Study of the Problem of Interoperability of the Bank of Russia’s Digital Currency

Abstract

This paper deals with the problem of the interoperability (compatibility) of central bank digital currencies with other forms of money: cash and noncash. Using the method of agent-based modelling, we build a model of the Russian market of payment instruments and analyse the possible demand from the population for the Bank of Russia’s digital currency – the digital rouble. The results of the study show that the introduction of the digital rouble will lead to significant changes in citizens’ preferences regarding the use of money. Depending on the initial demand for the digital rouble, the degree of interest the population takes in it will vary, but with a high level of interoperability with other forms of money, the digital rouble may gain a share of 41% of the total volume of transactions and successfully compete with non-cash payments.