Digital ruble as a monetary policy instrument

The relevance of the study is due to the modern period of development of the financial system and the economy, characterized by the development of digitalization and innovative technologies, the emergence of new financial assets and instruments belonging to the category of digital currencies. The main type of digital financial asset is cryptocurrency, which occupies an increasing share in the architecture of the global and Russian financial system. In Russia, the main prerequisites for the introduction of the digital ruble and the use of a new type of money as one of the instruments of the national monetary policy have been formed. The most important positions of the Bank of Russia are reflected in the Concept of the digital ruble, including its impact on money circulation, the structure of bank balance sheets, the liquidity of the banking sector and the amount of interest rates. At the same time, unresolved and debatable issues of the introduction of digital currencies are of scientific and practical interest. Materials and methods of research of digital currency as a tool of monetary policy of the state determine the expediency of using methods of comparison, observation, formal logic, analysis, synthesis, etc. The advantages of an alternative form of currency to cash and non-cash money are outlined, such as access to a digital wallet through any bank, making payments at uniform tariffs, the ability to use digital currency without Internet access, a high level of security, and reduced transaction costs. Positive effects for the state were noted: transparency of payment services conditions; the ability to use a new form of currency as a tool for controlling cash flows, tracking targeted spending of budget funds, making targeted payments; the ability to optimize the process of returning unspent money and counteract tax evasion. The development of a new payment infrastructure will improve the financial system by creating innovative financial products and services. In order to achieve a positive effect for the national economy from the introduction of the digital ruble, a conclusion has been formulated on the need for a phased transition to a digital national currency, proposals have been developed for the use of mechanisms to smooth its impact on monetary policy.

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