Survey Shows Over Half of Russians Open to Central Bank Digital Currency, Trust Varies for Larger Sums
Summary:
More than half of Russians are open to using a central bank digital currency (CBDC), according to a survey. However, only 17% trust the digital ruble for large sums. The survey revealed concerns about lack of information and cybersecurity. Testing of digital rubles began in Russia with 13 banks participating. The Bank of Russia aims to bring digital ruble into widespread use by 2025-27.
More than half of Russian citizens are open to the idea of storing their money in a central bank digital currency (CBDC), according to a recent survey conducted by Saint Petersburg Exchange and the Russian Trading System. However, when it comes to larger sums of over 20,000 rubles ($212), only 17% trust the digital ruble. The survey, which involved over 2,000 respondents aged 18 to 65, revealed that 58.3% of participants were theoretically willing to invest in CBDC. Among them, the majority (23.8%) would only transfer a sum ranging from 5,000 to 20,000 rubles. Furthermore, only 2.4% of respondents would consider storing all of their money in CBDC. The survey also highlighted concerns such as a lack of information about the technology (22%) and worries about cyber theft and system failures (21%). Testing of digital rubles began in Russia on August 15, with 13 banks and a restricted group of clients participating in pilot tests. The initial phase of testing focuses on perfecting key operations and aims to bring digital ruble into widespread use by 2025-27, according to Olga Skorobogatova, the first deputy governor of the Bank of Russia.
Published At
8/25/2023 11:13:23 AM
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