Monetary policy in the digital age

Monitoring the conduct of monetary policy in the era of digitalization plays an important role both at the domestic and global levels of the economy. The aim of the study is to carry out a systematic approach in the field of monetary regulation of the country’s economy. The authors of the article pay special attention to the key rate, since it characterizes the direction of monetary policy. The article emphasizes that changes in the key rate depend on stable trends in the country’s economy and are aimed at smoothing the economic cycle. The study of monetary policy is supported by the above statistics. The authors point out that in the medium term, the following changes will affect the monetary policy: the planned launch of the digital ruble, the further development of the Rapid Payments System. The article analyzes in detail the introduction of the digital ruble, namely, indicate the positive and negative sides. The role of the Bank of Russia in regulating the turnover of digital assets will increase. The authors come to the conclusion that the implementation of further monetary policy depends on the development of the Russian and world economies; from the situation with coronavirus infection; from the competent implementation of the digital ruble. Achieving sustainable development of the economy is possible by focusing on the targeting regime for the level of nominal prices of gross domestic product, as well as conducting foreign exchange interventions by the regulator. The introduction of the digital ruble should not increase the money supply and will not single-handedly remove all payment instruments from the market, but will become another instrument for making payments. Money, in any format, must ensure their exchange for goods and services.