Russia introduces anti-fraud measures for digital ruble

Concerns persist regarding the digital ruble’s potential effects on bank liquidity and possible mandatory use for groups like pensioners.

The Russian Central Bank has partnered with Tatarstan to test digital ruble smart contracts, despite delaying the nationwide rollout initially planned for August.

Russia’s Central Bank has launched an anti-fraud protection system for banks ahead of the planned rollout of its digital ruble (CBDC). The new measures, which came into effect on 23 February, aim to protect transactions involving the digital currency. Under the system, if a bank detects potential fraud, it can suspend a transaction for up to two days, allowing time for verification. Customers will be notified and asked to confirm the transaction before it proceeds.

The measures are primarily targeted at commercial and B2B users and are designed to reduce the risk of fraudulent activities. This builds on similar protections introduced last year for peer-to-peer transactions. The system includes a ‘cooling-off period’ to help users avoid hasty decisions that could lead to financial losses due to fraud.

Despite these efforts, concerns remain about the digital ruble’s impact on the banking sector. Some fear the CBDC could reduce liquidity for commercial banks, while others worry about its mandatory use for certain groups, such as pensioners. The Central Bank has denied these claims, asserting that the digital ruble will be voluntary for citizens.

As Russia prepares for a full digital ruble launch later this year, experts continue to question the technical and organisational challenges of mass adoption, especially for businesses and banks.

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