The difficulties of perception and the risks of introducing the digital ruble: a practice-oriented aspect
Abstract. The emergence of the digital currency of the Bank of Russia did not come as a surprise. The regulator announced this project more than four years ago, which was reflected in the report in October 2020. The national digital currency, or digital ruble, supplemented the current forms of money, which were previously represented by two categories - cash and non-cash. The regulator has repeatedly noted the need not only to introduce digital currency, but also to quickly adapt it amongthe population and businesses. Representatives of the Bank of Russia emphasized that the new form of national currency will both speed up payment turnover and make it simpler and much safer. Many advantages were also announced for businesses, including not only optimization of business processes, but also simplification of interaction with partners, reduction of costs in transactions and acquiring. More than a year ago, the digital ruble was launched into use in test mode, and was also enshrined in law in the relevant regulatory act. In this regard, the authors of this article conducted a study, the purpose of which was to determine the degree of understanding by the population and businesses of the meaning and features of using the digital ruble. The obtained results made it possible to conclude that potential consumers of the introduced national digital currency have rather limited and vague ideas about its potential and possibilities for effective use.
Keywords: regulator, digital ruble, cryptocurrency, commercial bank, digital currency, Bank of Russia, digitalization of the economy, cash and non-cash ruble.
Highlights:
- the introduction of the digital ruble has become an important stage in the Bank of Russia`s activities to ensure the stability and security of non-cash payments;
- the process of consumer adaptation to the new national digital currency is gradual, experience in its use is accumulating, but the speed of its implementation is low;
- a study was conducted to study public opinion on the prospects for using the digital ruble;
- the potential for using the digital ruble has not been fully realized, it is necessary to amend the current legislation in order to secure the conduct of certain transactions only in digital currency, as well as to create certain conditions under which its use will be beneficial to consumers;
- the development of additional motivational campaigns by the state and the regulator is required to increase the attractiveness of the national digital currency.
Olesya A. Sinichenko, Alexander V. Zimovets - Taganrog Institute of Management and Economics, Taganrog, Russia, Tatyana S. Maksimenko - Polytechnic Institute (branch) of the Don State Technical University in Taganrog, Taganrog, Russia