Only 17% of Russians would agree to store more than $200 in CBDC

According to a latest survey carried out by the joint team of Saint Petersburg Exchange and the Russian Trading System (RTS), more than half of Russian residents are keen to store their cash in a central financial institution digital foreign money (CBDC). However, when it comes to storing more than 20,000 rubles (roughly $212), solely 17% belief the digital ruble.

The survey concerned over 2,000 respondents throughout the nation aged 18–65, and its outcomes have been published in the native newspaper Izvestia on Aug. 24. According to the report, 58.3% of responders are theoretically prepared to put their cash into the CBDC.

But the bulk of them (23.8%) would switch solely a sum of 5,000 ($53) to 20,000 rubles ($212) to digital cash. 9% of respondents can think about storing 20,00–50,000 rubles ($212–$529) in the CBDC, 2% — an quantity up to 100,000 rubles ($1,058). As to the thought of storing all their cash in the central financial institution digital foreign money, solely 2.4% are keen to do it.

The most typical hindrances cited embrace inadequate details about the expertise (22%) and considerations about cybertheft and system failures (21%).

On Aug. 15, Russia began testing operations with digital rubles. The pilot assessments contain the participation of 13 banks and a restricted group of their purchasers. The preliminary section facilities on perfecting basic operations. This section prioritizes key processes together with the institution and funding of digital ruble accounts, facilitating individual-to-individual digital ruble transactions, streamlining automated funds, and innovatively using QR codes for seamless buy and repair transactions

According to the primary deputy governor of the Bank of Russia, Olga Skorobogatova, the financial institution’s technique entails bringing the digital ruble into widespread use by 2025–2027.

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