Russia's Biggest Bank Skeptical About Digital Ruble: Does It Really Need a CBDC?
As Russia inches closer to launching its own digital ruble (CBDC), the big question is: does the country really need a central bank digital currency? The doubts are not coming from Western analysts, but from within Russia's banking system.
Sberbank – Financial giant says “no need”
German Gref, CEO of Russia's largest state-backed bank Sberbank, has expressed skepticism about the practical value of a digital ruble. Speaking at the Central Bank of Russia's annual Finance Congress, Gref said:
“Our finances are already fully digital. All the features that the digital ruble promises are already met by cashless payments. I don't see anything new in the digital ruble.”
As a bank serving nearly 70% of the Russian population, Sberbank is expected to be a key link in the CBDC rollout plan. Therefore, Gref's blunt statement was not only surprising, but also reflected deep doubts in the Russian financial community.
The Central Bank of Russia remains steadfast
However, the Central Bank of Russia has maintained a tough stance. Accordingly, the digital ruble will operate in parallel with cash and bank deposits, aiming to:
Increase control over cash flows in the economy.
Cut transaction costs.
Create a comprehensive digital financial platform for citizens.
The Central Bank expects CBDC to become a strategic tool in the future, especially in the context of Russia's efforts to break away from the Western-influenced international financial system.
Is CBDC becoming a "solution without problems"?
The question Gref poses, “If everything is digital, why add a CBDC?” is not just a personal opinion, but reflects a global debate about the true value of CBDC. In the case of Russia, where electronic payment systems are already widely adopted, adding a third form of currency could be duplicative and redundant in function.
The future of the digital ruble: Ambiguous or promising?
Despite facing skepticism from key partners, the Russian authorities appear to be persistent in pursuing a CBDC as part of a long-term financial strategy.
Will the digital ruble become a game-changer for the Russian monetary system, or simply a fresh coat of paint on an already well-oiled machine? The answer may only come when CBDCs actually enter everyday economic life.
