Russian Central Bank Addresses ‘Surge’ in Digital Ruble ‘Social Media Myths’

The Russian Central Bank has moved to dispel rumors that it will “burn” unused digital ruble coins in inactive wallets, as it prepares its CBDC rollout.

Alla Bakina, the head of the bank’s national payment system department, told the Russian Pyerviy Canal TV show “Antifake” that the videos were based on “false” news that “do not correspond to reality.”

Russian Central Bank: Fighting Back Against ‘False’ Digital RUB Reports

Bakina was speaking after the Central Bank said it had seen “a surge in calls to ditch the digital ruble on social media platforms.”

The Central Bank executive explained:

“No, of course, these social media reports are fake. They do not correspond to reality, and none of what they claim is outlined in any law. The funds in a digital ruble wallet belong to the wallet holder alone. And that wallet holder has the right to use the coins at their own discretion.”

Bakina added that “just as the Central Bank issues cash,” as soon as funds “reach a person, these funds become their property.” She added:

“From that point, of course, the funds have no statute of limitations. The wallet holder or cash holder has the right to spend the funds whenever they want.”

‘Pseudo-experts’ Not Telling the Truth, Bank Claims

The newspaper Kommersant also published further Central Bank refutations of claims from social media-based “pseudo-experts.”

Many social media posts have claimed that the CBDC will be “forced on Russian citizens.”

But the bank said “opening a digital ruble account” would remain “a voluntary decision,” and claimed that citizens could only open wallets for “themselves and at their own discretion.”

The bank noted that many of the posts were circulating on Instagram, whose operator Meta is recognized as an “extremist” site and has been banned in Russia.

Many of the videos’ creators urge viewers to “refuse” the digital ruble by sending “free-form refusal statements” to banking institutions and multifunctional centers (public service centers).

The bank, however, claimed that “there is no need to send any such statements,” because if they want “to refuse to deal with the digital ruble” it would suffice to refrain “from opening a digital ruble wallet.”

Criticism Continues, Despite Bank’s Reassurances

Bakina also claimed that multifunctional centers “have nothing to do with” digital ruble wallets.

Many of the videos’ creators also say that the digital ruble rollout “will lead to restrictions on Russian citizens’ spending.”

The bank began real-world tests in August 2023 and is aiming for a full rollout before the end of the year.

It has also begun piloting the use of the digital RUB in “budgetary payments,” alongside the Federal Treasury and the Finance Ministry.

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However, it appears that the Russian Central Bank’s promises are failing to win over some people.

On the Russian-language Facebook group Liiberal, an admin smarted at Bakina’s comments, writing:

“Saying ‘digital rubles will not be issued with an expiry date’ is not a guarantee of freedom. The flexibility of digital currency allows [the Central Bank] to impose restrictions when they become absolutely necessary.”