Subject. This article analyzes the possible design of the central bank digital currency (CBDC) and identifies its main characteristics. Objectives. The article aims to identify the most promising models of the central bank digital currency, and assess the risks of CBDC implementation. Methods. For the study, we used general scientific research methods through logical and comparative analyses. Results. The article analyzes the background and rationales that prompted central banks to intensify research in this area. Based on a comparative analysis of the practice of adopting the central bank digital currencies in a number of countries, the article describes the models of their circulation and identifies the main trends and risks. Conclusions. The introduction of the CBDC will have a profound impact on the operational procedure and instruments of monetary regulation of the economy, on the conditions and procedure for conducting operations with banks in the framework of achieving the objectives of monetary policy. The introduction and use of the CBDC will cause significant changes in the role and position of the main financial intermediaries in the models of interaction in financial markets and financial infrastructure.
Keywords: central bank digital currency, FinTech, distributed ledger technology, blockchain
References:
Kuznetsov V.A., Yakubov A.V. [On approaches to international regulation of cryptocurrencies (Bitcoin) in certain foreign jurisdictions]. Den'gi i kredit = Money and Credit, 2016, no. 3, pp. 20–29. (In Russ.)
Soderberg G., Bechara M., Bossu W. et al. Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons. FinTech Notes, 2022, no. 2022/004, 35 p. URL: Link
Sinel'nikova-Muryleva E.V. [Central bank digital currencies: potential risks and benefits]. Voprosy Ekonomiki, 2020, no. 4, pp. 147–159. (In Russ.) URL: Link
Kochergin D.A. [Central banks digital currencies: world experience]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2021, vol. 65, no. 5, pp. 68–77. (In Russ.) URL: Link
Kochergin D.A. [Modern models of systems of central bank digital currency]. Vestnik SPbGU. Ekonomika = St. Petersburg University Journal of Economic Studies, 2021, vol. 37, no. 2, pp. 205–240. (In Russ.) URL: Link
Sakharov D.M. [Central bank digital currencies: key aspects and impact on the financial system]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2021, vol. 25, no. 5, pp. 133–149. (In Russ.) URL: Link
Egorova M.A., Belitskaya A.V. [Legal regulation of cryptocurrency emission and allocation: trends and prospects]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2020, vol. 15, no. 6, pp. 55–63. (In Russ.) URL: Link
Krylova L.V. [Decentralization of the world monetary and financial system in the context of deglobalization]. Bankovskie uslugi = Banking Services, 2022, no. 7, pp. 2–8. (In Russ.) URL: Link
Korishchenko K.N. [Issues of emission and circulation of a digital ruble]. Russian Journal of Economics and Law, 2021, no. 2, pp. 280–293. (In Russ.) URL: Link
Allen S., Čapkun S., Eyal I. et al. Design Choices for Central Bank Digital Currency: Policy and Technical Considerations. NBER Working Paper, 2020, no. 27634, 109 p. URL: Link
Bofinger P., Haas T. CBDC: Can Central Banks Succeed in the Marketplace for Digital Monies? CEPR Discussion Papers, 2020, no. 15489. URL: Link
Auer R., Cornelli G., Frost J. Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies. BIS Working Papers, 2020, no. 880. URL: Link
Richards T., Thompson C., Dark C. Retail Central Bank Digital Currency: Design Considerations, Rationales and Implications. Reserve Bank of Australia Bulletin, September 2020, pp. 31–47. URL: Link
Boar C., Holden H., Wadsworth A. Impending Arrival – A Sequel to the Survey on Central Bank Digital Currency. BIS Papers, 2020, no. 107, 15 p. URL: Link
