Digital ruble: current state and prospects of use

In the modern world, automation of all data processing processes and technologies continues, which entails the transformation of financial markets. One of the illustrations of this phenomenon is the Concept of the digital ruble, which the Central Bank of the Russian Federation (Bank of Russia) presented to the professional community back in 2021. The digital form of the Russian national currency is recognized as a valuable tool necessary for managing cash flows, controlling settlements, reducing cash turnover and increasing non-cash payments. Given that the introduction of digital currencies is a critical step to establish financial stability, many countries are already actively engaged in their development and implementation. In Russia, the focus is on the digital ruble, which should not only improve the quality of life, but also strengthen international positions. Digital rubles are controlled by the Central Bank and are represented as "retail" currencies that ensure ease of payments through a two-tier model. The new national currency in digital form has the same purchasing power as traditional money, is stored in secure wallets, which reduces the financial costs of users of banking services, and has many prospects. Despite the visible and significant advantages of the digital ruble, Russians are skeptical about the new form of money. The transition to non-cash payments in the form of digital rubles may be slow until the obvious benefits for all financial market participants become clear. In addition, the introduction of digital currency to the masses requires serious investments and a well-organized infrastructure, which slows down the process. At the same time, the digital ruble has enormous potential to increase the efficiency of payment systems and financial inclusion, reduce business costs in making payments, and simplify international transactions. It is the pilot testing until 2025 that will help identify key aspects for refinement and improvement of imperfections, opening up new horizons for economic growth and financial innovation. The article examines the essence of the digital ruble and its two-tier retail model, and presents the results of a survey of Russians about their desire to use the new digital currency.