Source: Cointelegraph
Original: “Former Binance Executive: Central Bank Digital Currencies (CBDCs) are ‘Expensive Copies of Fiat Money,’ Not a Fintech Success”
The United States' decision to reject central bank digital currencies (CBDCs) has not halted the global development of CBDCs, but their success remains in question, according to a former Binance executive.
According to Olga Goncharova, CEO of consulting firm Rizz Go and former director of government relations for independent states at Binance, global CBDC projects have not failed, but they have also not met expectations.
“CBDCs were envisioned as a technological breakthrough, but so far, they look like expensive replicas of existing traditional fiat currencies, which are already being used by citizens and businesses through online banking and payment applications,” Goncharova told Cointelegraph at a blockchain forum in Moscow.
She pointed out that while some CBDC-like ideas can be traced back to the 1990s, modern initiatives have yet to provide users with real added value compared to traditional payment channels.
“It is now clear that the expectations surrounding CBDCs have been overestimated,” Goncharova claimed, adding that no jurisdiction globally has achieved success in the widespread adoption of retail CBDCs.
“Even in China, where the digital yuan project is advancing faster and more aggressively than in other countries, its share in the payment system remains small.” She mentioned multiple online reports indicating that China's CBDC is facing challenges in its slow adoption process.
Research on China's central bank digital currency (CBDC) began in 2014, and the digital yuan is considered one of the largest CBDC projects globally, aimed at providing an electronic version of the yuan for online and offline transactions.
Goncharova continued to point out that the reasons countries pursue CBDCs vary, with the European Union promoting its digital euro project to protect its financial sovereignty.
“In the EU, the digital euro is seen more as a tool for strategic autonomy rather than a response to market demand,” she stated, adding that its goal is to reduce dependence on payment giants like Visa and Mastercard.
However, efforts to create a pan-European payment system face serious challenges, such as concerns over banks' market share and difficulties in adoption.
“The European Central Bank has not yet decided whether the digital euro will run on a blockchain, as it has not seen compelling programmability cases and has pointed out the technological risks,” Goncharova said.
Russia has become one of the most active jurisdictions in the global CBDC race, but it has yet to launch its digital currency, which has undergone multiple trials since early 2022.
After several launch delays, Elvira Nabiullina, the head of the Central Bank of Russia, announced in February that the widespread adoption of the digital ruble would be delayed compared to the original plan.
In the second half of 2025, Finance Minister Anton Siluanov recently claimed that the digital ruble is scheduled to be introduced to commercial banks.
“In Russia, there is not the same urgent need to reduce dependence on foreign payment systems as in the EU,” Goncharova told Cointelegraph, adding:
“The digital ruble is seen as a tool to improve the efficiency of internal settlements. The project is still in the testing phase, and its further development will depend on the clarity of the tasks and the actual significance for users and the economy.”
Despite the delay in the launch of the digital ruble, some officials have recently called for the government to create a stablecoin pegged to the ruble, echoing the U.S. push for stablecoins.
While several ruble stablecoins have been launched, it remains to be seen whether these initiatives can compete with giants like Tether's USDT.
Related: Russia's version of "ruble stablecoin" launched: executives detail seven features mimicking Tether's USDT.
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