A provocative claim by a Russian economist has stirred fears of forced adoption of the central bank digital currency (CBDC) among pensioners. Writer and economist Alexander Razuvaev stated that conventional pensions will eventually be replaced by digital ruble payments, gradually driving retirees into the central bank’s “trap.” He believes this CBDC trend will only accelerate over time as technological progress advances.
Critics have reacted warily to the digital ruble pilot, concerned about creeping government control over financial freedom. Some worry the central bank aims to seize greater authority over the economy. Ministries have proposed using “colored” or “marked” digital rubles to reduce fraud in child benefits and subsidies.
The finance ministry seeks to trial CBDC pension and social security payments this year before broader implementation in 2025. However, many distrust sharply increased state monitoring of citizen behavior. This coincides with Moscow’s controversial biometric data collection drive, despite the central bank insisting the digital ruble is a separate initiative.
The notion of compulsory digital pension payments has raised alarm, but Elvira Nabiullina, the central bank governor, stated no one will be forced to receive pensions in digital rubles. She reiterated citizens can still choose conventional cash, bank transfer, or check options. Nabiullina noted the successful 2017 rollout of the MIR national payment card system as evidence pensioners can safely shift to new digital platforms.
While legislation enables digital ruble pensions, mandatory adoption has not occurred yet. Nonetheless, unease persists over state digital currency plans given Russia’s tightening oversight of civil liberties. Pensioners are understandably wary of potential loss of choice and independence. As the digital ruble expands, the central bank faces the tall task of reassuring citizens amid growing mistrust.
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