Russians Worried About National Crypto: “It’s Some Kind Of Scam”

Almost all countries are developing a so-called Central bank digital currency (CBDC), a digital version of the existing national currency. They are very interesting for governments, but not all citizens are excited about these CBDCs. This is also the situation in Russia, which recently unveiled its digital ruble. A new survey shows that 32 percent of Russians do not trust the digital ruble.

National crypto is “some kind of scam”

According to a study by Find bank information 13 percent of those surveyed are looking forward to the digital ruble. They expect that the introduction of the digital ruble will bring new opportunities. On the other hand, a significantly larger proportion of respondents, namely 32 percent, see the digital ruble as “some kind of fraud”.

It’s a widespread concern about CBDCs, and not just in Russia. People around the world are concerned about the impact of digital currencies on central bank control. CBDCs could give central banks and governments full control over people’s financial freedom. Last week, podcaster Joe Rogan spoke out fiercely about the launch of a digital dollar. It would be game over for the Americans.

There are also plans for a digital euro in the European Union, but these are not yet concrete. There is a possibility that the digital euro will only be used by banks. Transactions between banks would be significantly faster and more efficient if processed with a digital euro using a blockchain.

Russia follows China with CBDC plans

China is one of the few countries that already has CBDC in circulation. The Chinese have been using the digital yuan for several years. However, the implementation did not go as smoothly as initially hoped. The corona pandemic also created the necessary hurdles. Civil servants in several cities are already being paid with the digital yuan. It is also possible to pay with the digital yuan on public transport.

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Russia sees a similar future with its digital ruble. After several pilot projects, the Central Bank of Russia hopes that the digital ruble will be ready for full acceptance by people by 2025.

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