Central Bank Digital Currencies: International Experience and Development Risks

The article examines the international experience of introducing central bank digital currencies (CBDCs), covering both wholesale CBDCs used for transactions between financial institutions and retail CBDCs intended for citizens and businesses. Key trends are analyzed, including the rapid expansion of countries engaged in pilot projects and research, the growing scale of transactions in major national initiatives (China, India, Brazil), as well as the intensification of cross-border projects such as mBridge and Project Agorá. Particular attention is paid to the motivations for implementation – modernizing payment infrastructure, increasing financial inclusion, strengthening monetary sovereignty, and reducing dependence on the dollar-centric system. The study also highlights risks such as cyber threats, potential outflow of deposits from commercial banks, issues of confidentiality, and legal barriers. It concludes that CBDCs are becoming an integral element of the transformation of the global financial system. Their successful adoption requires international coordination, the development of interoperable protocols for cross-border settlements, and robust data protection mechanisms.