Subject. This article deals with prospects and challenges of the impact of the Central Bank's digital currency (CBDC) on the monetary policy in Russia. Objectives. The purpose is to define the impact of digital ruble emission on the monetary policy pursued by the Bank of Russia. Methods. The study rests on general scientific research methods, including analysis, synthesis, comparison, generalization, and abstraction. Results. The paper substantiates the relevance and timeliness of the Central Bank's work to study the prospects for the introduction of digital currency as a response to challenges of modern comprehensive digitalization process. It considers goals, tools, methods of implementation, and strategic areas of monetary policy of the Central Bank of the Russian Federation, unveils multidirectional consequences for the monetary policy and financial stability of the Russian banking system from the implementation of the digital ruble project. It is noted that a positive aspect is an increase in the efficiency of transmission mechanism of the monetary policy influence on the Russian economy. I show possible actions of the regulator to prevent negative trends associated with redistribution of funds in favor of the digital currency. Conclusions. The impact of the introduction of the Central Bank's digital currency on the monetary policy and financial stability of the Russian banking system can be multidirectional. To minimize possible negative effects, it is advisable to gradually introduce the CBDC. This will enable timely identification of emerging problems and focus efforts on unlocking the positive potential of the digital ruble.
Keywords: CBDC, Central Bank Digital Currency, monetary policy, Digital Ruble, commercial bank
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