Regulatory and infrastructural barriers implementing of the digital ruble for business

Abstract

Relevance. The introduction of the digital ruble for business in Russia faces regulatory and infrastructural barriers. The transition to using digital currency requires time and resources, process restructuring, and the government is deliberately stretching the transition for several years to give banks and businesses time to adapt.

Aim. To develop specific measures and a step-by-step plan for their implementation during the transition to the digital ruble for businesses, ensuring a high level of security and data protection. The main objectives of the study are to substantiate and classify the main problems of implementing the digital ruble; to study foreign experience; to evaluate the effectiveness of the implementation of the plan / roadmap.

Materials and methods. Comparative legal analysis, system analysis and elements of the project approach. The empirical base consists of materials from advisory reports of the Bank of Russia, analytical reviews of international payment systems, and data from pilot projects on the introduction of central bank digital currencies (CBDCs).

Results. The study systematized the main barriers to business, which were divided into two groups: legal and infrastructural. Studying the experience of other countries has shown that there are uniform technical standards, which requires adaptation to national specifics. The main practical result is a set of priority measures, including proposals for combining civil and banking legislation, the introduction of common API specifications and protocols for cross-platform interaction. A three-stage roadmap with performance indicators has been developed.

Conclusions. The introduction of the digital ruble for business should be focused on strategy and the implementation of a set of measures to reduce the risk of uncertainty and the ability to adjust the business plan, with the transition to a payment system using the digital ruble.