Central bank digital currency as a tool of financial system transformation

Vollständiger Abstract

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The development of central bank digital currencies represents a significant stage in the transformation of modern monetary systems and financial governance. The relevance of this study is determined by the growing role of central bank digital currency as an instrument of state regulation, financial transparency, and control within the digital economy. The purpose of the article is to analyze aspects of the introduction of the digital ruble in the Russian Federation and to assess its impact on monetary functions, public finance management, and the balance between public and private interests. The study is based on legal analysis of regulatory acts, systematic review of interdisciplinary academic literature, and analysis of official statistical and policy documents. A dialectical and comparative approach is used to identify both the advantages and risks associated with the circulation of a central bank digital currency. The results show that the digital ruble introduces a new control function of money by enabling comprehensive monitoring of financial transactions and targeted use of budgetary funds. At the same time, the introduction of this instrument creates risks related to data privacy, cybersecurity, and potential restrictions on financial freedom. The article concludes that the sustainable implementation of a central bank digital currency requires clearly defined legal boundaries, enhanced security standards, and adaptive governance mechanisms capable of balancing state control with the protection of citizens’ rights and long-term financial system stability