The role of the digital ruble in the development of the Russian economy

Abstract

In this article, we will examine the role of the digital ruble in the context of Russia’s economic development. We will analyze the key aspects of the introduction of digital currency, its impact on the financial system and the business sector, and highlight the potential benefits and challenges associated with this innovation. Undoubtedly, the emergence of a new instrument in the economy will have a significant impact on domestic and foreign markets. Adaptation of the economy will take place gradually, and settlement participants will need to get used to the new instrument. We can already say that it will take at least two or three years for market participants to get used to the new instrument and for the regulator to make the necessary improvements to the new instrument. Also in the next few years it will certainly be necessary to adapt the legislative base to the new instrument. Of course, the existing legal framework allows to conduct operations with the new instrument, but in the next few years, during the adaptation period, it will be necessary to make the necessary changes and clarifications. We will separately consider the business sector. In the first stages, the business sector will be the first participants who will be able to assess the full potential of the new financial instrument. Already now, the regulator allows the business sector to significantly save its own funds thanks to the reduced commission fee for each payment. Thus, the business sector will be able to use not only the new instrument, but also to save money.