Innovative characteristics of the «Digital Ruble»

Given the digitalization of financial systems and the need to adapt monetary policy instruments, the introduction of the digital ruble opens up new opportunities for improving the efficiency of the transmission mechanism. This article analyzes the innovative characteristics of the digital ruble and the mechanisms by which it influences the transmission of monetary policy impulses to the economy. Particular attention is paid to the architectural features of the domestic CBDC, transmission channels, potential risks of bank disintermediation, and the methodology for assessing macroeconomic effects. Based on an analysis of international experience (e-CNY, digital euro) and pilot projects of the Bank of Russia, the feasibility of introducing the digital ruble is substantiated, provided that financial stability risks are actively managed.