Digital Currency Dreams or Expensive Detours? Global CBDC Efforts Face Mounting Doubts
Governments Worldwide Struggle to Justify Cost and Purpose of Central Bank Digital Currencies
As central banks across the globe experiment with digital currencies, doubts are growing over whether Central Bank Digital Currencies (CBDCs) are a true fintech breakthrough or simply costly digital replicas of existing fiat systems. Former Binance executive Olga Goncharova, now CEO at Rizz Go, voiced her skepticism during a panel at the Blockchain Forum 2025 in Moscow, pointing out that most CBDCs have failed to meet expectations of innovation, utility, and adoption.
CBDCs Offer Little Beyond What Already Exists
“CBDCs were conceived as a technological breakthrough,” said Goncharova, “but so far they look like expensive imitations of existing traditional fiat currencies.” In her remarks, she argued that modern digital banking apps and payment systems already serve users efficiently, and CBDCs haven’t shown clear added value.
Although some foundational ideas for CBDCs have existed since the 1990s, she believes current implementations fall short of improving the financial experience for either businesses or consumers.
China’s Digital Yuan Stalls Despite a Decade of Development
China’s digital yuan—hailed as one of the largest and most mature CBDC projects globally—has seen limited traction despite years of research and government promotion.
Launched with pilot tests as early as 2014, the digital yuan’s share in the country’s payment ecosystem remains minimal, according to Goncharova. She also referenced reports from late 2024 that dubbed the project a failure, particularly after the downfall of Yao Qian, the former director of the CBDC initiative, who was removed from public office by the Chinese government.
Europe’s Digital Euro Motivated by Politics, Not People
In the European Union, the digital euro is being developed not to meet consumer demand but to reinforce strategic financial autonomy. The goal? Reduce reliance on payment networks like Visa and Mastercard, said Goncharova.
However, the project has encountered serious roadblocks, including a lack of clarity around whether the euro will use blockchain technology, and pushback from banks worried about losing market share. The European Central Bank remains undecided on key technical aspects, casting further doubt on the project’s direction.
Russia’s CBDC Still in Testing as Stablecoin Options Emerge
Russia, another vocal player in the CBDC space, has also failed to bring its digital ruble to market after multiple delays. Although testing began in early 2022, Bank of Russia Governor Elvira Nabiullina recently confirmed that mass rollout won’t happen until at least the second half of 2025.
Interestingly, some Russian officials are already shifting focus to ruble-pegged stablecoins, echoing stablecoin trends in the U.S. This raises questions about whether CBDCs will be overtaken by private sector digital alternatives like Tether’s USDT.
So, Are CBDCs a Failed Experiment?
Goncharova concluded that the global CBDC rollout has so far been underwhelming: “None of the jurisdictions worldwide have succeeded in the mass adoption of retail CBDCs,” she stated. While she acknowledged that certain governments—such as the EU—have strategic motives for developing digital currencies, she emphasized that without clear user benefits, these projects are unlikely to gain traction.
Share This“The digital ruble is rather perceived as a tool for increasing the efficiency of internal settlements,” she added. “But its further development depends on whether there is practical sense for users and the economy.”
