«Digital money» and currency convertibility

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This paper is an economic-theoretical study of the use of central bank digital currencies in international economic relations, primarily in international trade. The subject of the study is the economic-theoretical possibility of using digital currencies as a freely convertible currency, an alternative to the US dollar. The aim of the work is to determine this possibility. The study focuses on the objective necessity and essence of globalization and deglobalization. The quality of a national currency as a freely convertible currency is determined in the context of balance of payments operations (current and capital account operations). Circumstances are identified that limit and make it economically inexpedient to abandon the US dollar in international settlements in the medium term. A significant theoretical condition for the impossibility of using central bank digital currencies as a freely convertible currency is determined.

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Deglobalization, international trade, digital money, central bank, currency, Triffin paradox, currency clearing

Короткий адрес: https://sciup.org/142245980

IDR: 142245980   |   УДК: 336.74   |   DOI: 10.17513/vaael.4333