financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2021-25-5-133-149finance-1326Research ArticleЦИФРОВЫЕ ФИНАНСОВЫЕ АКТИВЫDIGITAL FINANCIAL ASSETSЦифровые валюты центральных банков: ключевые характеристики и влияние на финансовую системуCentral bank Digital Currencies: Key Aspects and Impact on the Financial systemhttps://orcid.org/0000-0002-0628-0133СахаровД. М.SakharovD. M.

Дмитрий Михайлович Сахаров — кандидат экономических наук, доцент Департамента мировых финансов

Москва

Дмитрий Михайлович Сахаров — кандидат экономических наук, доцент Департамента мировых финансов

Moscow

dmsakharov@fa.ruФинансовый университетРоссияFinancial UniversityRussian Federation202128102021255133149Copyright © Сахаров Д.М., 20212021Сахаров Д.М.Sakharov D.M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1326

Статья посвящена исследованию вопросов выпуска цифровых валют центральных банков (ЦВЦБ) как новой формы денег. Цель исследования состоит в выявлении основных предпосылок для выпуска цифровых валют центральных банков, обосновании ключевых характеристик цифровых фиатных денег, а также в оценке возможного влияния выпуска цифровых валют центральных банков на финансовую систему. Автор использовал следующие методы исследования: синтез, анализ, логический метод, сравнение, индукция, дедукция. Сформулированы общие принципы, которые важно учитывать при принятии решений о выпуске ЦВЦБ. Подчеркнуто, что успешная реализация проектов по выпуску цифровых денег предполагает наличие у цифровых валют центральных банков конкурентных преимуществ в сравнении с существующими формами денег. Определены основные характеристики цифровых валют центральных банков. Рассмотрен вопрос о целесообразности начисления процентов центральными банками в пользу держателей цифровой валюты. Автор отмечает, что влияние цифровой валюты центрального банка на финансовую систему в различные периоды времени будет различным в зависимости от фаз экономического цикла и уровня процентных ставок в экономике. Сделан вывод, что выпуск цифровых фиатных денег будет стимулировать процессы цифровизации финансовой системы, не создавая при этом дополнительных рисков для финансовой стабильности. Выпуск цифровой валюты центрального банка в первую очередь должен рассматриваться в рамках решения задачи развития платежной системы. Перспектива дальнейших исследований заключается в разработке механизмов технической реализации проектов по выпуску цифровых денег, принимая во внимание возможные риски, связанные с их выпуском.

This research discusses various issues associated with central bank digital currency that is identified as a new form of money. This paper aims to identify the key prerequisites for the issuance of central bank digital currencies, to discuss the key characteristics of central bank digital currencies and analyze the possible impact of central bank digital currencies on the financial system. The author uses the methods of synthesis, analysis, logical method, comparison, induction, deduction. The research highlights the key principles that should be considered when making decisions on the issuance of central bank digital currency. The paper emphasizes that the issuance of central bank digital currency can be successful if it has competitive advantages over existing forms of fiat money. The research identifies the main characteristics of central bank digital currencies. The paper discusses whether central banks should pay interest on fiat digital currencies. The author notes that the impact of central bank digital currencies on the financial system is expected to vary in different periods of time depending on the phase of the economic cycle and the level of interest rates in the economy. The research shows that central bank digital currency will stimulate the digitalization of the financial system while at the same time it will not create additional risks to financial stability. Introducing central bank digital currency is primarily aimed at promoting the efficient payment system. Further research is needed into mechanisms for the technical implementation of digital currency issuance, taking into account the possible risks associated with introducing fiat digital money.

платежная системацифровые валюты центральных банковвыпуск цифровых фиатных денегфинансовая системацифровые активыденежно-кредитная политикацентральные банкифинансовая стабильностьбанковская системацифровизацияpayment systemcentral bank digital currenciesissuing fiat digital currencyfinancial systemcrypto-assetsmonetary policycentral banksfinancial stabilitybanking sectordigitalizationСтатья подготовлена по результатам исследований, выполненных за счет бюджетных средств по госу- дарственному заданию Финансовому университету на 2021 г. по прикладной научно-исследовательской теме: «Развитие валютного полицентризма и регионализации в процессе трансформации мировой ва- лютно-финансовой системы». 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The authors declare that there are no conflicts of interest present.