Digital ruble or ruble in the digital system: Prospects for institutional change

Abstract

Cryptocurrency as an economic narrative, on the one hand, is innovative and interesting for the information society, since it fully meets the requirements of the digitalization period, but, on the other hand, its revolutionary nature is puzzling for regulatory authorities due to the need for a full-scale restructuring of the established economic order. Popularizing the unregulated social phenomenon “cryptocurrency” requires an immediate response from government authorities. According to these trends, authors explore institutional changes in connection with the upcoming introduction of the digital ruble and develop recommendations for legitimizing the national currency in digital form. The authors conclude that the actions taken by the mega-regulator and authorities are not focused on creating a digital economy by organizing a shared digital space, the implementation of which is possible only on a common unified multifunctional digital platform, but on preserving traditional infrastructure