The spending underscores Rosbank’s bullish stance on digital currency adoption. Prior to the pilot, the bank said it was “ready to participate” with real customer transactions. In June, Rosbank also piloted a crypto payment platform for international trades.
According to Rosbank’s Director of Innovation Olga Makhova, most funds have gone towards information security and building connections between Rosbank and the central bank’s systems. With the central bank providing core infrastructure, Rosbank focused resources on complex cryptography solutions.
Makhova explained that integrating the digital ruble is an immense organizational challenge requiring overhauls of existing systems. Rosbank has invested significantly in specialized experts who understand blockchain and digital currency.
Rosbank is one of 13 domestic banks involved in the initial pilot, now live in 11 Russian cities with 600 citizens trialing the token. The central bank plans to onboard 16 more banks in 2024.
Analysts believe Russian banks are prioritizing interoperability solutions for transacting overseas CBDCs, with the central bank targeting functionality by 2025. According to Makhova, Rosbank began investing in CBDC technology in 2021, working to enable the digital signature capabilities needed for the digital ruble.
With the pilot still in the early stages, Rosbank’s spending signals that major Russian banks see digital currencies as a strategic priority warranting major upfront investment.
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