Research Article
Prospects of CBDC Implementation for Financial Inclusion in Russia
@INPROCEEDINGS{10.4108/eai.13-9-2023.2341181, author={Mikhail Makarov and Anna Rumyantseva and Elena Sintsova}, title={Prospects of CBDC Implementation for Financial Inclusion in Russia}, proceedings={Proceedings of the 6th International Conference of Economics, Business, and Entrepreneurship, ICEBE 2023, 13-14 September 2023, Bandar Lampung, Indonesia}, publisher={EAI}, proceedings_a={ICEBE}, year={2023}, month={12}, keywords={central banks digital currency digital ruble implementation financial inclusion}, doi={10.4108/eai.13-9-2023.2341181} }- Mikhail Makarov
Anna Rumyantseva
Elena Sintsova
Year: 2023
Prospects of CBDC Implementation for Financial Inclusion in Russia
ICEBE
EAI
DOI: 10.4108/eai.13-9-2023.2341181
Abstract
The article analyzes studies of Central Banks digital currency (CBDC), the development pace of which has increased significantly throughout the world. One of the main goals pursued by central banks is to increase the level of financial inclusiveness. The identified potential benefits of introducing the digital ruble into circulation in Russia will make it possible to solve the problems of increasing the speed of settlements, the transparency of the financial system and the availability of financial services for economic entities. Within the framework of the Digital Ruble Concept the process of its implementation was described. The analysis of the relationship between the crisis phenomena and the growth of the M0 aggregate led to the conclusion that it is necessary to improve the financial literacy of the population and adjust the regulatory framework to minimize the risks of introducing the Central Bank digital currency.