A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)

This paper provides sociological account of central banks digital currencies (CBDCs), and digital ruble particularly. The development of digital economy stimulates active attention of governments of different countries. In some of them, including Russia, one of the reactions on these developments is...

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Detalles Bibliográficos
Autor: Makarov, Egor
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Universidad de Murcia
Repositorio:DIGITUM. Depósito Digital Institucional de la Universidad de Murcia
OAI Identifier:oai:digitum.um.es:10201/139560
Acceso en línea:https://doi.org/10.6018/reg.600211
http://hdl.handle.net/10201/139560
Access Level:acceso abierto
Palabra clave:Central Bank
Digital Currencies
Trust
Financialization
Banco Central
Monedas Digitales
Confianza
Financiarización
CDU::3 - Ciencias sociales
Descripción
Sumario:This paper provides sociological account of central banks digital currencies (CBDCs), and digital ruble particularly. The development of digital economy stimulates active attention of governments of different countries. In some of them, including Russia, one of the reactions on these developments is the emergence of central banks digital currencies. From a sociological perspective, money is a social process embedded in social relations. One of the major aspects in this regard is trust. This paper analyzes the problem of trust on theoretical level as a systemic characteristic of social network enabling the shift from monetary mediums to money-as-account. The problem of trust touches the micro level of monetary proliferation. The paper, thus, discovers the narratives of trust, choice and enforcement using 12 interviews with small Russian entrepreneurs. It distinguishes between impersonal, technological, and institutional trust and shows discursive patterns among them. The results the paper presents are that at the level of narrative, technological optimism and skepti-cism could be distinguished in relation to the perception of possibility of enlarging institutional control. At the practical level, impersonal trust is identified as a major factor of digital ruble adoption. The findings of the paper fits with the literature on monetary proliferation and make a contribution to understanding patterns of new monetary forms adoption at the practical level.