The United States’s denial of a central digital bank currency has not stopped the development of CBDCs worldwide, but their success has been suspicious, according to a former Binance executive.
Global CBDC projects did not disappoint, but they did not become what they expected to be, according to Olga Goncharova, CEO of consulting firm Rizz Go and a former director of the government’s relationship with the Commonwealth of Independent States in Binance.
“CBDCs have been conceived as a breakthrough in technology, but to date it seems expensive imitations of existing traditional fiat currencies used by citizens and businesses through online banking and payment of apps,” Goncharova told cointelegraph at the blockchain forum in Moscow.
Although some of the Creatives like CBDC returned to the 1990sModern initiatives have not yet offered users a truly added amount compared to traditional payment channels, he said.
CBDC leaders like China struggle to adopt
“Now it is clear that the expectations around the CBDCs have been extremely overwhelming,” Goncharova claimed, adding that none of the constituents around the world had succeeded in adopting the mass of CBDC retailers.
“Even in China, where Yuan’s digital project moves longer and more active than others, part of it in the payment system remains minimal,” he added, referring to many online reports online suggests China’s CBDC has difficulty in the middle of slow adoption.
In the early stages of China’s CBDC research starting in 2014, China’s digital yuan is known as one of the largest CBDC projects in the world, offering an electronic version of Chinese Yuan intended for online and offline transactions.
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The Chinese government has been Actively promotes the use of digital yuan. However, some reports stated China’s digital project was a failure in late 2024, reference to Downfall by yao qianThe first director of CBDC’s development at China’s Central Bank. Late last year, he has been reported that Pin away from the public government office.
EU has pushed a digital euro for autonomy
Each country has reasons to pursue a CBDC, Goncharova continues, noting that the European Union is pushing it Digital Euro project to protect financial autonomy.
“In the EU, the digital euro has noticed more as an instrument of strategic autonomy than in response to market demand,” he said, adding that its purpose was to reduce reliance on giant payments such as visas and mastercard.
However, efforts to create a Pan-European payment system face serious challenges, such as concerns in sharing the bank market as well as adoption difficulties.
“The European Central Bank has not yet decided if the digital euro will operate on the blockchain, as it does not see convincing cases for programmability and points in technological risks,” Goncharova said.
Russia has delayed a digital ruble
Russia has emerged as one of the most active jurisdictions in the global CBDC race, but it has not yet released its digital currency, which is in Multiple trials Since early 2022.
After seeing many launch delays, a digital ruble could still be postponed as Bank of Russia Governor Elvira Nabiullina in February announced that the mass adoption of a digital ruble will occur later than planned.
At the same time, financial minister Anton Siluanov recently claimed that the digital ruble was Scheduled to be released For commercial banks in the second half of 2025.
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“In Russia, there is no urgent need to reduce reliance on foreign payment systems as in the EU,” Goncharova told Cointelegraph, adding:
“The digital ruble is instead noticed as a tool for increasing the efficiency of internal organizations. The project is still in the test stage. Its further development depends on how clear the tasks are outlined and if it has a practical meaning for users and economies.”
While Russia delayed its digital ruble, some officials recently called the government to create ruble-pegged stablecoins, echoing the US ‘S stablecoin push.
While some ruble stablecoins have already been introduced, it remains to be seen if initiatives can compete with giants such as Tether’s USDT (USDT).
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