Retail two-tier Model of the Digital Ruble (Model D) — the Way to the Appearance of a single-tier Banking System in Russia

Abstract

The article examines the changes that will be made to the legislation of the Russian Federation in connection with the introduction by the Bank of Russia of the retail model of the digital ruble (model D). The legal analysis was carried out on the basis of two concepts of the digital ruble (2020 and 2021) developed by the Bank of Russia, as well as a package of bills on amendments to the Civil Code of the Russian Federation, Federal Law No. 161-FZ of June 27, 2011 “On the National Payment System” and a number of other laws. As a result of the analysis of the retail two-tier model of the digital ruble with the role of financial institutions as settlement participants (model D), it was concluded that, according to the proposed mechanism, the Bank of Russia is forced to enter into contractual legal relations not only with credit institutions, but also directly with their clients — individuals and legal entities. It is reasonable to distinguish the levels of the banking system depending on what kind of clientele the respective bank serves. If a bank provides banking services to customers who do not have the status of a credit institution, then this is a second-tier bank. If the bank serves clients with the status of a credit institution, then this is a first-tier bank of the banking system. The introduction of Model D in the form in which it is described in the Concept of the Bank of Russia for 2021 and in the package of bills will actually erase the differences between the two levels of the banking system.