Russian Reject CBDC Consider It “Some Kind of a Fraud,” – Massive Win For Monero, ZCash, and Dash Supported by Millions

• The digital ruble’s swift progress was noted, with legislative endorsement and a two-year launch projection. 

• The Association of Russian Banks seeks clarification, urging against coercive digital wallet adoption. 

The idea of Central Bank Digital Currency (CBDC) is not well-received by Russians. As per an online survey conducted by the banking news site BankInform.ru among its subscribers, the majority of respondents expressed disinterest in adopting the digital ruble.

Out of the participants, 32% viewed the central bank’s digital currency as “a form of deception” and advised approaching it cautiously. 34% were curious about the digital ruble’s progress but did not intend to use it. 21% displayed no interest in the subject, leaving only 13% open to embracing the Russian CBDC.

The digital ruble initiative has been progressing swiftly regardless of Russians’ viewpoints. The public was initially introduced to the project in 2020. Just two years later, preliminary legislation was presented and has recently been approved in the final reading by the Duma, Russia’s parliament. However, it will require at least two years before the digital ruble becomes operational.

Anticipated Nationwide Rollout

As per the July statement issued by the Ministry of Digital Development, Communications, and Mass Media of the Russian Federation, the nationwide implementation of the Russian CBDC is anticipated between 2025 and 2027. These plans have been corroborated by the Central Bank of the Russian Federation (CBR) First Deputy Governor Olga Skorobogatova in her interview with Forbes.

She further emphasized that the digital ruble is distinct from cryptocurrencies and stablecoins. Unlike these categories, the CBDC’s issuance and circulation are overseen by a designated issuer, the CBR, which assumes accountability for these processes.

In early August, the CBR’s board of directors endorsed the digital ruble logo: the encircled national currency symbol.

The Board of Directors of the Bank of Russia has approved the logo of the digital ruble, which includes the national currency sign in a circle. It in turn repeats the shape of the coin and echoes the logo of the Central Bank. pic.twitter.com/39EjpqD8yd

— pocalypsis pocalypseos 🅉 (@apocalypseos) August 4, 2023

Association of Russian Banks’ Concerns

Additionally, the largest banking association in Russia has urged for clarity regarding Moscow’s plans for its Central Bank Digital Currency (CBDC), citing concerns of public skepticism towards the digital ruble.

According to reports from Kommersant and BFM, the Association of Russian Banks (ARB) has written to the Central Bank, seeking explanations on specific matters related to the digital ruble.

Currently, the Central Bank is collaborating with more than a dozen commercial banks in a “real-world” pilot initiative. The release further urged the Central Bank to suggest a direct prohibition on compelling citizens to establish a digital ruble wallet.

Challenges Ahead for Russia’s Digital Ruble Initiative

Recent reports shed light on ongoing developments in Moscow’s pursuit of a Central Bank. 

Digital Currency (CBDC).  Taking proactive steps, the association penned a letter to the Central Bank, seeking clarification on various aspects of the digital ruble. Notably, they urged the Central Bank to firmly prohibit coercive measures mandating citizens to adopt a digital ruble wallet.

Beyond this, the sentiment among business leaders in Russia remains varied when it comes to the accelerated pilot of Moscow’s digital ruble initiative. However, both the Kremlin and the central bank believe that introducing a Russian CBDC could facilitate the process of de-dollarizing trade operations for Moscow and its allies, obviating the necessity for additional adoption of cryptocurrency assets.

Russia has become the fifth largest economy in the world and the largest in Europe in terms of purchasing power parity:

1. China: $30.3 trillion
2. USA: $25.4 trillion
3. India: $11.8 trillion
4. Japan: $5.7 trillion
5. Russia: $5.32 trillion
6. Germany: $5.3…

— World of Statistics (@stats_feed) August 4, 2023

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