Digital Ruble of the Central Bank of the Russian Federation

A. Ya. Zaporozhan ()

Administrative Consulting, 2021, issue 6

Abstract: The article is devoted to the study of a new ï¬ nancial 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 ï¬ nancial system, analyzes the potential risks and beneï¬ ts 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 ï¬ eld of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state ï¬ nancing of investment projects in digital rubles, and then on a broader scale with budget ï¬ nancing, 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.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:acf:journl:y:2021:id:1722

DOI: 10.22394/1726-1139-2021-6-32-39

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