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According to a recent survey conducted by Saint Petersburg Exchange and the Russian Trading System (RTS) team, more than half of Russian citizens want to store their money in a central bank digital currency (CBDC), but only 17% trust digital ruble when it comes to storing more than 20,000 rubles (approximately $212).
Survey Results Are Surprising
The results of the survey, which was conducted with more than 2,000 participants aged between 18 and 65 throughout the country, were published in the local Izvestia newspaper on August 24th. According to the report, 58.3% of the participants are theoretically ready to deposit their money in a CBDC.
However, the majority of them, 23.8%, only want to use a digital currency for an amount between 5,000 rubles ($53) and 20,000 rubles ($212). 9% of the participants are willing to store an amount between 20,000 and 50,000 rubles ($212-$529) in CBDC, while 2% can commit to storing up to 100,000 rubles ($1,058). When it comes to storing all their money in a central bank digital currency, only 2.4% of the participants are willing to do so. The most common obstacles mentioned include lack of knowledge about technology (22%) and concerns about cyber theft and system failures (21%).
Testing Phase Has Begun
Russia started testing transactions with the digital ruble on August 15th. The pilot tests involve 13 banks and a limited group of their customers. The first stage focuses on perfecting basic transactions, including the creation and funding of digital ruble accounts, facilitating peer-to-peer digital ruble transactions, streamlining automatic payments, and innovative use of QR codes for seamless purchasing and service transactions.
According to Olga Skorobogatova, the First Deputy Governor of the Central Bank of Russia, the bank’s strategy includes the widespread introduction of the digital ruble between 2025 and 2027, and there will be no commission fees for transactions made by individual users of the Digital Ruble until 2025.
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