Russians exhibit keen interest in the digital ruble, according to a VTB survey
In St. Petersburg, on July 4, 2021, the Bank of Russia's Financial Congress concluded with a significant focus on the digital ruble, Russia's central bank digital currency (CBDC). The adoption of the digital ruble is currently in a pilot phase, with promising initial engagement but notable skepticism in the population.
According to a survey conducted by SuperJob, 75% of Russians express distrust towards receiving salaries in digital rubles, and only 8% are ready to transition fully to digital payments. Despite this resistance, the Russian Central Bank has laid out a phased implementation plan to gradually expand digital ruble use.
The pilot phase has seen the creation of around 2,500 digital ruble wallets by users from 150 cities across Russia, and approximately 100,000 transactions have been conducted involving the digital currency. These transactions include over 63,000 transfers, nearly 13,000 retail payments, and about 17,000 smart contracts tested on the platform, indicating active use in various scenarios.
The government and central bank will likely need to address these concerns to boost mass adoption. The rollout plan begins with a staged rollout starting September 1, 2026, with large banks and big trading companies, followed by smaller banks and retailers by 2027, and a final deadline for all businesses set for 2028, with some exceptions for very small merchants.
Interestingly, the survey also revealed that around 25% of the respondents actively use online payments and rarely use cash. Other options mentioned for future banking operations include DNA decoding (21%) and voice recognition (12%). Most survey participants support using AI for routine tasks in personal finance, with 38% preferring to follow investment recommendations from AI.
Dmitry Pyanov, Deputy Chairman of VTB, announced findings from a survey conducted by VTB for the Financial Congress. He mentioned social payments, fines, account opening, and transportation card top-ups as possibilities for using the digital ruble. However, most respondents (63%) oppose the introduction of payment chips, and only 17% are ready to store their passport and bank card data on a chip.
Most survey participants emphasize the importance of maintaining traditional bank offices for communication with experts and consultants. Interest in such services is particularly high among residents of Moscow and other major cities. Moreover, 44% of respondents are ready to entrust digital assistants with timely payment of utilities and taxes.
In conclusion, while the technical and institutional framework for the digital ruble is progressing actively, widespread public acceptance and full transition to digital payments in Russia face significant trust and adoption hurdles. The government and central bank will need to address these concerns to achieve mass adoption.
[1] Source: Bank of Russia [2] Source: Tass [3] Source: RBC [4] Source: SuperJob
Technology plays a crucial role in the development and implementation of the digital ruble, Russia's central bank digital currency (CBDC). Despite the usage in various scenarios during the pilot phase, a significant portion of the population remains skeptical about receiving salaries or fully transitioning to digital payments (Source: SuperJob). On the other hand, businesses are keen to adapt, with the Russian Central Bank planning a phased rollout for large banks and big trading companies by 2026, followed by smaller ones by 2027 (Source: unspecified). This rollout strategy is aimed at gradually expanding the use of digital rubles in the business sector.
