Implications of the Introduction of Retail Digital Currencies by Central Banks for International Economic Relations

Abstract

The article systematizes the consequences of the introduction into circulation of the so-called third form of money – retail digital currencies of central banks. Forms of money are evolving under the influence of various factors, and the current period is characterized by the spread of both private digital assets and digital currencies of central banks. Empirical experience has not yet been accumulated, and the article reviews the results of current theoretical research on the possible consequences of the possibility of issuing digital currencies of central banks, presents possible characteristics of this form of money. The further spread of the studied digital currencies depends on their configuration and on the settings of the so-called currency design, the variants of which are presented in the article. The authors analyze the consequences of the introduction of retail digital currencies from the perspective of their possible impact on the transmission mechanism, on the structure of monetary circulation, as well as on the use of the national currency as a global means of payment. It is concluded that the formation of new models of the functioning of monetary systems, taking into account the spread of digital currencies of central banks, will change the existing economic, financial and trade relations both within individual states and in the global space.