Санкт-Петербург, г. Санкт-Петербург и Ленинградская область, Россия
The purpose of this study is to analyse the methodological aspect of the relationship between the fundamental economic categories of «competition» and «money» throughout the twentieth century. The author polemises with the position of Alfred Marshall and Friedrich von Hayek on Gresham’s law as a specific form of monetary competition. The main results of the study include the positioning of the Russian Central Bank’s digital rouble as a digital form of the state treasury bill, which allows, in the author’s opinion, to correctly describe the specifics of competition in the field of digital currency. The digital rouble or digital treasury note is the highest but digital form of fiduciary money issued by the state, represented by the Central Bank. The digital rouble is not credit money but fiat money, although the paper banknote (cash) combined and still combines fiat and credit money. The digital rouble (Fiducia) on the Central Bank’s IT platform is theoretically and technically capable of replacing both paper cash (Fiducia) and digital non-cash (Fiat), as it is a version of a form of national currency that combines the properties of cash and noncash roubles and performs the functions of money as a measure of value, means of saving and means of payment. At the same time a Bitcoin is a return to commodity money, only in digital form. Bitcoin is highly competitive and capable to replace CBDC in all its versions.
digital ruble, competition, money, theory of money, monetary symbol, bimetallism, private money, Central Bank Digital Currency, Bitcoin.
1. Akademik. (2022). Investor’s Encyclopedia. Retrieved from https://investments.academic.ru/1056/ Competitiveness (accessed 30.08.2022) (in Russian).
2. Titova, L. A. (2008). History of Economics. Yaroslavl: K. D. Ushinsky State Pedagogical University. Retrieved from http://cito-web.yspu.org/link1/metod/met79/met79.html (accessed 30.08.2022) (in Russian).
3. Marshall, A. (1923). Money, Credit & Commerce. London: Macmillan & Co., ltd.
4. White, L. H. (1989). Competition and currency: Essays on free banking a. money. New York; London: New York univ. press.
5. Marx, K. & Engels, F. (1960). Collected works. 2 ed. V. 23. Capital. M.: Gos. izd-vo polit. literatury (in Russian).
6. Menger, K. (2005). Selected Works. M.: Territoriya buduschego (in Russian).
7. Hayek, F. A. (1976). Denationalisation of Money: An Analysis of the Theory and Practice of Current Currencies. London: Institute of Economic Affairs.
8. Hayek, F. A. (1996). Private Money. V. A. Naishul, G. G. Sapov (Eds.). M.: Institut nacional’noy modeli ekonomiki (in Russian).
9. Yakovlev, A. I. (2020). Theory of money: from gold to the cryptosystem of exchange. SPb. (in Russian).
10. Kommersant. (2022). D’Artagnan and the three louis. How much the Musketeers earned and spent. Retrieved from https://www.kommersant.ru/doc/2821012 (accessed 30.08.2022) (in Russian).
11. Kochergin, D. A. (2006). Monetary competition in conditions of electronic money circulation. Vestnik SPbGU. Ser. 5, (3), 20-29 (in Russian).
12. Bank of Russia. (2022). Monetary aggregates. Retrieved from https://cbr.ru/statistics/macro_itm/ dkfs/monetary_agg/ (accessed 30.08.2022) (in Russian).
13. Dostov, V. (2022). Do crypto have a chance, or does Gresham’s law still work. Business Excellence, (7), 22-25. Retrieved from https://be.profkiosk.ru/981881 (accessed 30.08.2022) (in Russian).
14. Bouagilbert, P. (1973). Discourse on the Nature of Wealth, Money and Taxes. Bitter.
15. Burgon, J. W. (1839). The life and times of Sir Thomas Gresham. London: R. Jennings. Retrieved from https://archive.org/details/lifetimesofsirth01burguoft (accessed 30.08.2022).
16. Marshall, A. (1983). Principles of Economic Science: in 3 vols. M.: Progress (in Russian).
17. Mankew, N. G. (1999). Principles of Economics. SPb.: Piter Kom (in Russian).
18. Graeber, D. (2016). Debt: The first 5,000 years of history. M.: Ad Marginem Press (in Russian).
19. Ray, Dalio. (2019). It’s Time To Look More Carefully At «Monetary Policy 3 (MP3)» And «Modern Monetary Theory (MMT)». Retrieved from https://seekingalpha.com/article/4260457-time-to-look-carefully-monetary-policy-3-mp3-and-modern-monetary-theory-mmt (accessed 30.08.2022).
20. Rodina, G. A. (2021). Old analogue normality vs new digital normality in a competitive coordinate system. Journal of regional and international competitiveness, 5(4), 4-12. Retrieved from http://jraic.com/index.php/tor/article/view/61/53 (in Russian).
21. Bank of Russia. (2020). Report for public consultation “Digital Ruble”. Retrieved from https://cbr.ru/ analytics/d_ok/dig_ruble (accessed 30.08.2022).
22. Menger, C. (1892). On the Origin of Money. The Economic Journal, 2(6), 239-255.
