The impact of the introduction of digital currencies by the Central Bank on global finance

This article is devoted to the analysis of the impact of the introduction of digital currencies of central banks on the global financial system. The paper examines the potential benefits of central securities, such as improving the efficiency of cross-border payments, strengthening financial inclusion and potentially improving the effectiveness of monetary policy, as well as the risks associated with their implementation, including threats to financial stability, competition in the banking sector and data privacy issues. The research methodology is based on the analysis of the existing literature on the topic, the study of practical examples of pilot projects of CVCS in different countries and the consideration of potential scenarios for the development and implementation of CVCS on a global scale. The study revealed that the introduction of central securities can lead to significant changes in the structure of financial intermediation, the transformation of the role of commercial banks and the impact on cross-border capital flows and exchange rates. In addition, the article discusses the integration of central securities with existing payment systems and infrastructure, as well as the potential impact on the international monetary system and the role of traditional reserve currencies. The scope of application of the research results includes the activities of central banks, commercial banks, fintech companies and regulators in the field of development and implementation of central securities. In conclusion, it is concluded that the implementation of the Central Bank is a complex and multidimensional process that requires careful analysis and consideration of various factors to ensure a balanced and sustainable development of the global financial system. The need for further research of optimal models and architecture of the Central Bank, their impact on the transmission mechanism of monetary policy and potential consequences for the international monetary system is emphasized.