Світовий досвід запровадження цифрових валют центрального банку: уроки для України

Olena Novosolova

doi:10.32515/2663-1636.2025.14(47).191-202

Authors

Olena Novosolova Kherson National Technical University, Khmelnytskyi, Ukraine https://orcid.org/0000-0002-5225-6353

DOI:

https://doi.org/10.32515/2663-1636.2025.14(47).191-202

Keywords:

Central Bank Digital Currencies (CBDC), financial inclusion, payment systems, monetary policy, international experience

Abstract

The article examines the challenges of implementing central bank digital currencies (CBDCs) in the context of the global digital transformation of financial systems. The relevance of the topic is driven by the increasing demands for modernizing payment infrastructure, enhancing the efficiency of monetary circulation, ensuring financial inclusion, and maintaining state control over monetary policy amid the rapid development of electronic payments and cryptocurrency technologies. The aim of the study is to provide a systematic analysis of international experience in CBDC implementation, assessing potential economic, technological, and social benefits and risks for the national economy and banking sector. The methodology is based on a comprehensive analysis of open sources, official reports of central banks and international organizations, scientific publications, and statistical data, enabling a comparative analysis of various CBDC models.

The study draws on international research demonstrating the potential of CBDCs to enhance financial inclusion, develop offline payment solutions, and optimize government payments. The experiences of Ecuador, the Bahamas, Nigeria, Jamaica, and China are analyzed, showing that the effectiveness of central bank digital currencies depends on public and business trust in the central bank, the technological reliability of the platform, institutional capacity, and user incentives through benefits, limits, and other mechanisms. The analysis indicates that CBDCs can strengthen the resilience of the national payment system, expand access to cashless transactions, and optimize monetary policy mechanisms. However, potential risks, such as deposit outflows from commercial banks or cyber threats, require careful design of the digital currency, the establishment of limits, and control over conversion.

The results confirm that the introduction of the e-hryvnia is a promising instrument for modernizing Ukraine’s financial system, promoting financial inclusion, improving the efficiency of the national economy, and integrating into the global digital financial space.

Author Biography

Olena Novosolova, Kherson National Technical University, Khmelnytskyi, Ukraine

Associate Professor, PhD in Economics (Candidate of Economic Sciences), Associate Professor, Department of Finance, Accounting and Taxation

References

Список літератури

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References

1. Abad, J., Nuño, G., & Thomas, C. (2024). CBDC and the operational framework of monetary policy (BIS Working Papers No. 1126). Bank for International Settlements. https://www.bis.org/publ/work1126.pdf [in English].

2. Anthony, N. (2025). CBDC lessons from the Caribbean: Analyzing central bank digital currency adoption in Jamaica and The Bahamas. Cato Institute. https://www.cato.org/briefing-paper/cbdc-lessons-caribbean [in English].

3. Atlantic Council. (n.d.). CBDC tracker. https://www.atlanticcouncil.org/cbdctracker [in English]

4. Auer, R., Böhmе, R., Doerr, S., Frost, J., Gambacorta, L., & Shin, H. S. (2022). Central bank digital currency: A global survey. Bank for International Settlements. https://www.bis.org/publ/bppdf/bispap125.htm [in English].

5. Caccia, E., Tapking, J., & Vlassopoulos, T. (2024). Central bank digital currency and monetary policy implementation (ECB Occasional Paper No. 345). European Central Bank. https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op345~4b4eeee055.en.pdf [in English].

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18. Lukonga, I. (2023). Monetary policy implications of central bank digital currencies: Perspectives on jurisdictions with conventional and Islamic banking systems (IMF Working Paper No. 060). International Monetary Fund. https://www.imf.org/en/Publications/WP/Issues/2023/03/17/Monetary-Policy-Implications-Central-Bank-Digital-Currencies-Perspectives-on-Jurisdictions-531074 [in English]

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20. People's Bank of China. (2021). Progress of research & development of E-CNY in China. http://www.pbc.gov.cn/en/3688110/3688172/4157443/4293693/index.html [in English]

21. Tourpe, H., Lannquist, A., & Soderberg, G. (2023). A guide to central bank digital currency product development: 5P methodology and research and development (Fintech Notes No. 007). International Monetary Fund. https://www.imf.org/en/Publications/fintech-notes/Issues/2023/09/08/A-Guide-to-Central-Bank-Digital-Currency-Product-Development-538496 [in English]

22. White, L. H. (n.d.). The world’s first central bank electronic money has come – and gone: Ecuador, 2014–2018. Cato Institute. https://www.cato.org/blog/worlds-first-central-bank-electronic-money-has-come-gone-ecuador-2014-2018 [in English]

23. CSDN Blog. (2025). 数字人民币分析报告(2025-6月). https://blog.csdn.net/a1761206938/article/details/148834123 [in Chinese]

24. PANews. (2020). 数字人民币概述：属性、历程、动因及目标. https://www.panewslab.com/zh/articles/D02063799 [in Chinese]