Annotation

The article examines the models of legal regulation of the circulation of central bank digital currencies (CBDCs) in Russia, China, India, and the United Arab Emirates. The relevance of the topic is driven by the global trend toward cashless payments and the need to establish an effective regulatory system for CBDCs to ensure control over monetary circulation and protect users. The purpose of the article is to analyze existing models of legal regulation of CBDC circulation and determine optimal mechanisms for improving the legal framework for the digital ruble in Russia. The research results show that Russia, China, and India use a two-tier model of CBDC circulation regulation. The Russian model is characterized by centralized storage of the digital ruble in the Bank of Russia’s system, whereas in China, commercial banks manage digital wallets, and in India, the digital rupee can be used in interbank settlements. The UAE applies a wholesale model focused on cross-border transactions. Based on international experience, recommendations have been proposed to improve the regulation of the digital ruble in Russia. These include integrating it with social networks and payment services, allowing the storage of digital rubles in bank reserves, and developing cross-border usage within the EAEU framework.