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Russian Analyst: Digital Ruble ‘Brings No Benefits’ for Ordinary Citizens
The comments were made by Anastasia Tselykh, a special correspondent at RTVI in her most recent column for the media outlet.
The Central Bank launched a pilot this week, which will see retailers in 11 cities join, along with the Moscow Metro network and over a dozen banks.
The analyst pulled no punches in her commentary on the token, calling it the “first step toward a digital gulag.”
Tselykh explained:
She wrote:
Russian CBDC: Pushback Begins?
And Tselykh was wary of comments made by the Central Bank Governor Elvira Nabiullina, who has said that no one will be “forced” to use the digital ruble.”
The analyst noted:
But Tselykh did concede that the digital ruble may convey some advantages, explaining:
The Central Bank has announced that it wants to create prepaid hard wallet-type cards or devices that can be topped up with CBDC funds in advance.
These prepaid cards or devices could be then used to make electronic CBDC payments in areas with no network coverage or internet connection.
In many of Russia’s more remote regions, network coverage and internet access remain major issues.
In China, which suffers from similar issues in its rural communities, solutions have been rolled out involving wearable wallets and smartcards that show users how much credit they have remaining on their accounts.
China has also rolled out SIM card-based offline hard wallets.
At present, these are only available on Android smartphones, but some believe they may one day become compatible with 2G mobiles.
Russian CBDC: Could It Help Nation Evade Sanctions?
Tselykh also took aim at the Central Bank’s claim about the CBDC’s “cross-border payments” potential, and the assertions that the coin could be used to evade sanctions.
She wrote:
She explained that “international regulators” would still be able to trace transactions made using digital fiats, “which means that sanctions risks will not go anywhere.”
The analyst concluded:
The Central Bank has already experienced some pushback for its coin.
Two major domestic banks (Sberbank and Tinkoff Bank) have pulled out of the pilot.
And business leaders and banks have expressed their doubts about the coin, while surveys have shown that many Russian citizens have no interest in using the coin.