Subject. This article discusses the impact of central bank digital currencies on reducing transaction costs in international payments. Objectives. The study aims to assess the potential of various central bank digital currency models to reduce transaction costs in international payments. Methods. For the study, I used a comparative analysis of different central bank digital currency models and traditional payment systems based on three criteria. Results. The article identifies key factors in the effectiveness of central bank digital currencies, and determines promising directions for further research. It also justifies the feasibility of a phased implementation of central bank digital currencies with the creation of Bridges between traditional and digital infrastructures. Conclusions. The implementation of central bank digital currencies allows for a significant reduction in commission costs, settlement times, and operational expenses. Wholesale models of central bank digital currencies demonstrate the greatest efficiency for interbank settlements, while retail models are more effective for small-scale mass payments.
Keywords: central bank digital currencies, transaction costs, international payments, cross-border settlements, financial system, payment infrastructure
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