Every Third Russian Sees the Digital Ruble as ‘Some Kind of Fraud’ (Survey)

Research conducted by information service provider Bankinform estimates that many Russians are interested in news surrounding the potential launch of a digital ruble. However, 32% are not in favor of such a monetary product, seeing it as a kind of scam.

The world’s largest country by landmass is one of the most active in the CBDC scene. The pilot version, which will include testing banks, businesses, and consumers, is expected to begin in mid-August.

Russians are not very Supportive

The study Revelation that 13% of respondents are closely monitoring the development of the digital ruble and intend to use it once it sees the light of day. Those participants also said that they see new opportunities presented by the future CBDC.

Every third person asked admitted to following the news about the new digital form of the Russian national currency but had no intention of dealing with it. Over 21% are not interested in the topic.

The most interesting answer came from 32% of the respondents, who called the Russian CBDC “a kind of fraud.”

There are various reasons why one might not be in favor of that type of financial product. CBDCs will be issued and controlled by centralized authorities, meaning they could put people’s privacy at risk. According to Bankinform, however, another major cause of distrust in the digital ruble may be “ignorance” and the lack of much information on its development.

Scam or not, many countries (including some leading economies) have started exploring the product. as CryptoPotato recently reportedJapan, Australia, South Korea, the UK, and many others have introduced several programs to test the pros and cons of a central bank digital currency.

Somewhat expected (considering the political regime there), China leads the race. Local authorities have introduced several initiatives to popularize the digital yuan, such as allowing CBDC settlements during the 2022 Winter Olympic Games held in Beijing.

How Far Has Russia Gone?

It seems that the country’s officials are determined to finish their CBDC project in the near future. Not long ago, President Vladimir Putin signed a law that allows the Civil Code of Russia to add the digital ruble as a means of payment. At the same time, the central bank is allowed to introduce the product to the citizens.

“We hope that it will be easier and cheaper for people and businesses, and they will start using it. This is a new opportunity,” said Elvira Nabiullina – Governor of the bank.

Earlier this week, the financial institution Office has partnered plans to start CBDC experiments. First Deputy Governor Olga Skorobogatova said that the operation will include 13 banks and a limited circle of their customers.

“We plan to introduce the digital ruble into mass circulation based on the results of phased testing and subject to the successful completion of piloting in all scenarios for digital ruble operations. We expect that starting in 2025, citizens and businesses can actively use the national digital currency, of course, at their own request,” he added.