INTERNATIONAL EXPERIENCE OF IMPLEMENTING A CENTRAL BANK DIGITAL CURRENCY

Abstract

The article is devoted to the current problem of the introduction of central bank digital currencies (CBDCs), which is gaining increasing importance in the context of the rapid digitalization of the global economy and the growing popularity of private digital assets. The purpose of the study is to analyze international experience in developing and testing digital currencies, study their impact on the economies of different countries, and develop recommendations for adapting digital currency implementation strategies taking into account national characteristics. It is determined that central bank digital currencies have unique characteristics that distinguish them from traditional electronic funds both in terms of the mechanism of operation and the method of storage. Attention is drawn to the fact that central bank digital currencies solve several key tasks, namely: they maintain central banks' control over money issuance, provide new mechanisms for managing monetary policy, and contribute to the growth of financial inclusion, especially in countries with a high share of the informal economy. Also, one of the key advantages of CBZs is their ability to integrate the properties of cash and electronic money, providing a convenient and secure payment method accessible to a wide audience. At the same time, central bank digital currencies also have certain disadvantages, which are often associated with the already mentioned advantages, such as lack of anonymity, capital outflow from the banking sector, insufficient user training, and cybersecurity risks. The article examines examples from China, Jamaica, Nigeria, South Korea, the Bahamas, and Haiti, which demonstrate a variety of approaches to integrating the Central Bank and face different challenges in their implementation. A model for classifying countries by their level of readiness for the implementation of the Central Bank, based on economic, technical, and social factors, is proposed. This model allows us to identify the most effective strategies for integrating digital currencies and minimizing their associated risks. The conclusions emphasize that the successful implementation of a digital currency can contribute to the sustainable development of financial markets, expanding access to financial services, and increasing trust in digital financial instruments among the population.