As with any significant technology leap, the launch of the digital ruble, Russia’s Central Bank Digital Currency (CBDC), faces significant opposition within its own population. According to a recent survey conducted by BankInform, a prominent local media and information service provider, skepticism and indifference appear to be the sentiments mirrored by most surveyed individuals.
The digital ruble, at present, is being tested in practical situations within certain consumer circles labelled as “select”. Additionally, it has found takers among 15 commercial banks in the country, along with a minor population of small to medium retailers. However, the survey indicated that the acceptance is far from widespread.
Merely 13% of the respondents voiced their intentions to utilize the digital ruble, heralding it as a carrier of new opportunities. Two-faced interest, represented by 34% of the members surveyed, expressed curiosity towards the novel form of the ruble but had no plan to incorporate it into their dealings. A significant 21% of the respondents conveyed absolute disinterest, raising a big question mark on the Central Bank’s effort.
The institutional challenge faced by the Russian Central Bank to win the trust of its citizens resonated in these findings. Intriguingly, 32% of the surveyed citizens expressed their belief that the digital ruble constitutes some form of fraud, urging caution around it. While the information service provider attempts to explain the response as a consequence of inadequate information, they also admit that the issue cannot be reduced to mere ignorance.
Rising awareness might not effectively dull nascent suspicions, expressing the need for a more comprehensive study that yet awaits attention. These findings trail the apprehensions voiced by Russia’s largest banking association, which believes that the citizenry is highly sceptical of the digital ruble. Calls to the Central Bank have been placed, seeking to clarify ambiguities around this novel form of the ruble and discouraging the forceful opening of a digital ruble wallet by citizens.
Mixed reactions have also been received from business heads in Russia towards the fast-tracked digital ruble pilot. Despite the challenge, both Moscow and the bank appear convinced that a Russian CBDC would aid de-dollarization of trade operations within Moscow and its allies, eliminating the need for excess cryptoasset adoption.
Source: Cryptonews
