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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Detalhes bibliográficos
Autor: Makarov, Egor
Formato: artículo
Fecha de publicación:2023
País:España
Recursos:Universidad de Murcia
Repositorio:DIGITUM. Depósito Digital Institucional de la Universidad de Murcia
OAI Identifier:oai:digitum.um.es:10201/139560
Acesso em linha:https://doi.org/10.6018/reg.600211
http://hdl.handle.net/10201/139560
Access Level:acceso abierto
Palavra-chave:Central Bank
Digital Currencies
Trust
Financialization
Banco Central
Monedas Digitales
Confianza
Financiarización
CDU::3 - Ciencias sociales
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spelling A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)Sociología de las monedas digitales de los bancos centrales: Rublo digital, confianza y financiarización de la vida social (a partir del ejemplo de los pequeños empresarios rusos)Makarov, EgorCentral BankDigital CurrenciesTrustFinancializationBanco CentralMonedas DigitalesConfianzaFinanciarizaciónCDU::3 - Ciencias socialesThis 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.Este artículo presenta un análisis sociológico de las monedas digitales de los bancos centrales y, en particular, del rublo digital. El desarrollo de la economía digital estimula la atención activa de los gobiernos de diferentes países. En algunos de ellos, incluida Rusia, una de las reacciones a esta evolución ha sido la aparición de monedas digitales en los bancos centrales. Desde una perspectiva sociológica, el dinero es un proceso social integrado en las relaciones sociales. Uno de los principales aspectos a este respecto es la confianza. Este artículo analiza el problema de la con-fianza a nivel teórico como una característica sistémica de la red social que permite el paso de los medios monetarios al dinero como cuenta. El problema de la confianza afecta al nivel micro de la proliferación monetaria. Así pues, el artículo analiza las narrativas de la confianza, la elección y el cumplimiento utilizando 12 entrevistas con pequeños empresarios rusos. Distingue entre confianza impersonal, tecnológica e institucional y muestra patrones discursivos entre ellas. Los resultados que presenta el documento son que, en el plano de la narrativa, podrían distinguirse el optimismo y el escepticismo tecnológicos en relación con la percepción de la posibilidad de ampliar el control institucional. A nivel práctico, la confianza impersonal se identifica como un factor importante de la adopción del rublo digital. Las conclusiones del artículo encajan con la bibliografía sobre la proliferación monetaria y contribuyen a comprender las pautas de adopción de nuevas formas monetarias en la práctica.Universidad de Murcia, Servicio de Publicaciones202420242023info:eu-repo/semantics/articleapplication/pdf23application/pdfhttps://doi.org/10.6018/reg.600211http://hdl.handle.net/10201/139560reponame:DIGITUM. Depósito Digital Institucional de la Universidad de Murciainstname:Universidad de MurciaInglésSin financiación externa a la Universidadinfo:eu-repo/semantics/openAccessAttribution-NonCommercial-NoDerivatives 4.0 Internacionalhttp://creativecommons.org/licenses/by-nc-nd/4.0/oai:digitum.um.es:10201/1395602026-05-27T12:40:41Z
dc.title.none.fl_str_mv A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
Sociología de las monedas digitales de los bancos centrales: Rublo digital, confianza y financiarización de la vida social (a partir del ejemplo de los pequeños empresarios rusos)
title A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
spellingShingle A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
Makarov, Egor
Central Bank
Digital Currencies
Trust
Financialization
Banco Central
Monedas Digitales
Confianza
Financiarización
CDU::3 - Ciencias sociales
title_short A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
title_full A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
title_fullStr A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
title_full_unstemmed A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
title_sort A Sociology of Central Bank Digital Currencies: Digital Ruble, Trust, and Financialization of the Social Life (on the Example of Russian Small Entrepreneurs)
dc.creator.none.fl_str_mv Makarov, Egor
author Makarov, Egor
author_facet Makarov, Egor
author_role author
dc.subject.none.fl_str_mv Central Bank
Digital Currencies
Trust
Financialization
Banco Central
Monedas Digitales
Confianza
Financiarización
CDU::3 - Ciencias sociales
topic Central Bank
Digital Currencies
Trust
Financialization
Banco Central
Monedas Digitales
Confianza
Financiarización
CDU::3 - Ciencias sociales
description 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.
publishDate 2023
dc.date.none.fl_str_mv 2023
2024
2024
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://doi.org/10.6018/reg.600211
http://hdl.handle.net/10201/139560
url https://doi.org/10.6018/reg.600211
http://hdl.handle.net/10201/139560
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Sin financiación externa a la Universidad
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
Attribution-NonCommercial-NoDerivatives 4.0 Internacional
http://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv Attribution-NonCommercial-NoDerivatives 4.0 Internacional
http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.format.none.fl_str_mv application/pdf
23
application/pdf
dc.publisher.none.fl_str_mv Universidad de Murcia, Servicio de Publicaciones
publisher.none.fl_str_mv Universidad de Murcia, Servicio de Publicaciones
dc.source.none.fl_str_mv reponame:DIGITUM. Depósito Digital Institucional de la Universidad de Murcia
instname:Universidad de Murcia
instname_str Universidad de Murcia
reponame_str DIGITUM. Depósito Digital Institucional de la Universidad de Murcia
collection DIGITUM. Depósito Digital Institucional de la Universidad de Murcia
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,301603

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