Victor Dostov
ABSTRACT
In the context of digitalization and the declining role of cash in the economy, central bank digital currencies (CBDC) are a promising direction for the development of payments. Many countries have started research in this direction. The status of research varies – some countries are at the stage of public discussions; others are preparing the concept of CBDC to test or launch a ready-made solution. This article analyzes the Bank of Russia's program to create a digital ruble and compares the proposed ways to build a CBDC in Russia with the experience of other countries. The focus is on the analysis of the development of digital currencies in Sweden, China, the European Union and the Bahamas. It is established that central banks do not have a clear opinion on the level of authority of the Regulator in ensuring the functioning of the system, centralization and tokenization of CBDC. The article highlights the main trends in the development of digital currencies. It is established that an essential factor for building a CBDC is the central bank's understanding of the purpose of introducing a digital currency in the country. For the digital ruble, recommendations for building relationships with clients and intermediaries based on the experience of other countries are formulated.
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