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DOI: 10.15862/21FAOR425 (https://doi.org/10.15862/21FAOR425)

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Rusakov K.A. The digital ruble as a tool for transforming monetary policy: challenges and prospects for integration into the national payment infrastructure. Russian journal of resources, conservation and recycling. 2025; 12(s4). Available at: https://resources.today/PDF/21FAOR425.pdf (in Russian). DOI: 10.15862/21FAOR425

The digital ruble as a tool for transforming monetary policy: challenges and prospects for integration into the national payment infrastructure

Rusakov Kirill Alekseevich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: 245308@edu.fa.ru

Abstract. The development of central bank digital currencies is becoming one of the most significant areas of financial architecture modernization, affecting the fundamental principles of money circulation, the structure of financial intermediation, and monetary regulation instruments. In the Russian Federation, this process is being implemented through the creation of the digital ruble, which represents a third form of national currency and operates on a specialized platform of the Bank of Russia. The purpose of this study is to assess the impact of the digital ruble on the transmission mechanism of monetary policy, as well as to identify the key challenges and prospects for integrating this new form of currency into the national payment infrastructure during the current stage of transition to mass adoption in 2026–2028. This paper systematizes the functional characteristics of the digital ruble and analyzes its potential impact on interest rate policy, banking sector liquidity, and money supply structure. A unique systematization of the channels of influence on the monetary policy transmission mechanism is proposed, and a classification of disintermediation risks, differentiated by implementation time horizons, is developed. Particular attention is paid to analyzing the programmability of the digital ruble as a tool for targeted intervention in individual economic sectors through smart contracts, as well as assessing the potential for using digital currency in the budget process to increase the transparency of public spending. The results of the study demonstrate the dual nature of the consequences of digital ruble integration, combining increased transparency and manageability of cash flows with the emergence of risks to the stability of the banking sector.

Keywords: digital ruble; central bank digital currency; monetary policy; transmission mechanism; Bank of Russia; disintermediation; payment infrastructure; banking sector; smart contracts; financial stability

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