Possibilities of using the digital currency of the central bank in concessional lending to the agro-industrial complex

Abstract

The article is devoted to the study of niche opportunities for using the digital currency of the central bank (CECB or digital ruble) in the mechanism of concessional lending to agriculture. The purpose of the study is to identify possible effects from the use of the digital ruble for industry borrowers, the budget and banking system through the digitalization of transactions between participants in multilateral interaction and strengthening the control function. The relevance of the study is associated with a prospective assessment of the possibilities of digital modernization of existing areas of state financial support for agriculture, opened by the circulation of the digital form of the Russian ruble. The scientific novelty consists in clarifying the consumer properties of the digital ruble in relation to its possible use in agricultural lending with state support, which are practically not considered in modern scientific research, especially in an industry context. The author used the methods of abstraction, generalization, formalization, analogy, scenario forecasting. It is shown that digital financial instruments can improve the manufacturability and practical availability of concessional lending, as well as eliminate bureaucratic barriers. A promising model for the modernization of existing mechanisms for preferential lending to the agro-industrial complex using the Central Bank of Central Banks in the channels of loan capital and budget financing has been developed. Conclusions are drawn about the prospects of using digital labels that accept the permissible properties of spending funds (loans and subsidies) in the Central Bank of Central Banks, an algorithm for the automatic execution, control and documentation of all transactions regulated by the mechanism of concessional lending to the agro-industrial complex in the form of a smart contract on the projected digital ruble platform is described. The main positive effects from the use of the Central Bank of Central Banks are associated with an increase in the transparency of payments and the possibility of automating the control of target, cost and procedural parameters of transactions, accelerating the procedures for passing loan applications, and increasing the diffusion of modern digital innovations into the agricultural sector of the economy. Prospects for further research are related to the empirical verification of the proposed provisions in the process of approbation and issuance of the digital ruble by the Bank of Russia.