Обзор заседания постоянно действующего семинара Института экономики РАН «Цифровые финансы»

Abstract

Objective: to review a session of the “Digital Finance” permanent seminar at the Institute of Economics of the Russian Academy of Sciences which discussed the prerequisites and consequences of the issue, emission characteristics and circulation of the Central Bank digital currency; to review the discussion of a scientific report “Digital ruble (DR): arguments for and against”. Methods: based on the audio recording, an overview of the discussion at the permanent seminar “Digital Finance” was prepared. Results: the main prerequisites of the digital ruble issue were defined, analyzed through the prism of both the “digital experience” of several Central Banks (of Sweden, China, the Bahamas, the European Union and Russia) and the estimates of the rate of many countries’ transition to the Central Bank digital currency. The issues of the digital ruble issuance and circulation features were considered. The consequences of the digital ruble issuing were analyzed, which consist in changing the roles of Central Bank mandates and intermediary functions of banks, as well as in the transformation of global challenges directly related to the issuance of the Central Banks digital currency.Scientific novelty: the survey shows that the Central Bank digital currency is the third form of Central Bank money, which all the countries and their regulators need to learn to live and work with in new ways. It is stated that digital currency is not the only digital token (digital currency, or programmable code), but also an account (a current account in the form of a deposit). It is shown that the digital ruble can act as a financial asset and a financial tool, bringing a certain percentage (including negative). The components are listed that determine the future design of the digital ruble, directly related to the Central Bank technological platforms. It is explained why the digital ruble introduction would transform the existing Central Bank mandates, the activities of financial market entities, and the regulation methods of monetary authorities.Practical significance: the main provisions and conclusions of the review can be used by the Bank of Russia in designing the digital ruble, as well as the concept and platform of the Central Bank digital currency.