Potential benefits of introducing the digital ruble in the financial system of Russia

Aim. To substantiate the potential advantages of introducing the digital ruble into the financial system of Russia.

Tasks. Theoretical analysis of existing views of Russian and foreign economists on the spread of digital currencies in the modern financial system. To study the possibilities of using digital currencies. Consideration of the concept of introduction of the digital ruble in the financial system of the Russian Federation (RF) and justification of its potential advantages and risks. Study of the digital ruble as a new form of national currency and its legitimization. Analysis of the annual growth rate of the monetary aggregate M0 in Russia for the period 2018-2023.

Methods. The study uses system and logical approaches, general scientific methods (analysis, synthesis), methods of comparative and economic analysis, analytical processing of information, graphical presentation of information and mathematical modeling.

Results. In connection with the growth rate of digitalization development, the trend of digital currencies distribution in the modern financial system of the Russian Federation was characterized: the legislatively enshrined definitions of concepts were analyzed, electronic and digital money were compared, and the main types of digital currencies and their key features were identified. The annual growth rates of the monetary aggregate M0 in Russia for the period 2018-2023 were analyzed.

Conclusions. The identified potential advantages of the introduction of the digital ruble into the financial system of Russia will contribute to the reduction of the share of the shadow economy, large settlement transactions using smart contracts, reducing the costs of settlement and payment transactions, which should lead to a positive economic effect, but it is necessary to take into account the risks of this process. Periods of socio-economic instability may lead to an increase in the risk of mass desire of citizens to use cash. The analysis of the annual growth rates of the monetary aggregate M0 in Russia for the period 2018-2023 allowed us to conclude that for the effective implementation of such a property of the digital ruble as markability, it is necessary to reduce the volume of cash in the hands of the population. This goal can be achieved by increasing the financial and digital literacy of the population, which minimizes the risks of its implementation. In the future, the development of digital technologies in the economy will make it possible to give virtual currencies the official status of a means of payment.

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