DEVELOPMENT OF CENTRAL BANK DIGITAL CURRENCIES: PROSPECTS AND CHALLENGES

N.M. Apsilyam; R.E. Yakhshiboyev

Mualliflar

N.M. Apsilyam ##default.groups.name.author##
R.E. Yakhshiboyev ##default.groups.name.author##

Abstrak

This article explores the development of Central Bank Digital Currencies - (CBDCs), highlighting their key prospects and the challenges they pose to the global financial system. The paper begins by defining the significance of CBDCs as a new tool in financial policy and emphasizes the relevance of this topic in light of global changes, such as the digitalization of the economy and the growing use of cryptocurrencies. The section on prospects details the potential benefits for national economies, such as improving the efficiency of money transfers, enhancing financial inclusivity, and simplifying monetary mass regulation.

Additionally, the article examines the impact of CBDCs on financial stability and monetary policy, analyzing how the digitalization of currencies may affect inflation control and reduce transaction costs. However, alongside optimistic expectations, the paper addresses the serious challenges associated with the implementation of CBDCs. In particular, the risks of cyber threats, data security, and user privacy concerns are discussed. A critical issue is the effect of CBDCs on traditional banking structures, where the integration of new currency mechanisms into existing financial systems presents challenges.

The conclusion emphasizes the need for a comprehensive approach to the development and implementation of central bank digital currencies. It is expected that, considering all risks and advantages, CBDCs could play a significant role in the future financial world, contributing to the modernization of the global financial infrastructure and enhancing economic stability.

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