Abstract
This article considers the issue of the effectiveness of the monetary policy of the Bank of Russia in the context of the economy digitalization.The issue of the degree of participation of the Central Bank in regulating the economy becomes controversial with emergence of cryptocurrencies, which, according to some researchers, will cancel the Central Bank's monopoly on issuing funds.As a result, it becomes impossible to implement effective monetary policy.The author believes that emergence of cryptocurrencies creates the prerequisites for imbalances in the economy, therefore, presence of Central Banks in the regulation of monetary circulation is still necessary.However, this creates the need for a more flexible, adaptive control system.In recent years, the Bank of Russia has been using the key rate as such an instrument.Strengthening its differentiation, highlighting a neutral level and the possibility of fluctuations around it, make it possible to form an adaptive mechanism for regulating the monetary system, the level of inflation and the entire national economy.