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Digital Ruble: Risks and Benefits
[Цифровой Рубль: Риски И Выгоды]

Author

Listed:
  • Sinelnikova-Muryleva Elena

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

The concept of the emission and circulation of the digital ruble published by the Bank of Russia, suggests the active implementation of the intermediary functions between the end users and the digital ruble platform by credit institutions. In this regard, the risks of an outflow of deposits from the banking sector, strengthening of the regulator’s role in the payment and financial sector, as well as a wide range of technological risks due to the need to build a new ramified payment system based on distributed ledger technology remain relevant. The concept of digital ruble consolidates the significant advantages of its circulation: reducing the costs of making payments and increasing the availability of financial services for individuals and businesses through the use of the offline transactions and smart contracts. To assess the balance of risks and benefits from using the digital ruble, the Bank of Russia plans a phased launch of a pilot project for its digital currency.

Suggested Citation

  • Sinelnikova-Muryleva Elena, 2021. "Digital Ruble: Risks and Benefits [Цифровой Рубль: Риски И Выгоды]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 5, pages 36-39, May.
    • Handle: RePEc:gai:recdev:r2155
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    More about this item

    Keywords

    digital ruble; risks of using digital ruble; models of digital currencies of the Central Bank; Bank of Russia;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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