Світовий досвід дослідження і впровадження цифрової валюти центрального банку: інституційний аспект

Abstract

The purpose of the article is to disclose the influence of institutional factors on the formation of the effects of the introduction of a central bank digital currency and to substantiate the prerequisites for the possible introduction of a central bank digital currency (CBDC) in the Ukrainian system of financial and institutional coordinates. The carried out study concludes that the global regulatory community has no final certainty about the very fact of creating such a revolutionary payment mechanism. At the same time, approaches to the design, goals, and possible results of putting the CBDC into circulation are focused on functional areas of analysis, while the issue of the influence of the institutional environment on the formation of the effects of the digital transformation of the monetary space requires a more thorough research. The search for answers to the question of how to use the CBDC to form a controlled, inclusive, transparent, and efficient financial and institutional space should include, as an essential constituent, an analysis of trust in the actions of the government and the central bank at each stage of the CBDC development. The poor and complex experience of introducing the CBDC demonstrates that in the absence of a sufficient level of trust, the financial, economic, and social situation becomes destabilized. The experience of introducing digital currency in an unstable economic environment shows that a central bank’s digital currency can be introduced only if there is a high level of trust in the national currency, the monetary policy pursued by the central bank, and a low level of inflation; the conversion of the national currency into digital form should be preceded by an effective monetary policy aimed at increasing the reliability of the national currency. The author concludes that, given the revolutionary nature of the reform, the introduction of digital currency cannot be used as an element of stabilization measures and cannot be considered a monetary experiment; its prospects should be conditioned by general economic and monetary stabilization.