Управленческое консультирование (Aug 2021)

Digital Ruble of the Central Bank of the Russian Federation

  • A. Ya. Zaporozhan

DOI
https://doi.org/10.22394/1726-1139-2021-6-32-39
Journal volume & issue
Vol. 0, no. 6
pp. 32 – 39

Abstract

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The article is devoted to the study of a new financial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its difference from cryptocurrency, analyzes the practice of central banks of foreign states in the development and implementation of digital currencies in the financial system, analyzes the potential risks and benefits associated with their emission, as well as its consequences for the banking sector and monetary politicians.The logic of the article is based on the format of the discussion of the report of the Central Bank of the Russian Federation “Digital Ruble. Public Consultation Report”. In the context of the Central Bank of the Russian Federation report, the article analyzes:two possible options for the emission of the Central Bank in the form of digital tokens and accounts on the settlement accounts of the Central Bank;several possible models of central bank digital currency and technologies for their imple-mentation;competitive advantages or disadvantages of the payment system of the Central Bank of Securities in comparison with traditional banking systems.The article substantiates the position that the payment system of the Central Bank of Securities in comparison with traditional banking systems has no competitive advantages. There-fore, the digital currency of the central bank is not very attractive for economic entities, which limits or even prevents its implementation into practice.The way out of the current situation is to use the Central Securities Market in the field of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state financing of investment projects in digital rubles, and then on a broader scale with budget financing, when all or a limited list of budget recipients will receive budget money in digital rubles. As a result, other economic actors will gradually be drawn into the payment system of the digital currency of the central bank.

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