Subject. The article is devoted to a comprehensive analysis of the impact of digital ruble introduction on the monetary policy of the Central Bank of Russia and the country's financial system. Objectives. The focus is on assessing the potential transformations in the structure of bank balance sheets, money supply, and payment infrastructure as a result of the introduction of a new form of national currency. Methods. The study draws on general scientific methods, the analysis of theoretical literature and statistical data. Results. The introduction of digital ruble will lead to a significant change in the structure of money supply, with projected share of digital currency reaching 14% by 2030, the transformation of mechanisms of financial intermediation of commercial banks, and payments cost reduction for businesses by 50-70%. The study identified key risks, including a potential outflow of liquidity from the banking system and cybersecurity challenges. The practical significance of the paper is in the formation of comprehensive understanding of prospects for the development of Russia's financial architecture in the context of digitalization, and possibilities of using the digital ruble for cross-border settlements. Conclusions. The study concludes on the need for staged implementation of digital ruble with a thorough risk analysis, ensuring cybersecurity, and developing a regulatory framework for effective integration of the new form of money into the country's financial system.
Keywords: Digital Ruble, central bank, monetary policy, financial system, banking sector
References:
Andryushin S.A. [Digital currency of the Central Bank as the third form of money of the State]. Aktual'nye problemy ekonomiki i prava, 2021, vol. 15, no. 1, pp. 54–76. (In Russ.) DOI: 10.21202/1993-047X.15.2021.1.54-76 EDN: MCEDZP
Garipov R.I., Maksimova N.N. [The impact of the digital ruble on monetary policy]. Upravlenie v sovremennykh sistemakh, 2022, no. 2, pp. 3–11. (In Russ.) DOI: 10.24412/2311-1313-34-3-11 EDN: VTBWLR
Asyaeva E.A., Myagkova Yu.Yu. [Digital currency in the ecosystems of central banks of different countries]. Finansovyi biznes, 2024, no. 5, pp. 160–163. (In Russ.) EDN: SLTPLJ
Babalakova S.B., Annamukhammedov A.O., Byashimova A.S. [Digital currencies of central banks: Evolution of monetary system and challenges for financial sector]. Vestnik nauki, 2024, vol. 3, no. 2, pp. 24–27. (In Russ.) EDN: YQNVIN
Gorbacheva T.A. [Digital currencies of the central bank: Foreign experience]. Mirovaya ekonomika i mirovye finansy, 2023, vol. 2, no. 4, pp. 41–47. (In Russ.) DOI: 10.24412/2949-6454-2023-0300 EDN: EIYFWU
Kuznetsova V.V., Larina O.I. [Implications of the introduction of retail digital currencies by central banks for international economic relations]. Mezhdunarodnaya torgovlya i torgovaya politika, 2023, vol. 9, no. 2, pp. 85–99. (In Russ.) DOI: 10.21686/2410-7395-2023-2-85-99 EDN: LSAWOA
Pham T.H.N. The impact of central banks' digital currency development trends on the Vietnamese financial system. Universum: ekonomika i yurisprudentsiya. 2024, no. 7-2, pp. 21–23. (In Russ.) EDN: ANTITV
Riani R., Akbar N. Mapping central bank digital currency literature: Lessons for governments and research. Journal of Central Banking Law and Institutions, 2024, vol. 3, no. 2, pp. 203–238. DOI: 10.21098/jcli.v3i2.164 EDN: JLRXSR
