Central Bank Digital Currencies as the Instrument of National Economic Sovereignty Consolidation

DOI

10.2991/aebmr.k.200502.102How to use a DOI?

Keywords

blockchain, distributed registers, private virtual currencies, central bank digital currencies (CBDC), China’s National Digital Currency (DCEP), money and credit policy

Abstract

Subject. The scientific community attention is directed to the issuance of sovereign digital currencies by Central Banks based on blockchain technologies and cryptography. Objective. Study of the main directions of activity of central banks for creating digital currencies with the purpose to improve the Central Bank of Russia monetary policy. The experience of creating the digital currency, crypto yuan, by People’s Bank of China, has been investigated, and mechanisms of its integration into the existing money and credit system have been specified. Methodology. Comparative analysis and system approach methods, formal logic, empirical study (data comparison, collection, and investigation) are applied, that allowed assessing the directions of digital currencies development. Conclusions: The Central Bank digital currencies combine the best qualities of private virtual currencies (transaction performance rates, reliability, fixity and irreversibility) and properties of fiduciary money with its centralized emission and state provision. Emission of digital currencies can change the modern banking system architecture crucially, and it will allow solving current issues of monetary and credit policy. An assumption was made that digital currencies can act as an instrument of consolidation of the national economic sovereignty in the conditions of the starting decomposition of the uniform world market into macro regions, growth of global recession risks and finance instability.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - T.G. Volkova
AU  - Yu.V. Sevryugin
AU  - S.N. Firsova
PY  - 2020
DA  - 2020/05/05
TI  - Central Bank Digital Currencies as the Instrument of National Economic Sovereignty Consolidation
BT  - Proceedings of the 2nd International Scientific and Practical Conference “Modern Management Trends and the Digital Economy: from Regional Development to Global Economic Growth” (MTDE 2020)
PB  - Atlantis Press
SP  - 632
EP  - 637
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200502.102
DO  - 10.2991/aebmr.k.200502.102
ID  - Volkova2020
ER  -