Central Bank Digital Currency: Models and Risks for Monetary Regulation

Abstract

The relevance of the emission of digital currency by central banks is due to the proliferation of virtual assets, an increase in the share of non-cash payments, and the rapid development of the fintech sector. Monetary regulators are studying the possibilities of issuing their own digital currency in order to make the most of the capabilities of distributed ledger systems in realizing their goals and objectives. The controversial nature of the issue of digital currency emission by the central bank necessitates additional research on this topic due to the uncertainty of the legal and economic status of virtual assets, problems that may arise during the implementation of monetary policy, and the economic feasibility of introducing such a project at the present stage. The article examines the prerequisites for the emergence of projects of the central bank digital currency (CBDC), the emission model of CBDC, the risks of its practical implementation.