Subject. The article discusses the impact of digital currencies on international settlements, reduction of transaction costs, and the global monetary system stability. It focuses on the analysis of digital currencies of central banks (CBDCs) and cryptocurrencies, their integration into the international financial system, and their influence on the competitiveness of national currencies. Objectives. The purpose is to examine digital payment mechanisms, their effect on macroeconomic stability, international payments, and exchange rate dynamics; to develop an index system for quantitatively assessment of transaction cost reduction, exchange rate synchronization, and adaptation of international settlements to changing financial conditions. Methods. The study employs economic and mathematical modeling, index-based, and regression analysis. It applies methods of comparison, systematization, and generalization, and is based on the analysis of international digital currency projects, data of central banks, the International Monetary Fund (IMF), and the Bank for International Settlements (BIS). Results. The study proposes a concept of Unified Settlement System (USS), incorporating hybrid clearing mechanisms, automated multi-currency exchange, and algorithmic exchange rate management. It introduces indices for assessing monetary system stability, the impact of digital currencies on international payments, and cross-border price stability. The findings indicate that digitization of international settlements contributes to lower transaction costs, faster payments, and reduced currency risks. Conclusions. Digital currencies are transforming international payments by reducing dependence on traditional reserve currencies and enhancing the resilience of the global financial system. Their implementation requires further research, testing, and international cooperation to develop unified regulatory standards and risk management frameworks.
Keywords: digital currency, international settlement, transaction costs, monetary system
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