The spread of the coronavirus pandemic accelerated the processes of digital transformation in all spheres, including the financial sector. The interest of economic entities in electronic means of payment and cryptocurrencies has significantly increased. The issue and circulation of a large number of private digital money requires state regulation and the development of specialized legislation in the field of virtual or digital currency. The study of the enforcement of virtual currencies and the differentiation of the concepts of cryptocurrency and digital currency is an urgent and timely topic. The scientific novelty of the research consists in the systematization of the economic, legal and theoretical basis for the issuance and turnover of cryptocurrencies and digital currencies in Russia and abroad. In particular, features of cryptocurrencies and digital currencies, advantages and disadvantages of accrual of interest on the digital ruble were identified. This allows for further development of the conceptual and categorical apparatus of the sphere under consideration. In order to effectively implement the concept of the digital ruble in the Russian Federation, further improvement of specialized digital law, as well as the elimination of legal conflicts in issuance and circulation of private money will be required. The results of the study may be useful to the expert community and specialists of the financial sector who carry out research and practical activity in regulation of the cryptocurrency market, as well as to state authorities implementing projects of digital transformation in Russia.