Transformation of the Russian market of digital financial assets at the present stage

Abstract

Aim. To study the transformation of the digital financial assets (DFA) market in the Russian Federation (RF) at the present stage.Objectives. To disclose the essence and role in the economy of DFA; to analyze the volume of the DFA market and their numbers for 2023; to consider the types and advantages of DFA; to identify the main prerequisites for the introduction of the digital ruble in the financial system of the Russian Federation; to study the process of introduction of central bank digital currencies (CBDCs) in different countries; to show new opportunities and prospects for making payments and storing funds using the digital ruble.Methods. The authors used a comprehensive approach combining general scientific methods, methods of comparative and economic analysis, analytical processing and graphical presentation of information.Results. The trend of DFA development as a specific type of economic assets is considered. Emphasis is placed on the study of the transformation of the Russian DFA market at the present stage. The participants of the DFA market are described, their role in its functioning is revealed. The graphical analysis of the DFA market volume and their number for 2023 is carried out. The impact of the introduction of the digital ruble on the transmission mechanism of monetary policy is studied. The factors of financial stability under the conditions of the introduction of the digital ruble have been analyzed.Conclusions. At present, the financial and banking spheres are leading in the introduction of blockchain into their systems, as they are experiencing the process of digitalization to the greatest extent. The accelerating growth rate of the number of issued DFAs for 2023 that we have identified indicates an increasing interest in the new digital financial instrument by issuers. It was found that in the process of transformation of the Russian DFA market all prerequisites for the introduction of the digital ruble have been formed, which, acting as an additional monetary unit, can successfully counteract the problems of the financial sector. The introduction of the digital ruble has a complex and multifaceted effect on the transmission mechanism of monetary policy. It requires careful analysis and a strategic approach on the part of regulators in order to maximize the positive impact on the economy and minimize possible risks and negative consequences. In the long term, under the conditions of financial sanctions imposed on the Russian Federation, the digital ruble can become an effective alternative to traditional international settlements.