title: Modern models of systems of central bank digital currency
metadata.name: dc.contributor.author
metadata.value: Kochergin, Dmitry A.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2021-11-17T12:27:11Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2021-11-17T12:27:11Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-06
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Kochergin D. A. (2021) Modern models of systems of central bank digital currency. St Petersburg University Journal of Economic Studies, vol. 37, iss. 2, pp. 205–240.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2021.202
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/33613
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: The article examines modern models of digital currency systems of central banks (CBDC)
  for retail payments and wholesale settlements. The study gives economic interpretation and
  defines the key characteristics of central bank digital currencies, identifies the features of the
  main models of digital currencies systems and analyzes the most advanced national implementation
  projects of CBDC. The study concludes that the digital currencies of central banks
  are a new (digital) form of fiat money. The implementation of digital currencies of central
  banks is due to the need to improve the efficiency of the monetary and payment systems and
  is aimed at preserving of the central banks as a monetary issuer. The main advantages of digital
  currencies for retail payments are the offer of a highly liquid, low-risk and universally accessible
  means of payment. The key benefits of wholesale digital currencies are to provide faster,
  safer, and cheaper cross-border payments. Among the models of digital currencies systems for
  retail payments (R-CBDC) the model of hybrid system is characterized by the best reliability
  and speed when processing a large number of payment transactions. Therefore, these systems
  are the most promising for implementation. Between the models of systems for wholesale payments (W-CBDC) systems with a universal digital currency are the most suitable for eliminating
  the main problems of cross-border payments. However, the implementation of such
  systems may require a large number of technological, managerial and financial changes in the
  payment systems of central banks. Currently, the most advanced project for issuing R-CBDC
  is the DCEP system of the People’s Bank of China, which is implemented on the basis of a
  hybrid model. W-CBDC projects are implemented jointly by the central banks of the leading
  countries, as they require financial and technological unification of settlements. Most projects
  of W-CBDC involve the use of systems with a convertible or universal digital currency.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: ru
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 37; Issue 2
metadata.lang: -
metadata.name: dc.subject
metadata.value: central bank digital currencies
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: fiat money
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: money of central bank
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: models of digital currencies systems for retail payments
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: models of digital currencies systems for wholesale settlements
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Modern models of systems of central bank digital currency
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 205-240.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/33613/1/205-240.pdf
resources.format: Adobe PDF
resources.size: 2,07 MB