АНАЛІЗ СВІТОВОГО ДОСВІДУ ВПРОВАДЖЕННЯ ЦЕНТРАЛЬНИМИ БАНКАМИ ЦИФРОВИХ ВАЛЮТ

Abstract

The reduction in the use of cash, the emergence of the second wave of digital currencies created by private players, the rapid increase in technical capabilities in the financial sector and the Covid-19 pandemic have raised the urgent issue of the need for the introduction of a digital currency controlled by a state financial authority of different countries of the world. To understand the plans and prospects of further actions of the central banks of different countries, including Ukraine, regarding the studies, conduction of pilot projects and introduction of the central bank digital currencies (CBDC), an actual monitoring and analysis of the current situation and the results of the work that was already done regarding CBDC should be carried out. The scientific article is aimed at studying the current state of implementation of CBDCs in different countries. The scientific article analyzes the current state of implementation of the CBDCs by the world's leading countries, as well as their motivation and direction of their studies regarding the type of CBDCs. In order to conduct a thorough analysis a list of the countries that conduct research and start implementing the CBDCs, their digital currencies, projects and used technologies had to be done. Next, we had to study ways of cooperation between the central banks of the world on the implementation of the CBDCs. This brought us to the Bank of International Settlements, its functions, actions and working papers which include the data about the work of world’s central banks for last few years regarding the CBDC. The paper analyzes the dynamics of the CBDC implementation and the steps taken by the world's central banks in this direction. Also, a comparative analysis of the mood of central banks around the world was also conducted, based on the type of CBDC implemented and the readiness of the legal framework for the issuance of CBDC. Then, we structured the effectiveness of the used strategies of research and implementation of the CBDC by central banks of different countries of the world. After analysis the data, structuring and comparing the projects of central banks different countries (different both in size and development level) which are trying to implement CBDC in their financial system, we have made forecasts and prospects of practical application of the CBDCs.