"Yes, if you lose a lot, it's better to find a way to reduce the loss, right?"
Following the request for more time, Gazprombank, among the 15 Russian banks participating in the central bank digital currency (CBDC) test, intends to gradually roll out the Digital Ruble.
This is because Russian banks have the potential to lose as much as $3.5 billion within five years after the introduction of the Digital Ruble.
Following that, Gazprombank, which is a subsidiary of the state-owned gas energy firm Gazprom, has decided to launch the Digital Ruble in phases so that the bank's losses can be minimized.
Explained in more detail, the bank will get a smaller commission and this will result in the retailer making a good profit but the consumers will still not get the low price.
Even so, the Digital Ruble is able to provide various benefits as it not only improves the transparency of every financial transaction in Russia but also has a positive effect on the country's economy and banking system.
After the CBDC project has been running for the past few years, testing of the Digital Ruble is likely to begin this year, where so far Gazprombank including 15 other Russian banks are in preliminary testing.
Meanwhile, Russia last year decided to use digital assets in international payments to support its trade with other countries after facing financial sanctions in February 2022.
