In a precedent-setting step for Russia’s Central Bank Digital Currency (CBDC), a beauty salon in Yekaterinburg recently made headlines for accepting a digital ruble payment – a first in the nation’s business scene. According to an announcement by DeloBank, part of the Sinara financial and industrial group, an owner of the nameless salon has confirmed receipt of payment for services in the digital RUB to the DeloBank-facilitated digital wallet.
The salon’s operator, known only as Olga, praised the ease and speed of the payment method, stating, “It’s cool to have become the first beauty salon in Russia to test the digital ruble!” Sinara also noted being “among the first” Russian banking groups to participate in the digital ruble trial initiative, testing the digital ruble through their mobile apps for individual and business use.
So, what could this test case mean for the future of business transactions in Russia? Irina Kuzmina, Director of DeloBank, voiced optimism that the digital ruble could grant businesses access to “unique new opportunities” for payment, even in scenarios with limited or no internet connection. This would prove particularly advantageous for large, rural areas where internet access is a luxury not all citizens have. As a comparison, this challenge also plagues China, where offline CBDC options using “hard” wallets are being explored.
Yet, one, skeptics might ask, what about creating and promoting infrastructure for holistic rural internet reach instead of relying on technological band-aid solutions via offline payments? Further, is there the possibility of excluding those less digitally literate or accessible?
While the pushback might exists in few minds, Kuzmina also asserted CBDC would add another dimension to customer-company interactions while vouching for the digital ruble’s potential to enter mainstream transactions swiftly, much like traditional cash.
This development out of Yekaterinburg trails a similar announcement from PSB, a DeloBank competitor, last month. PSB facilitated an online educator enthusiast in opening a digital wallet and making a successful payment for services using QR codes.
For now, a dazzlingly utopian vision or a foreseen practical dystopia, the incoming wave of blockchain technology and digital currencies continues to spark different perspectives on their role in our future, whether in Russia or the vast world beyond it.
Source: Cryptonews
