Actual Problems of
Economics and Law




DOI: 10.21202/1993-047X.15.2021.2.294-307

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Authors :
1. Andrey Yu. Mikhaylishin, co-founder and head of Joys payment service; member of the “Financial Services” working group of the BRICS Business Council, partner on creating an international payment system BRICS Pay; participant of the subcommission on payment-accounting systems and technologies of the RUIE Commission on banks and banking activity; expert of the Business incubator
“Digital Payments” LLC;Plekhanov Russian University of Economics; “Digital Payments” LLC (resident (participant) of Skolkovo and resident of StarHub Moscow)

Prerequisites for the emergence and world experience in the introduction of digital currencies of central banks

Objective: to determine the advantages and features of the development of centralized digital currencies and the prospects for their development globally.
Methods: historical method, abstract-logical method.
Results: the development of technologies and infrastructure and the experience in the use of public digital currencies have led to the logical interest of most central banks in issuing a new form of money – digital currencies of central banks. The main types of design of central banks digital currencies are considered, as well as the requirements for digital fiat currencies. Some examples of countries that have conducted test implementation and experiments with CBDC are presented. It is determined that we are beginning to move from cash to digital fiat currencies and the next step will be the transition to fully digital forms of money, which can lead to many potential consequences for the banking and monetary systems.
Scientific novelty: the article shows that the development of technologies, including payment technologies, anti-crisis measures of governments and central banks, and, as a result, the increase in the money supply led to a surge in the interest of central banks to issue their own digital currencies. It is shown that a single position on the properties and design of digital fiat currencies has not yet been developed. It is stated that the transition to CBDC will definitely lead to a change in monetary policy and to the financial sector nationalization.
Practical significance: the analysis of the methodology for determining the properties and design of digital currencies of central banks, presented in the article, will be useful for developing an approach to the implementation of digital national currencies. The presented data on the development of digital currencies concepts allows identifying the connections and patterns of the development and emergence of a new digital form of money.

Keywords :
Theory of money; Digital currencies of central banks; Digital fiat currencies; Digital currency; Central bank; Banks; CBDC; Form of money; Payment market

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Citation :
Mikhaylishin A. Yu. Prerequisites for the emergence and world experience in the introduction of digital currencies of central banks, Actual Problems of Economics and Law, 2021, Vol. 15, No. 2, pp. 294–307 (in Russ.). DOI: http://dx.doi.org/10.21202/1993-047X.15.2021.2.294-307

Type of article : The scientific article

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