Russians’ Views on the Digital Ruble
A recent study by Bankinform found that many Russians are interested in the potential launch of a digital ruble, but 32% view it as a scam. Here are the key findings:
- 13% closely monitor the development of the digital ruble and plan to use it in the future.
- Every third person follows news about the digital ruble but has no intention to deal with it.
- Over 21% have no interest in the topic at all.
- 32% labeled the Russian CBDC as “some kind of fraud.”
Reasons for Distrust
There are various reasons why some people are not supportive of the digital ruble:
- CBDCs are issued and controlled by centralized authorities, which could jeopardize people’s privacy.
- The lack of substantial information and “ignorance” about the digital ruble may contribute to distrust.
Global Exploration of CBDCs
Many countries, including Japan, Australia, South Korea, the UK, and China, have started exploring central bank digital currencies:
- China is leading the race, introducing initiatives to popularize the digital yuan.
- Other leading economies are also testing the pros and cons of CBDCs.
Russia’s Progress on the CBDC
Russia’s officials are committed to finalizing the digital ruble project:
- President Vladimir Putin signed a law adding the digital ruble as a payment method.
- The central bank plans to introduce the digital ruble into mass circulation by 2025.
- Phased testing and experiments with select banks and customers are underway.
Hot Take
While there is considerable interest in the digital ruble among Russians, mistrust and skepticism remain significant barriers. It will be crucial for the Russian government and central bank to address concerns about privacy and provide more information to build trust in the digital currency. The global exploration of CBDCs highlights the growing trend toward digital currencies, which could reshape the future of finance.
By
By
By
By
By