Russia’s Digital Ruble initiative is one of many key structures for fiat to digital currency development.
In the last ten years, 14 percent of Russians expect fiat currency to be replaced by encryption according to recent research from the Otkritie Bank – one of Russia’s leading banks. The vote took place between 12 April and 16 April and was attended by 1,000 Russian citizens between 18 and 65 years of age.
Although about three-four per cent of people in the North-East believe that crypto cannot in any way replace fiat, a strong digital ecosystem is created by 21 per cent of local people in Moscow who consider a digital currency replacing fiat.
In March, the Russian Bank plans to finalize the digital ruble prototype by the end of 2021. Russia’s CBDC is due to conduct pilot testing in 2022, with a previous Otkritie survey showing that 47% of Russian residents are ready to use digital rubles.
But Russian laws prohibit the widespread use of cryptography. Earlier this month the “Public Crypto Community Initiative in Russia” campaign was introduced by a group of Russian lobbyists headed by the Digital Rights Heart legislation agency. According to the Community, the business growth is held back by legal guidelines such as prohibition of cryptography as a means of payment and the three-year jail term for not disclosing own holdings.