Digital currencies of central banks and their application in modern conditions
Abstract. The article investigates key theoretical and practical aspects of the process of introducing digital currencies of central banks. It is shown that the main prerequisite for the formation of a digital model of fiduciary money is the active use of information technologies that determine the emergence of financial innovations. The article proves the position according to which the introduction of a new form of the national currency will contribute to improving the efficiency of monetary relations, transparency of financial flows, and the growth of real incomes of the population.
Keywords: money, digital currency, fiduciary money, trust, money supply, central bank, unit of account
Highlights:
♦ the issue of funds is one of the key functions of central banks; money (banknotes, coins) is considered as units of account that have functions of exchange, circulation, and payment. But the use of cash in the conditions of the transition to the digital plane has decreased, which served as an incentive for central banks to actively study the supply of digital currency to the population;
♦ central banks, international financial institutions, studying the topic of digital currencies, reveal a wide range of models, types, on the basis of which the author has compiled a classification of digital currencies of central banks;
♦ ♦ the priority direction in the study of the digital currency of central banks (DCCB) is the possibility of its use in the cross-border settlements. For these purposes, the wholesale model of the DCCB is necessary. The existing payment systems for cross-border settlements have their own peculiarities, which, in turn, led to the fact that studies of wholesale models of central securities began to gain popularity;
♦ since 2022, a model of a digital currency, potentially used for cross-border payments, has been at the research stage; the ideologists are Hong Kong, Thailand, China and the UAE. The mBridge`s goal is to improve international trade settlements. The project provides an opportunity for participants from several jurisdictions to communicate directly with each other on a single integrated platform;
♦ the prototype of the Digital Ruble platform was created in December 2021 after public discussions and the release of the concept. In 2022, the legislation on the introduction of the digital ruble was being developed, at the moment the bill is at the 2nd stage of readings in the State Duma. In the near future, it is planned to pilot testing of the digital ruble in 11 cities at 30 trade and service enterprises.
Maria E. Konovalova - Samara State University of Economics, Samara, Russia