Central Banks’ Digital Currency Platforms as a Factor of Fragmentation of the Global Monetary System
https://doi.org/10.26794/1999-849X-2024-17-2-40-50
Abstract
The subject of the study is the spread of digital technologies in the global economy, including in monetary and currency systems and financial markets, which determine the need to consider the processes of digitalization and their impact on the global monetary system.
The purpose of the work is to establish the consequences of the introduction of digital currencies of central banks and their use in the global monetary system (GMS) in the context of deglobalization, exacerbation of civilizational confrontation and aggravation of geopolitical risks for all its participants, and above all for Russia.
In the course of the research, the platform model of the digitalization of GMS, the motives for the introduction of the digital currencies of central banks and the conditions necessary for their functioning in international circulation, existing restrictions, as well as the opportunities and risks of Russia’s participation in these processes are considered. The negative consequences, challenges and risks associated with the GMS platform transformation have been identified As a result of the study, it was concluded that the platform format of the digitalization of the GMS in the existing geopolitical conditions lays the objective basis for its fragmentation, since both the platforms themselves and the mechanisms of interrelation between them imply the need to harmonize the rules and procedures of their functioning, technical links and standards, using bilateral and multilateral contractual agreements. The fragmentation of the global economy and finance into geopolitical blocks casts doubt on the possibility of such agreements and the formation of a unified global digital financial infrastructure.
About the Author
L. V. Krylova
Financial University
Russian Federation
Russian Federation
Lubov V. Krylova — Dr. Sci. (Econ.), Prof., Department of World Economy and Global Finance
Moscow
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Review
For citations:
Krylova L.V. Central Banks’ Digital Currency Platforms as a Factor of Fragmentation of the Global Monetary System. Economics, taxes & law. 2024;17(2):40-50. (In Russ.) https://doi.org/10.26794/1999-849X-2024-17-2-40-50
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