According to a new survey, majority Russian citizens are not confident about the Russian central bank digital currency (CBDC). The survey reveals that most Russians say that they distrust or have no interest in using the digital Ruble.
In a recent survey, the media outlet and information service provider BankInform, asked its subscribers to give their thoughts on the CBDC. Notably, the digital Ruble is currently being developed in “real-world” scenarios with what the Central Bank has labeled a “select group of consumers.”
Sources reveal that over fifteen Russian commercial banks are also participating in the pilot, along with a small group of small- and medium-sized retailers.
According to local media reports “only” 13% of respondents said they “intend to use the digital Ruble” and “see it as bringing new opportunities.”On the other hand, over a third of respondents (34%) said that while they were “interested in the arrival” of a “new form of the Ruble,” they had no intention of using the token.
Additionally, more than a fifth of respondents (21%) said they were “not interested at all” in the digital Ruble. This research highlights the fact that the Russian central bank has a lot of PR work to do if it is to win over Russian hearts and minds. Notably, the media reports quoted:
The most curious result of our survey is the fact that 32% chose an option that read: ‘The digital ruble is some kind of fraud. People should exercise caution.
Furthermore, the report stated that this option was selected predominately by “people who are poorly informed about the digital Ruble. However, it claimed that “it would be an oversimplification to reduce everything to ignorance.”
To this, the media reports wrote “increased awareness does not guarantee that suspicions will dissipate.” It also claimed that its “small” survey demonstrated the “need for a large-scale study, which has not yet been attended to.”
Notably, the recent news follows developments from earlier this week when the nation’s biggest banking association claimed that citizens were “extremely wary” of the digital Ruble. The group wrote a letter to the central bank with “a request to clarify certain issues pertaining to the digital Ruble.”
Additionally, the association called on the central bank to introduce “a direct ban on forcing citizens to open a digital Ruble wallet.” Business leaders in Russia have also expressed mixed feelings about Moscow’s fast-tracked digital Ruble pilot.
However, government authorities and entities think that a Russian CBDC will help Moscow and its allies de-Dollarize their trade operations without the need for further cryptoasset adoption. Following Russia’s CBDC exploration, Belarus, its neighbor also expedited the development process and focus on cross border aspect of CBDC.