The Central Bank of Russia recently announced its commercial plan for the Central Bank Digital Currency (CBDC), which aims to make all digital ruble transactions free by the end of 2025. The first batch of banks and merchants is expected to go live on July 1, and the central bank hopes to generate revenue by operating the system.

However, the Association of Russian Banks (ABR) expressed concerns during a hearing in the State Duma. The banking sector fears that the CBDC could lead to a outflow of bank deposits, and that the deployment costs are too high. ABR Chairman Anatoly Kozlachkov pointed out that the establishment cost for each bank is about 100 million rubles, while some banks have a capital of only 3 million dollars.

This dynamic has drawn widespread market attention, and future developments are worth continued observation.