More than half of Russians express interest in a Central Bank Digital Currency (CBDC), according to a recent survey conducted by the Saint Petersburg Exchange and the Russian Trading System (RTS) team. However, when it comes to larger amounts, trust in the digital ruble lags behind.
The survey, which involved over 2,000 participants aged between 18 and 65 across the country, revealed that 58.3% of respondents are theoretically willing to deposit their money in a CBDC. But when it comes to storing more than 20,000 rubles (approximately $212), only 17% of participants trust the digital ruble.
Among the respondents, the majority (23.8%) stated that they would use a digital currency for amounts between 5,000 rubles ($53) and 20,000 rubles ($212). Moreover, 9% were open to storing an amount ranging from 20,000 to 50,000 rubles ($212-$529), while only 2% were comfortable with depositing up to 100,000 rubles ($1,058). Surprisingly, a mere 2.4% expressed their willingness to store all their money in a central bank digital currency.
The survey also shed light on the obstacles preventing individuals from fully embracing CBDCs. Lack of knowledge about the technology was the most common concern, mentioned by 22% of participants, followed closely by worries regarding cyber theft and system failures, mentioned by 21%.
Russia has recently begun testing transactions with the digital ruble, involving 13 banks and a limited group of their customers. The pilot tests aim to refine basic transactions, such as creating and funding digital ruble accounts, facilitating peer-to-peer transactions, streamlining automatic payments, and exploring innovative use of QR codes for seamless purchasing and service transactions.
The Central Bank of Russia has set a strategy to introduce the digital ruble on a widespread scale between 2025 and 2027. Furthermore, individual users of the Digital Ruble will enjoy commission-free transactions until 2025, according to Olga Skorobogatova, the First Deputy Governor of the Central Bank of Russia.
In conclusion, while more than half of Russians are interested in a Central Bank Digital Currency, trust in the digital ruble diminishes when it involves larger sums. Challenges such as lack of knowledge and concerns about security need to be addressed in order to foster wider adoption of CBDCs in Russia.
