Analyzing the impact of digital ruble introduction on the monetary policy of the Central Bank of Russia and the financial system of the country

Subject. The article is devoted to a comprehensive analysis of the impact of digital ruble introduction on the monetary policy of the Central Bank of Russia and the country's financial system. Objectives. The focus is on assessing the potential transformations in the structure of bank balance sheets, money supply, and payment infrastructure as a result of the introduction of a new form of national currency. Methods. The study draws on general scientific methods, the analysis of theoretical literature and statistical data. Results. The introduction of digital ruble will lead to a significant change in the structure of money supply, with projected share of digital currency reaching 14% by 2030, the transformation of mechanisms of financial intermediation of commercial banks, and payments cost reduction for businesses by 50-70%. The study identified key risks, including a potential outflow of liquidity from the banking system and cybersecurity challenges. The practical significance of the paper is in the formation of comprehensive understanding of prospects for the development of Russia's financial architecture in the context of digitalization, and possibilities of using the digital ruble for cross-border settlements. Conclusions. The study concludes on the need for staged implementation of digital ruble with a thorough risk analysis, ensuring cybersecurity, and developing a regulatory framework for effective integration of the new form of money into the country's financial system.