Цифрові валюти центральних банків: нові можливості та ризики

Abstract

У статті досліджено особливості впровадження цифрових валют центральних банків різних країн. Дослідження включає вивчення міжнародного досвіду впровадження цифрових валют центральних банків та їх вплив на міжнародні фінансові відносини й розрахункові системи. Виявлено основні переваги та недоліки впровадження цифрових валют центральних банків на прикладі конкретних країн. Також авторами було проаналізовано проєкти транскордонного використання цифрових валют і надано рекомендації щодо оптимального використання цих валют для забезпечення стабільності та ефективності фінансової системи. Висновки статті можуть бути корисні для урядових органів, банківських установ та дослідників, що цікавляться розвитком цифрових валют у світі сучасних фінансів.

Central bank digital currencies are becoming an increasingly important tool for modernizing the financial system in the digital economy. The introduction of these currencies can have both positive and negative effects on the credit and banking system of the country and the global financial system in general. However, the lack of a sufficient number of studies on this topic makes it difficult to understand the consequences of the introduction of digital currencies and to develop effective strategies for their use, which may lead to an underestimation of the risks and possible negative consequences of the introduction of these currencies, as well as to the loss of opportunities to use their potential, modernize the financial system and support economic growth. To solve these problems, it is necessary to conduct a detailed study of the impact of central bank digital currencies on the financial system of a given country and the economy as a whole, taking into account various aspects of their implementation and possible consequences for different sectors. Such research will help to develop effective strategies for the use of these currencies and minimize possible risks for the financial system. Purpose. The purpose of the article is to identify the key success factors and challenges that arise in the process of introducing central bank digital currencies; to determine the characteristics of projects of cross-border use of digital currencies and their impact on international financial relations and settlement systems; and to develop guidelines for countries planning to introduce central bank digital currencies. Results. The study includes the study of international experience with the introduction of central bank digital currencies and their impact on international financial relations and settlement systems. The main advantages and disadvantages of the introduction of central bank digital currencies are revealed on the example of specific countries. The authors also analyze projects of cross-border use of digital currencies and give recommendations on the optimal use of these currencies to ensure the stability and efficiency of the financial system. The conclusions of the article can be useful for government bodies, banking institutions and researchers interested in the development of digital currencies in the world of modern finance. Conclusions. In conclusion, it is worth noting that the key success factors in the process of introducing digital currencies by central banks are the stability of the economy, public trust and proper technological infrastructure. However, there are challenges, including regulatory heterogeneity and potential cybersecurity threats, which need to be carefully addressed. In addition, projects for cross-border use of digital currencies can have a positive impact on international financial relations and settlement systems, simplifying international payments and reducing their costs. For countries to effectively implement CBDC, it is necessary to consider factors such as financial stability, cyber risks, privacy, confidentiality, and others.