Digital Ruble as a Tool of Financial Control in Public Administration

Many countries are actively engaged in the study, development and implementation of digital currencies of central banks (CBDC) in their financial systems. In the Russian Federation, the digital currency of the central bank is the digital ruble. However, little is known about the effectiveness of using digital currencies of central banks, namely the digital ruble, in the process of public administration. The purpose of the study is to assess the potential effectiveness of the digital ruble in the public sector, especially in the field of public financial control, which is an important aspect of public administration. To achieve the desired results, various methods are used in the study, such as: analysis of existing scientific literature, in-depth interview with an employee of the Central Bank of Russia, analysis of the regulatory framework and comparative analysis of information obtained during the study. Despite the fact that the digital ruble of the Bank of Russia is relatively new compared to other types of currencies, it has significant advantages as well as disadvantages. Also, the main positive and negative sides of the digital ruble from the point of view of the financial component are revealed. It is expected that the results obtained will demonstrate that the introduction and application of the Russian national digital currency in the process of public administration will bring public administration to a new level by increasing financial control and transparency and, as a result, the manageability of the financial state system, taking into account mitigation of the consequences from all kinds of threats.