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.

1. Efimova L.G. On the legal nature of non-cash money, digital currency and the digital ruble. Tsivilist = Civilist. 2022:(4). (In Russ.) Available at: https://civilistmag.ru/tpost/klz1mfjlh1-tsivilist-42022-opravovoi-prirode-bezna (accessed 02.04.2025).

2. Vasilevskaya L.Yu. The digital ruble: a civilist's view of the problem. Lex russica. 2023;76(1):9– 19. (In Russ.) https://doi.org/10.17803/1729-5920.2023.194.1.009-019.

3. Belova O.A., Osadchenko E.O. The legal nature of the digital ruble. Pravovaya paradigma = The legal paradigm. 2023;22(4):90-95. (In Russ.) https://doi.org/10.15688/lc.jvolsu.2023.4.11.

4. Pshenichnikov V.V. Prospects for the issue of the digital ruble and its functioning in the country's payment turnover. Nauchno-tekhnicheskie vedomosti SPbGPU. Ekonomicheskie nauki = St. Petersburg State Polytechnical University Journal. Economics. 2020;13(6):101-109. (In Russ.) https://doi.org/10.18721/JE.13609.

5. Rozhdestvenskaya T.E., Guznov A.G. Legal regulation of the digital ruble. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law. 2024;19(1):48-55. (In Russ.) https://doi.org/ 10.17803/1994-1471.2024.158.1.048-055.

6. Andryushin S.A. The central bank's digital currency as the third form of government money. Aktual'nye problemy ekonomiki i prava = Actual Problems of Economics and Law. 2021;15(1):54-76. (In Russ.) https://doi.org/10.21202/1993-047X.15.2021.1.54-76.

7. Sitnik A.A. The digital ruble as an object of financial and legal regulation. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law. 2023;18(8):20-36. (In Russ.) https://doi.org/10.17803/1994-1471.2023.153.8.020-036.

8. Kropin Yu.A. Problems of the implementation of digital money in the modern monetary banking system. Ekonomika. Nalogi. Pravo = Economy. Taxes. Right. 2024;17(1):56-64. (In Russ.) https://doi.org/10.26794/1999-8492024-17-1-56-64.

9. Vasil'eva O.N. On the issue of the specifics of the issue of electronic money and their implementation in calculations. Pravovoi al'manakh = The Legal Almanac. 2020;(3):5-15. (In Russ.)

10. Chebykina N.R. Some issues of legal regulation and implementation of the Bank of Russia's powers on monetary issuance. Omskii nauchnyi vestnik = Omsk Scientific Bulletin. 2006;(3):193-196. (In Russ.)

11. Kropin Yu.A. Controversial issues of the Central Bank's emission function in the context of the modern monetary system. Ekonomika. Nalogi. Pravo = Economy. Taxes. Right. 2022;15(1):56-62. (In Russ.) https://doi.org/10.26794/1999-849X2022-15-1-56-62.

12. Bel'skii K.S. Supplementing and developing the theory of emission law. Gosudarstvo i pravo = State and Law. 2019;(8):62-72. (In Russ.) https://doi.org/10.31857/S013207690006243-9.

13. Gabov A.V. The central bank's digital ruble as an object of civil rights. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law. 2021;16(4):55-65 (In Russ.) https://doi.org/10.17803/1994-1471.2021.125.4.055-065.

14. Potashova I.Yu., Gonta S.N. Critical analysis of the introduction of the digital ruble of the Bank of Russia. Vestnik Akademii znanii = Bulletin of the Academy of Knowledge. 2023;(2):357-362. (In Russ.)

15. Podmarev A.A. Proportionality as a constitutional principle of restriction of human and civil rights and freedoms in the Russian Federation. Izvestiya Saratovskogo universiteta. Novaya seriya. Seriya: Ekonomika. Upravlenie Pravo = Izvestiya of Saratov University. Series: Economics. Management. Law. 2021;21(1):83-91. (In Russ.) https://doi.org/10.18500/1994-2540-2021-21-1-83-91.