Russians deserve to know what their own Central Bank is asking them to opt into. The Russian central bank digital currency (CBDC) began its nationwide rollout in September.
The digital ruble is not an app, a card, or simple electronic cash. Instead, it is a direct connection to the Central Bank.
The risks of CBDCs are many. Under ordinary circumstances, governments have to go through commercial banks to access citizens’ money. But the default state of a CBDC is that the government has ultimate surveillance and control over people’s finances and how they use their money. Tracking purchases, freezing funds and locking people out of the economy become only a click away.
