A Digital Ruble of the Central Bank as a Civil Rights Object

Abstract

In recent years digitalization is one of the main drivers of changing the financial field in the world as a whole and in Russia. At first, the phenomenon called "cryptocurrency" (in essence, it is what the economists call "private money") developed beyond state control and was subjected to a very critical attitude on the part of official regulators. However, state and central banks later joined digital experiments. Thus, the phenomenon of the “digital currency of the Central Bank” — Central Bank digital currencies (CBDC) — appeared. The Central Bank saw new opportunities, primarily in terms of abandoning paper (cash) circulation and control, in the new instrument. Many central banks in the world are currently conducting research, and some have reached the level of testing relevant solutions. The Central Bank of the Russian Federation does not stand aside as well: in 2019, the first report was prepared — a study on the prospects of digital currencies of central banks; in 2020 the report “Digital Ruble” was published for public consultation. The introduction of such a financial instrument entails significant changes in the legal field. The paper analyzes such changes as well as the main shortcomings of the Report.