Latest news with #digitalrouble
Yahoo
02-07-2025
- Business
- Yahoo
Sberbank CEO puzzled by Russia's push to create digital rouble
ST PETERSBURG, Russia (Reuters) -German Gref, CEO of Russia's dominant lender Sberbank, on Wednesday said he did not see any potential benefits to Russia's development of the digital rouble beyond the possible exception of cross-border settlements. Russian banks will be required to offer customers the means to make payments using digital roubles from September 1, 2026, the central bank said last week, pushing the project's planned launch back by over a year. More than 130 countries are exploring digital versions of their currencies, according to the Atlantic Council, as the world's financial authorities respond to declining cash usage and the threat to their money-printing powers from the likes of bitcoin. Moscow hopes the digital rouble will simplify foreign trade payments that have been complicated by Western sanctions over the conflict in Ukraine. "I don't see its advantages," Gref told reporters during a financial forum in St Petersburg. "As an individual, I don't understand why digital roubles are needed. As a bank... I don't yet understand it very well either." Russian banks already have strong digital finance capacities, such as cashless settlements, Gref said, reiterating that he saw no possibility for the digital rouble to meaningfully transform Russia's economy. No digital currency has become dominant within any country, he said, but there could be a future in cross-border settlements. "Domestically, I don't see it yet," he said.
Reuters
02-07-2025
- Business
- Reuters
Sberbank CEO puzzled by Russia's push to create digital rouble
ST PETERSBURG, Russia, July 2 (Reuters) - German Gref, CEO of Russia's dominant lender Sberbank ( opens new tab, on Wednesday said he did not see any potential benefits to Russia's development of the digital rouble beyond the possible exception of cross-border settlements. Russian banks will be required to offer customers the means to make payments using digital roubles from September 1, 2026, the central bank said last week, pushing the project's planned launch back by over a year. More than 130 countries are exploring digital versions of their currencies, according to the Atlantic Council, as the world's financial authorities respond to declining cash usage and the threat to their money-printing powers from the likes of bitcoin. Moscow hopes the digital rouble will simplify foreign trade payments that have been complicated by Western sanctions over the conflict in Ukraine. "I don't see its advantages," Gref told reporters during a financial forum in St Petersburg. "As an individual, I don't understand why digital roubles are needed. As a bank... I don't yet understand it very well either." Russian banks already have strong digital finance capacities, such as cashless settlements, Gref said, reiterating that he saw no possibility for the digital rouble to meaningfully transform Russia's economy. No digital currency has become dominant within any country, he said, but there could be a future in cross-border settlements. "Domestically, I don't see it yet," he said.
CNA
02-07-2025
- Business
- CNA
Sberbank CEO puzzled by Russia's push to create digital rouble
ST PETERSBURG, Russia :German Gref, CEO of Russia's dominant lender Sberbank, on Wednesday said he did not see any potential benefits to Russia's development of the digital rouble beyond the possible exception of cross-border settlements. Russian banks will be required to offer customers the means to make payments using digital roubles from September 1, 2026, the central bank said last week, pushing the project's planned launch back by over a year. More than 130 countries are exploring digital versions of their currencies, according to the Atlantic Council, as the world's financial authorities respond to declining cash usage and the threat to their money-printing powers from the likes of bitcoin. Moscow hopes the digital rouble will simplify foreign trade payments that have been complicated by Western sanctions over the conflict in Ukraine. "I don't see its advantages," Gref told reporters during a financial forum in St Petersburg. "As an individual, I don't understand why digital roubles are needed. As a bank... I don't yet understand it very well either." Russian banks already have strong digital finance capacities, such as cashless settlements, Gref said, reiterating that he saw no possibility for the digital rouble to meaningfully transform Russia's economy. No digital currency has become dominant within any country, he said, but there could be a future in cross-border settlements. "Domestically, I don't see it yet," he said.
Yahoo
31-05-2025
- Business
- Yahoo
Kremlin launches digital rouble to control Russians – Ukraine's Defence Intelligence
Defence Intelligence of Ukraine has reported on "another step by the criminal regime in Moscow aimed at strengthening total control over its own population" — the introduction of a digital rouble. Source: Defence Intelligence of Ukraine (DIU); Latvia-based Russian media outlet Meduza Details: Intelligence reports show that starting in early 2026, Russian state employees will begin to receive their salaries in "digital roubles". DIU expects that Russia will completely control the circulation of the virtual rouble: it will track every transaction, and the spending of digital roubles will be limited by the citizen's place of residence or the type of goods. Moreover, intelligence analysis shows that the Kremlin regime will be able to block citizens' accounts without a court decision and automatically deduct taxes and fines from them. The Russian media outlet Meduza writes that the digital rouble is a new form of Russian currency on par with cash and non-cash roubles. Each digital rouble in the Russian Federation will be assigned a unique code (similar to the series and number on banknotes). Electronic money will be stored in electronic wallets opened on a specially designed platform of the Central Bank. Russians say that the digital rouble has many advantages. In particular, if a bank goes bankrupt, people will not lose their money. Also, the digital rouble will allegedly significantly reduce the cost of money transfers, lower commissions for businesses, etc. Support Ukrainska Pravda on Patreon!
