PROBLEMS AND PROSPECTS FOR THE DEVELOPMENT OF THE INTERNATIONAL MONETARY SYSTEM

Abstract

The article examines the development of the international monetary system today and the prospects for its development in the future. The influence of the latest technologies on the currency system and the disclosure of the advantages of using digital currencies are considered and analyzed in detail. In the process of writing this work, the dynamics of the introduction of digital currencies in the world, the experience of Ukraine and China were analyzed, as well as the possible risks and advantages of using digital currencies in the world. The introduction of fiat money at the state level has great potential, which is capable of transforming the world currency system. Carrying out everyday currency transactions through fiat funds will help make them efficient and more accessible to use. However, along with this, they have serious threats to society, because digital currency to some extent collects personal information of each person who uses it, which can be abused by cyber thieves. The future of the world monetary system involves full digitization and globalization. The use of fiat money can transform the economic system as a whole and make it more efficient, however, for this, it is necessary to take into account potential cyber risks and develop an appropriate regulatory and legal framework for their regulation at the state level. The article describes the main prospective trends in the development of the international monetary system in the future. The modern global economic system requires a quick response to changes and the introduction of effective tools to ensure the stability of the country's currency environment. In this context, the study of prospects for the development of the currency system is more relevant than ever. Digitization of currencies will help improve financial stability. E-currencies are a driving force in the fight against corruption and illegal financial fraud. Blockchain technology, which is used in most of today's digital currencies, guarantees the transparency of financial transactions, which in turn will facilitate the tracking of all money flows carried out by the citizens of the country. Taking into account the experience of the countries in question: China and Ukraine, which are actively implementing digital currencies, we can conclude that the development of digitalization of money is a relevant and important direction for the further development of the financial system. Selected countries are already demonstrating the benefits of using digital currencies, including improving access to financial services, increasing financial stability, fighting corruption. Despite a number of advantages, digital currencies have their own disadvantages that should be paid special attention to. When introducing this type of money, it is necessary to ensure the protection of personal data and privacy of users, regulation of financial transactions, and interaction with traditional financial institutions - this is a priority task that needs to be solved as soon as possible. The international monetary system promises to be more integrated and accessible, both for ordinary people and for entrepreneurs who carry out domestic and foreign trade. The development of digital currencies can play a key role in the financial and economic stability of the world. However, humanity needs more time to eliminate all potential risks and force majeure circumstances related to digital currencies, and favorable legislation and regulation will be key factors in the successful implementation of digital currencies in the future monetary system.