CBDCs are here and this bank is worried about the resultant revenue loss as Russia prepares to launch digital ruble.
by local media on Feb. 7, Gazprombank, one of the 15 banks participating in the CBDC pilot, issued a public statement with a suggestion to proceed with caution regarding traditional banks’ interests:
“It is imperative that banks take measures to mitigate potential losses. Hence, it is crucial to recognize the potential risks associated with the transition to a digital ruble and approach its implementation with caution, allowing the financial system sufficient time to adjust.“ However, the statement admits that the CBDC will help raise transparency across the Russian financial system and economy.the potential losses of traditional banks from the CBDC implementation at around $3.5 billion in five years. At the same time, the consultancy firm estimated the retailers’ profit at $1.1 billion yearly.
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