CHALLENGES OF THE INTRODUCTION OF THE CENTRAL BANK'S DIGITAL CURRENCY IN THE CONTEXT OF THE NEW EVOLUTIONARY FORM OF MONEY IN UKRAINE: WORLD EXPERIENCE

Abstract

The article is devoted to the study of the modern model of digital currency systems of central banks (CBDC) in order to determine the most promising its introduction in the field of retail payments, wholesale payments and other financial transactions in Ukraine. The rapid growth of the role of digital technologies in the financial sector, the emergence of innovative ways to provide them are the reason for the increased attention of financial regulators to the development of new tools for making faster, safer and more transparent payments. The idea of central banks issuing their own digital currencies currently deserves the mt attention.The author made a SWOT analysis of the CBDC, which identified the disadvantages and advantages of the introduction of digital currency. The stages and experience of CBDC implementation in foreign countries were also described. The state of introduction of digital currency of central banks in Ukraine, in particular e-hryvnia, is considered. According to a survey of financial experts in the percentage of e-hryvnia use, the most potential may be in retail non-cash payments between individuals. Digital money will significantly change the rules for users – banks do not need to know who pays whom and for what, and they will not be the nominal holder of digital money. Banks have invested in modern infrastructure and are likely to try to avoid additional costs in the face of a possible outflow of such cheap resources as current accounts. However, it is concluded that the emergence of digital currencies of central banks is due to the need to improve the efficiency of monetary and payment systems and is aimed at maintaining the role of central banks as issuers of money. Based on this, business leaders can decide how best to locate their institutions in the future by properly allocating investment in cryptocurrencies, risk reduction tools and models. The main advantages of digital currencies for retail payments are the sentence of highly liquid, low-risk and universally available means of payment. The emergence of digital currencies of central banks may lead to a significant transformation of the architecture of the international financial system, the role of public money.