risks as for cashless payments using bank accounts and cards, as well as risks characteristic of the cryptocurrency segment,” the study says.

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Among them is the possibility of gaining access to the user’s electronic wallet, their personal information and transactions.

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In the case of using a centralized system, cybersecurity threats have more serious consequences, the bankers noted.

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They also believe that with the launch of the digital ruble, new types of malware will appear, hackers targeting users’ funds will become more active, and attacks on the digital ruble’s infrastructure will occur.

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Participants noted that the digital ruble could trigger outflows of client funds from banks, negatively affect their creditworthiness and lead to higher interest rates.

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Among the advantages of the digital ruble, representatives of banks named the ability to use it offline.

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“Renouncing this possibility raises questions about the project’s overall feasibility,” the ABR study says.

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However, most believe that initially online operation is sufficient, since developing the offline mode technology could significantly slow the pilot project launch.

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Earlier, analysts from Skolkovo-RESH released a study on the digital ruble. According to it, implementing the digital ruble threatens the central bank’s financial independence and increases pressure on commercial players.

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For more on how the Bank of Russia sees the digital ruble, read ForkLog’s exclusive.

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Accessibility and traceability: how the Bank of Russia sees the digital ruble

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