{"id":67643,"date":"2023-10-01T21:28:18","date_gmt":"2023-10-02T01:28:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/how-much-are-russian-banks-spending-on-cbdc-pilot\/"},"modified":"2023-10-01T21:28:20","modified_gmt":"2023-10-02T01:28:20","slug":"how-much-are-russian-banks-spending-on-cbdc-pilot","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67643","title":{"rendered":"How Much Are Russian Banks Spending on CBDC Pilot?"},"content":{"rendered":"
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Rosbank, one of Russia\u2019s biggest banks, has spent around $1.6 million on digital ruble integration \u2013 despite the fact that the CBDC pilot is less than two months old.<\/p>\n

The bank is one of Russia\u2019s most bullish when it comes to CBDC and crypto adoption.<\/p>\n

Prior to the August launch of the digital ruble pilot, Rosbank said that it was \u201cready to participate in a pilot project with real clients.\u201d<\/p>\n

Rosbank also launched an international crypto pay pilot in June, allowing Russian firms to trade using cryptoassets via a crypto exchange-powered platform.<\/p>\n

Per Vedomosti, Olga Makhova, the Director of Change, Innovation, and Data Management at Rosbank, said that most of the money had been spent on \u201cinformation security.\u201d<\/p>\n

She also said money had been spent on \u201cbuilding a gateway between the bank and the Central Bank\u2019s [platform].\u201d<\/p>\n

Makhova said that Central Bank solutions mean there was no need was \u201cno need\u201d for Rosbank to spend on \u201cdeployed blockchain technologies.\u201d<\/p>\n

But she added that the bank had been forced to spend money on \u201cdeploying complex cryptography solutions.\u201d<\/p>\n

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CBDC Integration: A Priority for Russian Banks?<\/h2>\n

Russian banks are thought to be spending money on interoperability solutions that will let them process transactions involving overseas CBDCs.<\/p>\n

The Central Bank itself has claimed that this kind of functionality could be in place by 2025.<\/p>\n

And the Rosbank executive claimed the company had begun investing in CBDC technology in 2021.<\/p>\n

She said that the need to ensure all digital ruble transactions carry an electronic digital signature had required forward-thinking on the bank\u2019s part.<\/p>\n

Makhova said:<\/p>\n

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\u201cThe [integration of the digital ruble] is a very difficult [project] from an organizational point of view. It requires serious restructuring both for our systems and our mobile apps.\u201d<\/p>\n<\/blockquote>\n

Makhova concluded that Rosbank had spent \u201csignificant money on recruiting \u201chighly specialized experts who understand [blockchain and CBDC] technology.<\/p>\n

Rosbank is part of an initial group of 13 domestic banks working on the pilot.<\/p>\n

The pilot is being conducted in 11 cities nationwide, with 600 citizens making use of the token.<\/p>\n

The Central Bank has said that a group of 16 other banks is set to join the pilot in 2024, although the identity of these firms has not yet been revealed.<\/p>\n<\/p><\/div>\n