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Study of the Problem of Interoperability of the Bank of Russia’s Digital Currency

Author

Listed:
  • Ilia Chapyshev

    (Higher School of Economics)

  • Ansel Shaidullin

    (Higher School of Economics)

Abstract

This paper deals with the problem of the interoperability (compatibility) of central bank digital currencies with other forms of money: cash and noncash. Using the method of agent-based modelling, we build a model of the Russian market of payment instruments and analyse the possible demand from the population for the Bank of Russia’s digital currency – the digital rouble. The results of the study show that the introduction of the digital rouble will lead to significant changes in citizens’ preferences regarding the use of money. Depending on the initial demand for the digital rouble, the degree of interest the population takes in it will vary, but with a high level of interoperability with other forms of money, the digital rouble may gain a share of 41% of the total volume of transactions and successfully compete with non-cash payments.

Suggested Citation

  • Ilia Chapyshev & Ansel Shaidullin, 2024. "Study of the Problem of Interoperability of the Bank of Russia’s Digital Currency," Russian Journal of Money and Finance, Bank of Russia, vol. 83(1), pages 104-126, March.
    • Handle: RePEc:bkr:journl:v:83:y:2024:i:1:p:104-126
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    More about this item

    Keywords

    digital currencies; interoperability; network effects; central bank; CBDC; digital rouble; simulation modelling;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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