Digital ruble and money issue

Subject. The article addresses the history and causes of emergence of digital currencies in developed and developing countries, considers various aspects of digital currencies’ use. Objectives. The study aims to investigate the impact of digital ruble on the policy of the Central Bank and the Russian economy, calculate the effect of the digital ruble issue on the actual change in the money supply. Methods. The study draws on the theoretical analysis of current scientific publications, general scientific methods of analysis and synthesis, our own methodology for calculating the change in the money supply during the issue of the digital ruble. Results. We offered our own methodology for calculating the change in money supply, taking into account the impact of the digital ruble issue. The paper considers the influence of digital emission on the Russian economy and the policy of the Central Bank. Conclusions. The findings enable to conclude on the growth of the Central Bank's power, possibility of increasing the country's financial independence, tightening control over fiscal policy, strengthening the interdependence of fiscal and monetary policies. The issue of the digital ruble can lead to a decrease in the growth of money supply or even to its reduction, which reduces economic growth rate. To offset negative effects of external impact and market behavior, we propose to adjust the financial policy.