Nearly a Quarter of Russians Would Store Less Than $200 in State-Issued Digital Ruble
A recent survey conducted by the Russian SPB Exchange revealed that more than half of Russian citizens aged 18 to 65 are willing to keep their money in the central bank digital currency (CBDC) issued by the Bank of Russia. Here are the key points:
- 24% of respondents would convert between 5,000 and 20,000 regular rubles to the digital form ($50–$200).
- 15% would transfer no more than 5,000 rubles to the new electronic form of the national fiat.
- 9% would use the digital ruble system for keeping between 20,000 and 50,000 rubles.
- 2% are prepared to store 50,000 to 100,000 rubles in the central bank digital currency, while 3% would exceed 100,000 rubles.
- Only 2% are ready to keep all their savings in digital rubles.
Despite the interest in using CBDC, some respondents are concerned about the lack of information about the technology (22%) and fear of cybertheft or system failure (21%). The digital ruble legislation has been passed and testing with real users has already begun. The central bank aims to make the transactions simple, convenient, and cheap for businesses and free of charge for citizens. The CBDC may enter mass circulation between 2025 and 2027, with initial transfers capped at 300,000 rubles per month.
Hot Take:
The survey results indicate a significant level of acceptance and interest in the central bank digital currency among Russians. However, concerns about cybersecurity and lack of information should be addressed to ensure widespread adoption. The successful implementation of the digital ruble has the potential to revolutionize the financial landscape in Russia and provide convenient and secure digital payment solutions for both individuals and businesses.
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