- Global CBDC projects have fallen short of expectations, operating more as expensive imitations of existing payment systems rather than revolutionary financial tools.
- Even China‘s digital yuan, one of the world’s most advanced CBDC projects, has achieved minimal market share despite years of development.
- Different regions pursue CBDCs for varying strategic reasons: EU seeks financial autonomy from payment giants, while Russia aims to enhance internal settlement efficiency.
Despite the United States‘ decision to reject central bank digital currencies (CBDCs), similar initiatives continue worldwide but with questionable success rates, according to former Binance executive Olga Goncharova. Speaking at the Blockchain Forum in Moscow, Goncharova, now CEO of consulting firm Rizz Go, noted that while global CBDC projects haven’t completely failed, they’ve fallen significantly short of their ambitious goals.
"CBDCs were conceived as a technological breakthrough, but so far they look like expensive imitations of existing traditional fiat currencies that citizens and businesses already use through online banking and payment apps," Goncharova explained during the forum.
These digital currency projects, despite some dating back to the 1990s, have yet to demonstrate compelling advantages over conventional payment systems. Modern implementations still struggle to deliver meaningful value additions that would drive widespread adoption.
China’s Digital Yuan Struggles Despite Early Lead
"Today it is clear that the expectations around CBDCs were overestimated," Goncharova stated, highlighting that no jurisdiction has achieved mass adoption of retail CBDCs. Even China’s digital yuan, which began research in 2014 and stands as one of the world’s largest CBDC initiatives, maintains only a minimal share in the country’s payment ecosystem despite active government promotion.
Some reports have even declared China’s digital project a failure in late 2024, pointing to the downfall of Yao Qian, the first director of CBDC development at China’s central bank, who was reportedly expelled from public office.
Strategic Motivations Vary by Region
The European Union continues developing its digital euro primarily as a tool for maintaining financial autonomy rather than responding to market demand. "In the EU, the digital euro is perceived more as an instrument of strategic autonomy than as a response to market demand," Goncharova noted, explaining that the initiative aims to reduce dependence on payment giants like VISA and Mastercard.
Meanwhile, Russia’s approach to its digital ruble differs from the EU’s strategy. "In Russia, there is no urgent need to reduce dependence on foreign payment systems as in the EU," Goncharova explained. "The digital ruble is rather perceived as a tool for increasing the efficiency of internal settlements."
Russia’s CBDC has faced multiple delays since testing began in 2022. While Finance Minister Anton Siluanov recently announced plans to roll out the digital ruble to commercial banks in the second half of 2025, some Russian officials have begun advocating for ruble-pegged stablecoins instead, mirroring the U.S. approach.
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