{"id":84146,"date":"2023-11-13T20:04:10","date_gmt":"2023-11-14T01:04:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-banks-fight-back-against-digital-ruble\/"},"modified":"2023-11-13T20:04:11","modified_gmt":"2023-11-14T01:04:11","slug":"russian-banks-fight-back-against-digital-ruble","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84146","title":{"rendered":"Russian Banks \u2018Fight Back\u2019 Against Digital Ruble"},"content":{"rendered":"<div>\n<figure id=\"attachment_130477\" aria-describedby=\"caption-attachment-130477\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-130477\" class=\"wp-caption-text\">Source: pisotckii\/Adobe<\/figcaption><\/figure>\n<p>Russian banks are reportedly \u201cfighting back\u201d against the digital ruble amid claims a CBDC launch would cost them $684 million a year.<\/p>\n<p>Per a report from Comnews, even the Central Bank\u2019s commercial bank partners are \u201clooking for ways\u201d to \u201cavoid\u201d dealing with the coin and \u201cpreserve\u201d the banking status quo.<\/p>\n<p>The report pointed to a development from VTB Bank, which this month announced a new solution that lets CBDC owners convert their tokens to cash at ATMs.<\/p>\n<p>The solution will initially allow digital ruble holders to swap their coins for cash at some 14,000 VTB ATMs nationwide.<\/p>\n<p>But if other banks follow suit, citizens could potentially use the function at all Russian ATMs in the very near future.<\/p>\n<p><noscript><\/noscript><\/p>\n<p>The media outlet called the development a \u201ccommercial bank vaccine\u201d against the digital ruble.<\/p>\n<p>Many believe commercial bankers are afraid the CBDC will allow the Central Bank to eat into their business.<\/p>\n<p>The outlet wrote:<\/p>\n<blockquote>\n<p>\u201cThe [VTB ATM solution] goes against the policy of the Central Bank, which is trying to actively introduce the new [digital] currency to the public.\u201d<\/p>\n<\/blockquote>\n<figure id=\"attachment_130479\" aria-describedby=\"caption-attachment-130479\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-130479\" class=\"wp-caption-text\">Russian ATMs. (Source: Mayyskiyysergeyy [CC BY-SA 4.0])<\/figcaption><\/figure>\n<p>The report\u2019s author also noted that VTB \u201capparently\u201d came up with its solution as a \u201cfirst step in the fight against the spread of the digital ruble,\u201d adding:<\/p>\n<blockquote>\n<p>\u201cIt is not profitable for banks to work with the digital ruble, since it is completely controlled by the Central Bank. [\u2026] The [VTB] solution wrests [the CBDC] from the control of the Central Bank and [will] return liquidity to the country\u2019s banking system.\u201d<\/p>\n<\/blockquote>\n<h2>Are Russian Banks Reluctant to Back the Digital Ruble?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Publicly, however, VTB and other banks have applauded the Central Bank\u2019s CBDC plans, calling for the \u201crapid expansion\u201d of the digital ruble project.<\/p>\n<p>Media outlets have previously made similar allegations about commercial banks\u2019 reluctance to engage with the CBDC.<\/p>\n<p>The eleventh-hour exit of Tinkoff Bank and Sberbank from stage one of the pilot drove some to question banks\u2019 digital RUB commitment.<\/p>\n<p>But Sberbank has since committed to joining the pilot early next year, possibly allaying the Central Bank\u2019s fears.<\/p>\n<p>Regardless, Russian banks clearly feel some sense of alarm about the digital ruble, with industry associations warning that their customers are \u201cwary\u201d of CBDC developments.<\/p>\n<p>The report\u2019s author noted that the Central Bank could choose to fight back if commercial banks try to derail its project.<\/p>\n<p>The Central Bank could offer digital ruble loans with \u201chighly competitive interest rates\u201d or \u201cintroduce cashback on purchases made [with the CBDC].\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf7\ud83c\uddfa Russia Could Use Digital Ruble to Evade SWIFT, Wants Foreign Banks to Use its CBDC<\/p>\n<p>Russia\u2019s Central Bank thinks its digital ruble could let citizens pay abroad without using the SWIFT banking platform \u2013 and wants to let foreign banks use its CBDC.https:\/\/t.co\/YouQgGqo14<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1712389553128870025?ref_src=twsrc%5Etfw\">October 12, 2023<\/a><\/p>\n<\/blockquote>\n<p>The author concluded that the \u201cconfrontation between the Central Bank and Russian banks\u201d was now \u201cjust beginning,\u201d writing:<\/p>\n<blockquote>\n<p>\u201cThe struggle for public trust in the digital ruble will most likely unfold for several years until a final compromise is reached.\u00a0Most likely, both forms of money will co-exist in parallel in the future.\u201d<\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russian-banks-fighting-back-against-digital-ruble-report.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: pisotckii\/Adobe Russian banks are reportedly \u201cfighting back\u201d against the digital ruble amid claims a CBDC launch would cost them $684 million a year. Per a report from Comnews, even the Central Bank\u2019s commercial bank partners are \u201clooking for ways\u201d to \u201cavoid\u201d dealing with the coin and \u201cpreserve\u201d the banking status quo. The report pointed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russian Banks \u2018Fight Back\u2019 Against Digital Ruble | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: pisotckii\/Adobe Russian banks are reportedly \u201cfighting back\u201d against the digital ruble amid claims a CBDC launch would cost them $684 million a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=84146\" 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