Financial Control In The Digital Currency System Of The Russian Central Bank

Abstract

Digital currencies of Central Banks are at the focus of central banks in most countries of the world. Their emergence is due to the qualitative transformation of the payment infrastructure as a result of the active penetration of digital technologies. The emergence of alternative payment instruments, such as digital assets and cryptocurrencies, has led to the need to change the financial paradigm of states. Central bank digital currencies represent a new third form of money. The Central Bank of Russia is also among the mega-regulators actively developing digital currency. In a report for public consultation issued by the Central Bank of Russia it is noted that the regulator defines the digital ruble as an additional form of national currency issued in digital form. It is assumed that all three forms of the Russian ruble (cash, non-cash and digital) will be absolutely equivalent. Meanwhile, the models proposed by the Central Bank of Russia for the introduction of the digital ruble are associated with significant risks. A special place among them is the creation of effective financial control mechanisms. The paper is based on the analysis of analytical reports, articles and explanations of leading central banks on the problem of introducing digital currencies of central banks. The author defines effective methods that can neutralize these risks and ensure the creation of an effective infrastructure for the digital ruble.