A Digital Ruble as a Central Bank Obligation

Abstract

The paper is devoted to the issues of monetary emission in general and the emission of digital money in particular. The author examines various approaches to the currency issuance and their security. The author enters into a discussion with supporters of the return of the gold-backing of the monetary issue and supports the position concerning the natural loss for gold of such a designation. The exclusive right of the state represented by the Central Bank to issue money, including the digital ruble, is defended as a manifestation of monetary (currency) sovereignty. It is proved that the appearance of the Central Bank’s digital currency (the digital ruble) does not change the nature and essence of money. The author disagrees with the proposal to transfer the emission function to another public authority and claims it to be as completely groundless. The nature of the Central Bank’s emission obligation is defined as public law nature, since the Central Bank’s obligation does not lie in the plane of private law relations, but in the public law sphere and its content is to ensure the stability of the ruble, which means ensuring the overall financial stability of the state.