Issues of emission and circulation of a digital ruble

• Main Author: Konstantin N. Korishchenko
• Format: Article
• Language: English
• Published: Tatar Educational Center "TAGLIMAT" Ltd. 2021-06-01
• Series: Aktualʹnye Problemy Èkonomiki i Prava
• Subjects: theory of money
• Online Access: http://apel.ieml.ru/storage/archive_articles/10021.pdf
• ISSN: 1993-047X; 2410-0390

Objective to analyze the prerequisites for the issue of the digital ruble to study the main features of the issue and circulation of the digital ruble to clarify the consequences of the introduction of the digital ruble for the banking system and the economy as a whole. nbsp Methods comparative analysis of approaches to the implementation of the digital currency issue project in different countries modeling of the project results in the conditions of the modern Russian economy. nbsp Results the article shows that the transition to the issuance of digital currencies of central banks and the digital ruble in particular is a logical result of the evolution of the monetary system based on commercial banks and technological innovations introduced by modern cryptographic technologies. A componentbycomponent analysis of the digital ruble emission process is presented. The main directions of using the digital ruble are considered including payment turnover and monetary policy. It is noted that the issue of digital rubles will lead to a serious transformation of the modern model of the monetary component and as a result the financial system as a whole. It is concluded that the role of banks in the new model of money circulation is significantly reduced and that the crosscountry competition in the field of digital currencies and stablecoins is increasing. nbsp Scientific novelty the work is devoted to the study of the conditions and results of the introduction of digital currency in the Russian economy which became an urgent problem in connection with the publication of the Bank of Russia report ldquoOn the digital rublerdquo. Thus the scientific novelty of the study stems from the novelty of the problem posed and the actual absence of earlier works on this topic in Russia. nbsp Practical significance the results of the study can be applied in the digital ruble design and pilot testing of its use in 2021ndash2022.