From traditional currency to digital forms: Peculiarities of the digital ruble as a legal tender

Relevance . The digital transformation of the financial system necessitates a reassessment of traditional monetary forms. This article investigates the introduction of the digital ruble as a third form of national currency in Russia, examining its interplay with existing cash and non-cash forms. Particular attention is given to the digital ruble's legal status, which, under current legislation, is formally classified as non-cash, yet possesses unique characteristics warranting its consideration as a distinct form of money. The current regulatory ambiguity and the need for risk mitigation underscore the significance of this research. Purpose to analyze the legal and functional characteristics of the digital ruble, its role in transforming Russia's monetary system, and the prospects for its coexistence with traditional monetary forms. Objective . The primary tasks of this article are to define the legal status of the digital ruble within the existing legal framework, identify functional differences between the digital ruble, cash, and non-cash funds, and assess the impact of the digital ruble's introduction on the structure of the monetary system. Methodology . This research is based on a comparative legal analysis of Russian legislation and doctrinal positions of legal scholars and economists, an analysis of statistical data from the Bank of Russia, and a systemic approach to the study of monetary functions. Results . This article highlights key distinctions between the forms of money. The digital ruble combines the advantages of cash (instantaneous peer-to-peer transactions, accessibility) with the technological capabilities of noncash instruments (security, transparency). Conclusion . The introduction of the digital ruble will not lead to the complete displacement of existing forms but will transform the monetary system, reducing the share of cash and redefining the role of non-cash funds. The article emphasizes the need for further legal research to mitigate risks and develop effective regulatory mechanisms.