Implementation of Smart Contracts Secured by Digital Ruble into the Russian Economy
Implementation of Smart Contracts Secured by Digital Ruble into the Russian Economy

Author(s): Alexander Orlov, Anna Verenikina
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, Financial Markets
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: smart contract; digital ruble; blockchain; digital financial assets
Summary/Abstract: Over the past decade, the Russian Federation has made significant progress in the integration of digital technologies into its economy. These include the Quick Payment System (QPS), which facilitates the transfer of funds between commercial banks without the imposition of commission, and the establishment and maintenance of digital services such as "Government Services," which enables citizens to access government services and discharge government duties and fines remotely via a mobile application or online portal. However, the global landscape is constantly evolving, and these high-tech services are no longer considered innovative. One of the most contemporary technologies that all major global economies are striving to integrate into their financial systems is smart contracts. Russia is also planning to introduce smart contracts, and for this purpose, it is creating accompanying tools such as the “digital ruble,” which will ensure the correct operation of this technology. This article aims to elucidate the principles of smart contracts in the Russian Federation, identify the advantages they offer over traditional contracts, examine the modalities of payment in this type of transaction, assess their impact on the Russian economy, and explore the prospects for their implementation and development in the context of current Russian realities.

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