New type of money – central bank digital currency

Abstract

Now, with all the acuteness, the question has arisen about what types of money can replace cash and non-cash money that are issued by central and commercial banks. The central place in the new system may be occupied by the CBDC, or “Central Bank Digital Currency”. The People’s Bank of China, which uses the formation of an almost entirely “cashless” economy as the basis for the transition to digital currency, was the frst major central bank to test-run the issue of the CBDC. That forced central banks of leading developed countries, primarily the United States, to speed up the implementation of their own digital currencies, but as of the end of 2020, they have not yet come to a fnal opinion on how, within the framework of the chosen architecture of the CBDC, to achieve an accurate balance of sometimes conflicting goals.