Russia’s Top Banker Questions Need for Digital Ruble Despite Upcoming Launch

Russia's push for a central bank digital currency faces skepticism from an unlikely source—its own financial elite. German Gref, CEO of state-controlled Sberbank, openly challenged the digital ruble's utility at the Bank of Russia's Financial Congress. "Our finances are already fully digital," Gref stated, dismissing claims of economic transformation. "Everything the digital ruble can offer exists through cashless payments."

The remarks carry weight given Sberbank's dominance—serving 69% of Russia's population through 100 million accounts. As the anticipated launch partner for the CBDC, Gref's institution WOULD normally champion such initiatives. His critique reveals deeper institutional doubts about replicating existing digital infrastructure through blockchain.

Unlike cryptocurrency adoptions seen with BTC or ETH in decentralized finance, Russia's approach appears driven by political rather than technological necessity. The digital ruble now faces its toughest scrutiny not from Western critics, but from the bankers expected to implement it.