One in Three Russians Perceives the Digital Ruble as a Form of Deception, According to a Survey

Research carried out by the information service provider Bankinform indicated that a significant number of Russians are keen on the developments regarding the possible introduction of a digital ruble. Nonetheless, 32% oppose such a monetary innovation, perceiving it as a type of scam.

The largest country in the world by land area has been notably active in the CBDC landscape. The pilot phase, which will involve testing with banks, businesses, and consumers, is anticipated to commence in mid-August.

Russians Not So Supportive

The survey disclosed that 13% of participants are closely following the evolution of the digital ruble and plan to utilize it once it becomes available. These individuals also expressed that they recognize new opportunities brought forth by the forthcoming CBDC.

One in three respondents acknowledged keeping up with news regarding the new digital version of Russia’s national currency but have no plans to engage with it. Over 21% showed no interest in the subject whatsoever.

The most intriguing response came from 32% of those surveyed, who characterized the Russian CBDC as “some kind of fraud.”

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There are various reasons why individuals may not support this type of financial product. CBDCs will be issued and regulated by centralized authorities, which could pose risks to individuals’ privacy. According to Bankinform, another factor contributing to skepticism about the digital ruble could be the “ignorance” and insufficient information regarding its development.

Whether viewed as a scam or not, numerous countries (including several major economies) have already begun investigating the concept. As reported by CryptoPotato, Japan, Australia, South Korea, the UK, and others have initiated programs to evaluate the advantages and disadvantages of a central bank digital currency.

Somewhat predictably (given the political climate there), China is at the forefront of this initiative. The domestic authorities have launched several efforts to promote the digital yuan, including permitting CBDC transactions during the 2022 Winter Olympic Games held in Beijing.

How Far Has Russia Gone?

Officials in the country appear committed to completing their CBDC initiative in the near term. Recently, President Vladimir Putin signed legislation that allows Russia’s Civil Code to incorporate the digital ruble as a payment option. Concurrently, the central bank was authorized to present the product to the public.

“We genuinely hope that it will be more convenient and economical for both individuals and businesses, leading to its adoption. This represents a new opportunity,” stated Elvira Nabiullina – Governor of the bank.

Earlier this week, the financial institution revealed plans to commence trials with the CBDC. First Deputy Governor Olga Skorobogatova mentioned that the operation will involve 13 banks and a select group of their clients.

“We aim to introduce the digital ruble into widespread use based on the outcomes of phased testing and contingent on the successful completion of piloting all scenarios for operations with the digital ruble. We anticipate that starting from 2025, citizens and businesses will be able to actively utilize the national digital currency, of course, at their own discretion,” she added.

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