Do Russians Think The Digital Ruble As Some Kind Of Fraud?
Like many other countries, Russia has been working exclusively on the digital ruble that is the Central Bank Digital Currency (CBDC). So what do Russians think about the digital ruble? The information service provider Bankinform conducted research to see how many Russians are interested in the upcoming CBDC.
13% of the participants pay close attention to the development of the digital ruble and they may use it in the future. They are curious to explore it. 34% of respondents are interested in the digital ruble but have no intention to use it. Whether people adopt the CBDC or not, that is a big question.
21% are not interested in CBDC at all. The interesting thing is, 32% of the respondents see the digital ruble as some kind of fraud. According to Bankinform, the way people think about the digital ruble may be related to ignorance and lack of information on its advancement. The digital ruble is going to be used as a payment method.
When the central authority talks about CBDC, you often hear some buzzwords like transparency, fast transaction, low cost, and financial inclusion. There are many people who do not have access to financial services, and CBDC will provide that services.
Recently the Bank of Canada also conducted research to understand the potential of CBDC and how people behave in a hypothetical environment. It does not show a positive outcome. The thing is, most Canadians are barely interested in CBDC.
According to the research, 98% of Canadians have a bank account. Not only that, 87% also hold a credit card. There are no barriers and they have access to all financial services. In case there are barriers to financial services, there is a chance to see CBDC from a different angle. They have little to no incentive to use Central Bank Digital Currency (CBDC).
Cash is still an effective method of offline payment especially in emergency situations like widespread power outages or extreme weather. Whether it is in Russia or Canada, I think people will respond in the way when it comes to CBDC. The central authority can force something to happen, but the willingness to adopt that matters.
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Reference: 1.
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Very glad to hear that Russia has been working exclusively on the digital ruble.
How people react to this, I think that can be a big concerning factor.
I think it depends on the place but in the US, I have a feeling that most people will just go with it. We are already transitioning over to being cashless to an extent and I have a feeling that people will just have no choice when they remove the other options. Even if I don't like that.
And if people have a choice, I don't think they will choose something like CBDC. What CBDC intends to do, that's scary.