Introduction of the digital ruble and digital currency systems of BRICS+ Central Banks as tools for reducing sanctions risks and accelerating the process of de-dollarization of the global economy
Subject. The article is devoted to the analysis of reducing sanctions risks and accelerating the process of de-dollarization of the world economy due to the introduction of a system of digital currencies of the central banks of the BRICS+ countries, including the digital ruble. Objectives. The aim is to identify possible trends related to the introduction and use of new reserve/regional currencies, propose measures necessary for their effective introduction and use in BRICS+ countries. Methods. The study employs methods of systems analysis, comparative, structural, and logical analysis as part of the general methodological system-information approach. Results. I analyzed the introduction and use of digital currency systems of the central banks of the BRICS+ countries, including the digital ruble, unveiled trends and possible risks of their further use, and identified the current economic ratio of the BRICS+ and G7 countries. The paper offers recommendations to improve the efficiency of introducing and using new reserve/regional currencies. Conclusions. The US dollar can be replaced by the currency of a country with stronger economy in terms of GDP. However, the yuan (PRC) does not yet have the characteristics of the main reserve currency possessed by the US dollar, and political leadership of the PRC and its financial system are not ready yet to perform the function of issuing a reserve currency as the United States performs it. The digital ruble will become a catalyst for positioning Russia as a leading digital financial center and developing the FinTech industry in it.
Keywords: digital ruble, de-dollarization, sanctions risk, digital currency system, BRICS+ countries
References:
Kasataya I.L. [Topical problems of de-dollarization of economics of the Republic of Kazakhstan]. Ekonomika i politika = Economy and Politics, 2016, no. 1, pp. 52–57. (In Russ.) URL: Link
Li Ts., Arzhaev F.I. [Transformation of international finance and de-dollarization of national economies]. Diskussiya, 2024, no. 1, pp. 140–144. URL: Link (In Russ.)
Kuznetsov A.V. [Dedollarization of international settlements: Trends and prospects]. EKO = ECO, 2024, no. 3, pp. 8–32. (In Russ.) URL: Link
Velikorossov V.V., Zakharov A.K., Filina Yu.S., Yakushev A.Zh. [Development of smart contracts as a tool for improving the stability of the Russian monetary and financial system]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2023, vol. 1, no. 1, pp. 106–114. (In Russ.) URL: Link
Dozhdeva E.E., Dzharbulov T.N. [Digital ruble for business: Comparative analysis of advantages and disadvantages]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2024, no. 1, pp. 392–394. (In Russ.) URL: Link
Turbanov A.V. [The digital ruble as a legitimate means of payment]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2024, vol. 19, no. 1, pp. 56–65. (In Russ.) URL: Link
Kutylkin A.V. [Digital ruble as the national currency of the Russian Federation]. Nauchnyi aspekt = Scientific Aspect, 2024, vol. 4, no. 1, pp. 482–489. (In Russ.) URL: Link
Filin S.A., Chaikovskaya L.A. [Cryptocurrency as digital asset: Possibilities of account and feature of the taxation]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2018, vol. 1, no. 3, pp. 65–79. URL: Link (In Russ.)
Yakushev A.Zh., Lanchakov A.B., Filin S.A. et al. [Management of foreign economic activity of the organization]. Ekonomika i upravlenie: problemy, resheniya = Economics and Management: Problems, Solutions, 2021, vol. 2, no. 9, pp. 14–31. (In Russ.) URL: Link
Filin S.A., Zhusipova E.E., Aitymbetova A.N. et al. [The evolution of the socio-scientific and technological development of human civilization]. Ekonomika: strategiya i praktika = Economy: Strategy and Practice, 2020, vol. 15, no. 2, pp. 93–105. URL: Link (In Russ.)
