More than 50% of Russian citizens are open to the idea of entrusting their funds to a central bank digital currency (CBDC), as revealed in a recent survey jointly conducted by the Saint Petersburg Exchange and the Russian Trading System (RTS).
However, the same level of trust does not extend when larger sums are considered.
Only 17% of respondents express confidence in the digital ruble for amounts exceeding 20,000 rubles (approximately $212).
The survey encompassed a broad demographic range, involving over 2,000 participants aged between 18 and 65 across the nation.
The findings, disclosed on August 24 in the local newspaper Izvestia, unveiled that 58.3% of those surveyed are theoretically inclined to invest their funds in a CBDC.
Within this group, the majority (23.8%) would be comfortable transferring sums ranging from 5,000 rubles ($53) to 20,000 rubles ($212) into digital currency.
A smaller fraction, 9%, can envision storing 20,000 to 50,000 rubles ($212 to $529) in a CBDC, while 2% are open to entrusting amounts up to 100,000 rubles ($1,058).
Notably, a mere 2.4% are willing to embrace the notion of placing all their finances in a central bank digital currency.
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The transition towards digital rubles has already commenced in Russia, with trials commencing on August 15. Thirteen banks are participating in these preliminary tests alongside a select group of their clientele.
This phase of testing focuses on refining fundamental operations, with emphasis on processes such as the establishment and funding of digital ruble accounts, facilitating peer-to-peer digital ruble transactions, optimizing automated payments, and introducing QR codes for streamlined purchase and service transactions.
Olga Skorobogatova, the First Deputy Governor of the Bank of Russia, has outlined a strategic vision to integrate the digital ruble into widespread usage between the years 2025 and 2027.
The ongoing survey underscores a burgeoning acceptance of the CBDC concept among Russians, but also highlights the need for further confidence-building measures, particularly for larger financial commitments.
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