Bank of Russia eyes direct support line for retail CBDC users

Bank of Russia is taking steps to provide direct support to retail users of its upcoming central bank digital currency (CBDC). Instead of relying solely on commercial banks for customer support, the central bank is planning to establish a dedicated support line for end users. The details of the support feature are scarce, as interested parties have signed non-disclosure agreements. However, it is expected to be a “multi-channel digital complex” with telephone recording and storage capabilities. The support feature is likely to extend to online support through the central bank’s website or email. This move is considered the first line of customer support in the Bank of Russia’s CBDC rollout plans and is expected to save costs for participating commercial banks, allowing them to focus on innovation. Furthermore, it will provide the central bank with real-time data to refine CBDC policies and address any technical issues. However, critics argue that by encroaching on the territory of commercial banks, there is a risk of rendering them obsolete in the long run. Since mid-2023, the Bank of Russia has been conducting CBDC experiments with 13 commercial banks, and a potential launch date is set for 2025. Concerns also surround the digital ruble’s potential use as a government surveillance tool and the perceived forced adoption of the CBDC, particularly affecting pensioners.