REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

 FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

 PUBLISHER

Liburkina L. M.

 SITE SECTIONS

Main page

Editorial staff

Editorial policy

Annotated catalogue (2011)

Annotated catalogue (2012)

Annotated catalogue (2013)

Annotated catalogue (2014)

Annotated catalogue (2015)

Annotated catalogue (2016)

Annotated catalogue (2017)

Annotated catalogue (2018)

Annotated catalogue (2019)

Annotated catalogue (2020)

Annotated catalogue (2021)

Annotated catalogue (2022)

Annotated catalogue (2023)

Annotated catalogue (2024)

Thematic sections of the journal

Proceedings of scientific conferences

Development of the Central Banks’ Digital Currency Market in a Highly Competitive Environment
Kapliar K. V.

Kapliar, Karina V. (2022) “Development of the Central Banks’ Digital Currency Market in a Highly Competitive Environment.” Business Inform 9:74–81.
https://doi.org/10.32983/2222-4459-2022-9-74-81

Section: Finance, Money Circulation and Credit

UDC 336.71

Abstract:
The purpose of the article is to theoretically and empirically examine the competition between central and commercial banks in connection with the emergence of digital money of central banks and the outflow of public funds from commercial banks. The evolution of theoretical foundations and assumptions regarding market competition is considered through the prism of emergence of private money. It is emphasized that the use of cash in many countries, including Ukraine, is declining. Under the influence of the development of financial and technological companies, there are more and more ways to make electronic payments without the use of payment cards and banking services. In many countries, the number of cryptocurrency users is growing, which further increases the level of competition between the private and public sectors. The main threats and risks to the development of the cryptocurrency market, the main advantages of cryptocurrency and the latest trends in the development of the cryptocurrency market, in particular in Ukraine, have been defined. It has been discovered that cryptocurrencies have become a means of payment in many countries, their number continues to grow. Ukraine has topped the ranking of countries with the largest share of the population owning cryptocurrencies which comprise 12.7%, entering the top 5 countries in the world in terms of the number of the users of crypto assets. The development of the cryptocurrency market has led to increased competition for private digital currencies, which has become one of the reasons for the issuance of the central bank’s digital currency (CBDC). The introduction of CBDC is mainly due to gradual trends in the digitalization of the economy, the emergence of decentralized cryptocurrencies, which have created competition to banking systems (in particular, bank settlements). However, the signs of decentralization and a high level of confidentiality, which are characteristic of cryptocurrencies and are the guarantee to demand for them, reduce the competitiveness of the CBDC and create certain risks for the global economy. A tendency has been identified for central banks to find ways to maintain a leading role in the payment system, ensuring public access to central bank money and at the same time developing innovations in the financial sector.

Keywords: digital currencies, cryptocurrencies, central banks’ digital currencies, competition in the cryptocurrency market, private money.

Tabl.: 1. Bibl.: 18.

Kapliar Karina V. – Postgraduate Student, Department of International Business, Institute of International Relations of Taras Shevchenko National University of Kyiv (36/1 Yuriia Illienka Str., Kyiv, 04119, Ukraine)

