Prospects for introducing digital currency into the Russian economy

In a rapidly changing world and the development of technology, digital currency is becoming an increasingly popular instrument of state economic policy. In this regard, the relevance of studying the mechanism of introducing digital currency into the economy and assessing the consequences for the Central Bank, commercial banks, the public and business is increasing. Digital currency is an electronic form of money created using blockchain technologies, such as Bitcoin or Ethereum. The main difference between digital currency and other types of cryptocurrencies is the guarantee of the state, the Central Bank is responsible for the issuance and circulation of the national cryptocurrency, which in turn increases the role of the supervisory authority in the functioning of the electronic money market. The Bank of Russia assumes responsibility for setting and maintaining the digital currency exchange rate and ensuring security through a hybrid platform consisting of a centralized IT solution and blockchain technology. The introduction of a new circulation system will radically change the country’s banking system. Commercial banks will lose income from operations for money transfers, acquiring, and possibly even from lending in the future. Therefore, many of them are already actively investing in ecosystems and financial technologies. The introduction of the digital ruble will improve the security of settlement transactions, reduce the cost of money transfers, ensure transparency of the financial sector and automate tax collection and transfer issuance.