Prospects for the CBDC introduction in the world and in Russia

Перспективы введения цифровой валюты Центрального Банка в мире и в России

Dyakonov, Ruslan (Дьяконов, Руслан) ()
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Dyakonov, Ruslan (Дьяконов, Руслан): Russian Presidential Academy of National Economy and Public Administration

Voprosy upravleniya / Management Issues, 2023, 5-18

Abstract: Research relevance. In the context of global digitalization and the need to establish socio-economic, financial and other ties in the face of unforeseen external shocks, such as the COVID-19 pandemic, ideas for the development and implementation of Central Bank Digital Currency (CBDC) gain more popularity in the professional and scientific environment around the world. First of all, this is due to their fundamental difference from other forms of digital coins – CBDC are directly provided with the responsibility of the regulator. The purpose of the study is to assess the prospects for the introduction of the central bank's digital currency in Russia by studying the features of digital currencies and the world practice of their implementation, determining the main advantages and disadvantages and modeling the impact of non–cash payments on the economic development of Russia in 2000-2022. Methods and methodology. The research describes digital money, analyzes their difference from classical fiat money and cryptocurrencies. On the basis of foreign literature, as well as reports of the world financial organizations, pros and cons of digital currency introduction are highlighted. Next, the world and domestic experience in the development and implementation of CBDC is considered. Based on regression analysis the impact of non-cash and cash payments on economic growth of Russia is estimated. Results. The experience of China and Sweden as one of the most advanced countries in the creation and implementation of the national digital currency in the current financial sector was noted. The experience of Russia, which has been actively working on the development of digital payment infrastructure in recent years, is analyzed. So, at the end of 2022 a special bill on the digital ruble was introduced to the RF State Duma. Based on regression modeling, the following result was obtained: cash transactions had a stronger positive effect on real GDP growth in 2020 – 2022 rather than non-cash payments. Conclusions. Full digitalization and full transition to a digital currency do not seem feasible in Russia in the short-term. Testing of other hypotheses and analysis of financial and socio-economic factors justifying the feasibility of introducing a digital currency, as well as the search for effects from the introduction of a digital currency can be the subject of further research.

Keywords: Central Bank digital currency; CBDC; digitalization; financial stability; non-cash payments; cryptocurrency; fiat money (search for similar items in EconPapers)
Date: 2023
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