List of references in article

“ArtiTime - investytsii u platformu avtomatyzatsii krypto-P2P-torhivli“ [ArtiTime - Investment in Crypto P2P Trading Automation Platform]. 2022. https://inventure.com.ua/uk/investments/artitime-investiciyi-u-platformu-avtomatizaciyi-kripto-p2p-torgivli
Boiko, O. “Kontseptsiia pryvatnykh hroshei Fridrikha Khaieka v umovakh ekspansii elektronnykh tekhnolohii v systemu mizhnarodnykh rozrakhunkiv“ [Friedrich von Hayek's Concept of Private Money in Times of Expansion of Electronic Technologies in the International Payment System]. Ekonomichna teoriia, no. 2 (2019): 57-74. DOI: https://doi.org/10.15407/etet2019.02.057
Hudima, T. S., and Ustymenko, V. A. “Tsyfrova valiuta Tsentralnoho banku: ekonomiko-pravova kharakterystyka“ [Central Bank Digital Currencе: Economic and Legal Characteristics]. Pravovi horyzonty, no. 19 (2019): 94-100. DOI: http://www.doi.org/10.21272/legalhorizons.2019.i19.p94
Kalyta, O. V. “Tsyfrovi valiuty tsentralnykh bankiv: novi vyklyky ta mozhlyvosti“ [Digital Currencies of Central Banks: New Challenges and Opportunities]. Suchasni hroshi, bankivski posluhy ta finansovi innovatsii v tsyfrovii ekonomitsi. Kyiv, 2020. 27-28.
Koziuk, V. “Dovira do tsyfrovykh valiut tsentrobankiv: instytutsionalnyi paradoks chy vik maie znachennia“ [Confidence to Digital Currencies of Central Banks: Institutional paradox or Age Matters]. Svit finansiv, no. 2 (2020): 8-23. DOI: 10.35774/sf2020.02.008
Zarazhevska, S. “Kryptozyma pryishla i do Ukrainy. Rynok skorochuie vydatky ta donaty i chekaie na bankrutstva spekuliantiv. Khto postrazhdaie naibilshe“ [Crypto Winter Came to Ukraine. The Market Cuts Spending and Donations and Waits for the Bankruptcy of Speculators. Who Will Suffer the Most]. Forbes. June 16, 2022. https://forbes.ua/inside/kriptozima-priyshla-y-do-ukraini-ukrainski-skorochuyut-vidatki-ta-donati-i-chekayut-na-bankrutstva-spekulyantiv-khto-postrazhdae-naybilshe-16062022-6616
Mishchenko, V. I., and Naumenkova, S. V. “Superechnosti vykorystannia tsyfrovykh valiut tsentralnykh bankiv: svitovyi dosvid“ [Super-security of Digital Currencies of Central Banks: Light Evidence]. Development of Modern Economic Science in the Context of Digitalization. Riga: Baltija Publishing, 2021. 64-68. DOI: https://doi.org/10.30525/978-9934-26-159-6-17
Naumenkova, S. V., Mishchenko, V. I., and Mishchenko, S. V. “Tsyfrovi valiuty u konteksti suspilnoi doviry do hroshei“ [Digital Currencies in the Context of a Supple Trust to Pennies]. Finansovo-kredytna diialnist: problemy teorii ta praktyky, no. 2 (2018): 305-316.
“Natsionalnyi bank vitaie pilotnyi proiekt Ministerstva tsyfrovoi transformatsii shchodo vypusku prohramovanykh elektronnykh hroshei“ [The National Bank Welcomes the Pilot Project of the Ministry of Digital Transformation to Issue Programmable Electronic Money]. Natsionalnyi bank Ukrainy. December 15, 2021. https://bank.gov.ua/ua/news/all/natsionalniy-bank-vitaye-pilotniy-proyekt-ministerstva-tsifrovoyi-transformatsiyi-schodo-vipusku-programovanih-elektronnih-groshey
Pantielieieva, N., and Bondar, Zh. “Alternatyvni valiuty yak draiver hroshovoho pliuralizmu“ [Alternative Currencies as a Driver of Monetary Pluralism]. Finansovyi prostir, no. 1 (2021): 82-97. DOI: https://doi.org/10.18371/fp.1(41).2021.102111
“Rezultaty opytuvannia shchodo mozhlyvosti zaprovadzhennia e-hryvni“ [The Results of the Survey on the Possibility of Introducing the E-hryvnia]. Natsionalnyi bank Ukrainy. July 09, 2021. https://bank.gov.ua/ua/news/all/rezultati-opituvannya-schodo-mojlivosti-zaprovadjennya-e-grivni
“Tsyfrovi valiuty tsentralnykh bankiv: novi mozhlyvosti dlia platezhiv : mizhnarodna konferentsiia“ [Digital Currencies of Central Banks: New Opportunities for Payments: International Conference]. Kyiv, February 21, 2020. https://events.bank.gov.ua/cbdc2020/
Shapoval, Yu. “Tsyfrovi valiuty tsentralnykh bankiv: dosvid pilotnykh proiektiv ta vysnovky dlia NBU“ [Central Bank Digital Currencies: Experience of Pilot Projects and Conclusions for the NBU]. Ekonomika i prohnozuvannia, no. 4 (2020): 103-121. DOI: https://doi.org/10.15407/eip2020.04.103
Shkolnyi, V. “Ontolohichni zasady ta henezys virtualnykh aktyviv (kryptovaliuty) v suchasnykh umovakh rozvytku sotsialno-pravovoi systemy“ [Ontological Principles and Genesis of Virtual Assets (Cryptocurrencies) in Modern Conditions of Development of Social and Legal System]. Slovo natsionalnoi shkoly suddiv Ukrainy, no. 3 (2021): 58-61. DOI: 10.37566/2707-6849-2021-3(36)-5
“Central Bank Digital Currency Trackers“. Atlantic Council. 2022. https://www.atlanticcouncil.org/cbdctracker/
Hayek, F. A. Denationalisation of Money: The Argument Refined. The Institute of Economic Affairs, 1978.
“UN trade body calls for halting cryptocurrency rise in developing countries“. UN News. August 10, 2022. https://news.un.org/en/story/2022/08/1124362
Von Mises, L. The Theory of Money and Credit. Skyhorse Publishing, Inc, 2013.

 FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

 INFORMATION

The Plan of Scientific Conferences

 OUR PARTNERS

Journal «The Problems of Economy»