voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-4-147-159voprecotest-2723Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESЦифровые валюты центральных банков: потенциальные риски и выгодыCentral bank digital currencies: Potential risks and benefitshttps://orcid.org/0000-0001-7494-2728Синельникова-МурылеваЕ. В.Sinelnikova-MurylevaElena V.

Синельникова-Мурылева Елена Владимировна, к. э. н., с. н. с. Центра изучения проблем центральных банков ИПЭИ РАНХиГС; SPIN-код 4148-3153

Москва

Moscow

e.sinelnikova@ranepa.ruРоссийская академия народного хозяйства и государственной службы при Президенте РФРоссияRussian Presidential Academy of National Economy and Public AdministrationRussian Federation20201204202004147159Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2723

В последнее время активизировалась деятельность по созданию цифровых валют центральных банков (ЦВЦБ), продиктованная стремлением монетарных властей повысить эффективность платежных систем и выработать альтернативу проектам стейблкоинов по типу Libra. В статье обсуждаются различные виды ЦВЦБ. Особое внимание уделено потенциальным рискам и выгодам, связанным с их эмиссией, а также ее последствиям для банковской сферы и денежно-кредитной политики. Первая проблема эмиссии ЦВЦБ состоит в возможном снижении роли традиционной банковской системы. Вторая проблема касается изменения функционирования каналов денежно-кредитной трансмиссии. Третья проблема связана с тем, что в случае кризисной ситуации часть экономических агентов предпочтут перевести свои средства из коммерческих банков в ЦВЦБ в центральном банке. Это может привести к нестабильности остатков на депозитных счетах в коммерческих банках. Перечисленные проблемы тесно взаимосвязаны, а значимость и соотношение рисков и выгод от эмиссии ЦВЦБ не до конца очевидны. В то же время при правильном дизайне ЦВЦБ могут стать новым эффективным инструментом в руках монетарных властей.

A growing activity has recently been watched in the sphere of central bank digital currencies (CBDC) creation, dictated by the desire of monetary authorities to increase the efficiency of payment systems and create an alternative to stablecoin projects like Libra. The paper discusses various types of CBCDs. Special attention is paid to potential risks and benefits associated with the emission of CBDCs, as well as their consequences for the banking sector and monetary policy. The first important issue associated with CBDC emission is the potential reduction of the role of the traditional banking system. The second issue is the change in the functioning of the monetary transmission channels as a result of the CBDCs emission. The third problem arises from the fact that in the event of a crisis some economic agents will prefer to transfer their funds from commercial banks to the CBDCs because they are less risky. This situation is expected to lead to instability of balances on deposit accounts in commercial banks. The problems listed are closely interrelated, and the significance and balance of risks and benefits associated with CBDCs emission are not completely obvious. At the same time CBDCs have a potential to become a new effective tool of monetary authorities in case of their proper design.

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The authors declare that there are no conflicts of interest present.