Digital Ruble of the Central Bank of the Russian Federation

The article is devoted to the study of a new ﬁnancial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its diﬀerence from cryptocurrency, analyzes the practice of central banks of foreign states...

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Autor principal:	A. Ya. Zaporozhan
Formato:	article
Lenguaje:	EN RU
Publicado:	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration 2021
Materias:	cryptocurrency central bank digital currency central bank payment system digital ruble transactions anonymity or conﬁdentiality of transaction information supranational digital currency Political institutions and public administration (General) JF20-2112
Acceso en línea:	https://doaj.org/article/fc0060ca78c746d488d6d2d9cbe7c059
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spelling	oai:doaj.org-article:fc0060ca78c746d488d6d2d9cbe7c0592021-11-12T10:46:14ZDigital Ruble of the Central Bank of the Russian Federation1726-11391816-859010.22394/1726-1139-2021-6-32-39https://doaj.org/article/fc0060ca78c746d488d6d2d9cbe7c0592021-08-01T00:00:00Zhttps://www.acjournal.ru/jour/article/view/1722https://doaj.org/toc/1726-1139https://doaj.org/toc/1816-8590The article is devoted to the study of a new ﬁnancial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its diﬀerence from cryptocurrency, analyzes the practice of central banks of foreign states in the development and implementation of digital currencies in the ﬁnancial system, analyzes the potential risks and beneﬁts associated with their emission, as well as its consequences for the banking sector and monetary politicians.The logic of the article is based on the format of the discussion of the report of the Central Bank of the Russian Federation “Digital Ruble. Public Consultation Report”. In the context of the Central Bank of the Russian Federation report, the article analyzes:two possible options for the emission of the Central Bank in the form of digital tokens and accounts on the settlement accounts of the Central Bank;several possible models of central bank digital currency and technologies for their imple-mentation;competitive advantages or disadvantages of the payment system of the Central Bank of Securities in comparison with traditional banking systems.The article substantiates the position that the payment system of the Central Bank of Securities in comparison with traditional banking systems has no competitive advantages. There-fore, the digital currency of the central bank is not very attractive for economic entities, which limits or even prevents its implementation into practice.The way out of the current situation is to use the Central Securities Market in the ﬁeld of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state ﬁnancing of investment projects in digital rubles, and then on a broader scale with budget ﬁnancing, when all or a limited list of budget recipients will receive budget money in digital rubles. As a result, other economic actors will gradually be drawn into the payment system of the digital currency of the central bank.A. Ya. ZaporozhanNorth-West institute of management of the Russian Presidential Academy of National Economy and Public Administration articlecryptocurrencycentral bank digital currencycentral bank payment systemdigital rubletransactionsanonymity or conﬁdentiality of transaction informationsupranational digital currencyPolitical institutions and public administration (General)JF20-2112ENRUУправленческое консультирование, Vol 0, Iss 6, Pp 32-39 (2021)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	cryptocurrency central bank digital currency central bank payment system digital ruble transactions anonymity or conﬁdentiality of transaction information supranational digital currency Political institutions and public administration (General) JF20-2112
spellingShingle	cryptocurrency central bank digital currency central bank payment system digital ruble transactions anonymity or conﬁdentiality of transaction information supranational digital currency Political institutions and public administration (General) JF20-2112 A. Ya. Zaporozhan Digital Ruble of the Central Bank of the Russian Federation
description	The article is devoted to the study of a new ﬁnancial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its diﬀerence from cryptocurrency, analyzes the practice of central banks of foreign states in the development and implementation of digital currencies in the ﬁnancial system, analyzes the potential risks and beneﬁts associated with their emission, as well as its consequences for the banking sector and monetary politicians.The logic of the article is based on the format of the discussion of the report of the Central Bank of the Russian Federation “Digital Ruble. Public Consultation Report”. In the context of the Central Bank of the Russian Federation report, the article analyzes:two possible options for the emission of the Central Bank in the form of digital tokens and accounts on the settlement accounts of the Central Bank;several possible models of central bank digital currency and technologies for their imple-mentation;competitive advantages or disadvantages of the payment system of the Central Bank of Securities in comparison with traditional banking systems.The article substantiates the position that the payment system of the Central Bank of Securities in comparison with traditional banking systems has no competitive advantages. There-fore, the digital currency of the central bank is not very attractive for economic entities, which limits or even prevents its implementation into practice.The way out of the current situation is to use the Central Securities Market in the ﬁeld of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state ﬁnancing of investment projects in digital rubles, and then on a broader scale with budget ﬁnancing, when all or a limited list of budget recipients will receive budget money in digital rubles. As a result, other economic actors will gradually be drawn into the payment system of the digital currency of the central bank.
format	article
author	A. Ya. Zaporozhan
author_facet	A. Ya. Zaporozhan
author_sort	A. Ya. Zaporozhan
title	Digital Ruble of the Central Bank of the Russian Federation
title_short	Digital Ruble of the Central Bank of the Russian Federation
title_full	Digital Ruble of the Central Bank of the Russian Federation
title_fullStr	Digital Ruble of the Central Bank of the Russian Federation
title_full_unstemmed	Digital Ruble of the Central Bank of the Russian Federation
title_sort	digital ruble of the central bank of the russian federation
publisher	North-West institute of management of the Russian Presidential Academy of National Economy and Public Administration
publishDate	2021
url	https://doaj.org/article/fc0060ca78c746d488d6d2d9cbe7c059
work_keys_str_mv	AT ayazaporozhan digitalrubleofthecentralbankoftherussianfederation
_version_	1718430718098407424

Digital Ruble of the Central Bank of the Russian Federation

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