DIGITAL RUBLE: BENEFITS, RISKS AND FINAL GOALS

Abstract

The article provides a comprehensive scientific study of the process of introducing the digital ruble into the financial system of the Russian Federation as the third form of national currency, the mass circulation of which starts on September 1, 2026 in accordance with Federal Law No. 248-FZ. The aim of the work is to identify the ultimate goals of the introduction of the digital ruble, assess its impact on the monetary policy of the state and develop a model for the safe coexistence of various forms of money. Methods of system analysis, comparative law, statistical observation, correlation and regression analysis, content analysis and phenomenological modeling are used. The paper examines the transformation of the monetary policy transmission mechanism, identifies the risks of disintermediation in the banking sector, and analyses new regulatory tools related to the programmability of money and smart contracts. Based on a comparative analysis of international experience in implementing CBDCs (China, Nigeria), the key factors behind the success and failure of central bank digital currencies are identified. Special attention is paid to the discourse of “digital slavery,” which includes legal restrictions on citizens’ financial freedom, technological risks of total control, and ideological criticism from domestic and foreign experts. Based on an analysis of how different generations perceive the digital ruble and an assessment of the cyber resilience of credit institutions, an original hybrid model of the co‑evolution of cash and digital money has been proposed, based on three coexistence scenarios and five levels of institutional design. It has been shown that the cyber resilience of credit institutions is critically important for ensuring the sustainability of this model. The developed recommendations can be used by the strategic departments of credit institutions and the analytical units of the regulator.