CBDC in Russia

[teosanru]

Another country, another fiat onto blockchain dream and hence another CBDC, more and more countries are bringing in CBDC but not even a single country that I have seen has actually made it to the next level in CBDC, which means all are just betting on the fact that it might be great alternative to fiat but actually it's no where better than fiat at any level.

[Zoomic]

I guess they would plan to keep Bitcoin and crypto illegal but promote and legalize the self-developed CBDC so the power still remains with the government and big financial institutions.

How come Bitcoin / Crypto promotes money laundering and this CBDC is anti-money laundering, Ridiculous !!!

I was afraid that the battle of the government against bitcoin and crypto will become intense and probably crypto will now, little did I know that the government is also scared of crypto dominance. They had no option than to invest in the blockchain but in a highly centralized way. The dilemma is tagging crypto illegal and creating a copy of the illegal  and calling it legal.

Now the legal CBDC will fight money laundering. We are watching together.

I wrote about the implementation of CBDC in Nigeria, and now I want to describe this process in Russia in detail
https://bitcointalk.org/index.php?topic=5440827

The same reason Nigerian CBDC (e-naira) failed. The Nigerian central bank launched their e-naira when crypto transaction was illegal in the country. So the idea didn't sell.

[joniboini]

which means all are just betting on the fact that it might be great alternative to fiat but actually it's no where better than fiat at any level.

I believe it is a matter of infrastructure building. If they managed to build a solid network that is not prone to hacking and is easy to use, they will likely pivot to it as soon as possible since it offers better control over their fiat transactions.

They had no option than to invest in the blockchain but in a highly centralized way. The dilemma is tagging crypto illegal and creating a copy of the illegal  and calling it legal.

I mean that should be expected. The government's main goal is to control the economy. I don't see why they will shy away to copy any new tech even if it was used by something that they deemed illegal. Some of them even fund privacy technology, probably to add another point of control over their people.

[zasad@]

I guess they would plan to keep Bitcoin and crypto illegal but promote and legalize the self-developed CBDC so the power still remains with the government and big financial institutions.

How come Bitcoin / Crypto promotes money laundering and this CBDC is anti-money laundering, Ridiculous !!!

I was afraid that the battle of the government against bitcoin and crypto will become intense and probably crypto will now, little did I know that the government is also scared of crypto dominance. They had no option than to invest in the blockchain but in a highly centralized way. The dilemma is tagging crypto illegal and creating a copy of the illegal  and calling it legal.

Now the legal CBDC will fight money laundering. We are watching together.

I wrote about the implementation of CBDC in Nigeria, and now I want to describe this process in Russia in detail
https://bitcointalk.org/index.php?topic=5440827

The same reason Nigerian CBDC (e-naira) failed. The Nigerian central bank launched their e-naira when crypto transaction was illegal in the country. So the idea didn't sell.

Governments are not afraid of cryptocurrencies. Blockchain is like an open ledger where all transactions are stored. It is not the government that needs to be afraid of cryptocurrencies, but the criminals who use cryptocurrencies need to be afraid of the government, because blockchain analysis technologies work more efficiently every year and allow you to get on the trail of criminals and non-taxpayers.

[wallet4bitcoin]

For people to use banking applications, the country needs good internet. You probably have not been to Russia, but even in the western part to the Urals there are a lot of places where there is no Internet, and in Siberia in many places there is not even a mobile connection. This requires huge investments, so as a maximum CBDC can be launched in large cities at the beginning.

So how do they get around this problem? If they want to cover the entire vast Russian territory, they need to spend huge amounts of money to create a suitable infrastructure for using CBDC, and this may take many years.
During this period, will there be two financial systems, one digital and the other monetary?

Also, in those remote areas, people are not accustomed to using the Internet and mobile phones. How will the state be able to convert them to the digital system when they are not familiar with this type of technology?

More than anything, before they delve into fullscale CDBC operations, they should focus more on buiding the technological infrastructure for internet service provision for those interiors without it and also a major case of sensitisation should be considered as many people are used to the regular financial system, mostly, the elderly folks who have spent their entire lives in the conventional financial system.

Russia can achieve whatever it wants to achieve steming from their degree of influence and commtiments to their involvements. I don't consider these few observations much of an implementation problem for them.

[zasad@]

For people to use banking applications, the country needs good internet. You probably have not been to Russia, but even in the western part to the Urals there are a lot of places where there is no Internet, and in Siberia in many places there is not even a mobile connection. This requires huge investments, so as a maximum CBDC can be launched in large cities at the beginning.

So how do they get around this problem? If they want to cover the entire vast Russian territory, they need to spend huge amounts of money to create a suitable infrastructure for using CBDC, and this may take many years.
During this period, will there be two financial systems, one digital and the other monetary?

Also, in those remote areas, people are not accustomed to using the Internet and mobile phones. How will the state be able to convert them to the digital system when they are not familiar with this type of technology?

More than anything, before they delve into fullscale CDBC operations, they should focus more on buiding the technological infrastructure for internet service provision for those interiors without it and also a major case of sensitisation should be considered as many people are used to the regular financial system, mostly, the elderly folks who have spent their entire lives in the conventional financial system.

Russia can achieve whatever it wants to achieve steming from their degree of influence and commtiments to their involvements. I don't consider these few observations much of an implementation problem for them.

In Russia, the majority of the population lives in cities and small towns. The only difference is the population size and, accordingly, the name. In such places there are no problems with infrastructure and during these 2 years people will be trapped with various bonuses. I think this will be a major development priority for CDBC. It will not be possible to quickly add infrastructure to remote villages and settlements with less than 1,000 inhabitants, so I hope the cash will be available for a long time.