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№ 2/2021

№ 2/2021

Fìnansi Ukr. 2021 (2): 26–48
https://doi.org/10.33763/finukr2021.02.026

MONETARY POLICY

MISHCHENKO Volodymyr 1, NAUMENKOVA Svitlana 2, MISHCHENKO Svitlana 3

1Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0002-8565-2686
2Taras Shevchenko National University of Kyiv, Research ID : http://www.researcherid.com/rid/N-5604-2019
OrcID ID : https://orcid.org/0000-0001-8582-6044
3Ivan Franko National University of Lviv, Research ID : http://www.researcherid.com/rid/M-8697-2018
OrcID ID : https://orcid.org/0000-0002-1840-8579


Central bank digital currency: the future of institutional changes in the banking sector


The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency of the central bank should be considered as a new dematerialized form of national currency in addition to cash and non-cash forms. Particular attention is paid to the study of the impact of the use of digital currency by central banks on the main parameters of economic policy. The main directions of potential influence of digital currency use on transformation of mechanisms of realization of monetary, budgetary and tax, macroprudential policy, maintenance of financial stability, activization of action of channels of the monetary transmission mechanism, and also on reforming of system of the state financial monitoring and bank supervision are substantiated. It is determined that one of the consequences of the use of digital currency will be the ability to ensure full control over all monetary transactions, which will help reduce the shadow economy and corruption. Structural and logical schemes of centralized and decentralized models of issuance and circulation of digital currency of central bank have been developed, directions of changes in the structure and functions of commercial and central banks, as well as in the structure of the financial and credit system in general have been substantiated.

Keywords:digital currency, banking sector, digital transformation, institutional frame­work, digital innovations

JEL: E44, E49, G21, G28


Mishchenko V. . Central bank digital currency: the future of institutional changes in the banking sector / V. . Mishchenko, S. . NAUMENKOVA, S. Mishchenko // Фінанси України. - 2021. - № 2. - C. 26-48.

Article original in Ukrainian (pp. 26 - 48) DownloadDownloads :689
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