CC BY
1010 Igor A. Balyuk
Doctor of Economics, Associate Professor, Professor of the Chair of World Economy and World Finance, Financial University under the Government of the Russian Federation
Leningradsky Ave., 49, Moscow, 125167 E-mail: iabalyuk@fa.ru
Central bank digital currencies: International experience and implementation prospects
Currently the issues of introducing central bank digital currencies (CBDC) are among the most discussed ones among economists and regulators around the world. Based on the analysis of international experience of piloting and introducing CBDC, the paper determines the current state and prospects for the implementation of CBDC globally and identifies the key features of using and regulating it by individual countries. The author notes that though the main tasks for central banks of most countries are similar, nevertheless, the priority goals of regulators when developing models of national CBDC differ. In developed countries central banks are aimed at ensuring the security and efficiency of domestic and external payments, as well as maintaining financial stability. In developing countries central banks focus primarily on ensuring financial inclusion. The paper concludes that at present many aspects of the implementation of CBDC are quite controversial, and there are not only the positive sides, but also the potential risks of its introduction. In this regard, the implementation of any CBDC requires an in-depth comprehensive analysis and careful consideration. The attitude towards CBDC will vary across countries, considering economic conditions and user priorities. In general, CBDC can become an important financial tool for national central banks to provide secure means of payment.
Keywords: CBDC, Bank for International Settlements, cross-border payments, digital settlements, pilot projects, e-CNY, monetary policy, global finance.
JEL Classification: F30, G15
For citation: Balyuk I.B. Central bank digital currencies: International experience and implementation prospects. World Economy and World Finance, 2024, vol. 3, no. 1, pp. 39-45. DOI: 10.24412/2949-6454-2024-0050
Балюк Игорь Алексеевич ©
доктор экономических наук, доцент,
профессор кафедры мировой экономики и мировых финансов, Финансовый университет при Правительстве Российской Федерации
Ленинградский пр-т., 49, Москва, 125167 E-mail: iabalyuk@fa.ru
Цифровые валюты центральных банков: международный опыт и перспективы внедрения
В настоящее время вопросы внедрения цифровых валют центральных банков (ЦВЦБ) являются одними из наиболее обсуждаемых среди экономистов и регуляторов разных стран мира. В статье на основе анализа международного опыта тестирования и внедрения ЦВЦБ определяются текущее состояние и перспективы использования ЦВЦБ в глобальном масштабе, а также выявляются ключевые особенности их применения и регулирования отдельными странами. Автор отмечает, что хотя основные задачи для центральных банков большинства стран схожи, тем не менее приоритетные цели регуляторов при разработке моделей национальных ЦВЦБ в разных странах различаются. В развитых странах центральные банки стремятся к обеспечению безопасности и эффективности внутренних и внешних платежей, а также к поддержанию финансовой стабильности. В развивающихся странах центральные банки стараются прежде всего обеспечить финансовую доступность. В статье делается вывод о том, что в настоящее время многие аспекты внедрения ЦВЦБ являются достаточно дискуссионными, существуют не только положительные стороны, но и потенциальные риски использования ЦВЦБ. В связи с этим внедрение любой ЦВЦБ требует проведения углубленного всестороннего анализа и тщательной подготовки. Отношение к ЦВЦБ будет различаться с учетом экономических условий и приоритетов пользователей. В целом, ЦВЦБ может стать для национальных центральных банков важным финансовым инструментом, позволяющим предоставлять безопасные платежные средства.
Ключевые слова: ЦВЦБ, Банк международных расчетов, трансграничные платежи, цифровые расчеты, пилотные проекты, цифровой юань, денежно-кредитная политика, мировые финансы.
Для цитирования: Балюк И.А. Цифровые валюты центральных банков: международный опыт и перспективы внедрения // Мировая экономика и мировые финансы. 2024. Т. 3. № 1. С. 39-45. DOI: 10.24412/2949-6454-2024-0050
Digitalization of the world economy and global finance that has been gaining momentum in recent years, the coronavirus pandemic, increased geopolitical tensions in the world, the growing popularity of private cryptocurrencies and a number of other factors have forced central banks of many countries around the world to think about the development and subsequent implementation of an official national digital currency that could become an additional form of money and circulate in parallel with traditional non-cash and cash funds. This is how the concept of a new form of national money arose, which in international practice received the official name "central bank digital currency" (CBDC). According to the definition of the Bank for International Settlements (BIS), "CBDC is a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank" [Central bank digital currencies: foundational principles and core features, 2020. P. 3]. It will combine the features of private cryptocurrencies and national fiat money. The national currency will be issued and exist in a digital format, and all transactions with it will be reflected in payment and settlement systems using blockchain technology.
The initiator of the public discussion related to CBDC was the Bank of England in 2014 [Kuznetsov, 2022], and currently the issues of introducing CBDC are among the most discussed ones among economists and regulators around the world. The leading international financial institutions have published special studies on the prospects for introducing a new form of money [Kochergin, 2022. P. 53].
Internationally, the BIS coordinates the activities of national central banks related to the introduction and implementation of CBDC. In January 2020, the BIS, together with the central banks of Canada, England, Japan, Sweden, Switzerland, as well as the European Central Bank (ECB), set a special group to exchange experience regarding the use of CBDC. The group aims to evaluate various options for using CBDC, as well as economic, functional and technical characteristics of CBDC, including its implementation for cross-border transactions, and to share knowledge on new technologies.
Since 2019, Innovation Hub as a part of the BIS has been operating. It has representative offices in different countries of the world: Switzerland (Basel and Zurich), Hong Kong, Singapore, Great Britain (London), Sweden (Stockholm), France (Paris) and Germany (Frankfurt am Main). Its main function is to assist central banks of different countries in implementing modern innovative technologies to solve existing problems in the national financial sector and ensure monetary and financial stability.
In 2023, Innovation Hub took part in implementing 26 projects. 15 projects were related to CBDC and aimed at enhancing the efficiency of payment systems. This reflected the interests and current priorities of national central banks and the plans of the Group of Twenty (G20) to improve cross-border payment practices.
Based on the knowledge gained in the process of implementing projects related to wholesale CBDC (for example, the Helvetia project), Innovation Hub began to experiment more with retail CBDCs, for example, developing the technological architecture of a two-level distribution model (Aurum project), exploring the possibility of distributing retail CBDC via API — an open ecosystem of application programming interfaces — (Rosalind project), addressing issues of enhancing cybersecurity (Polaris and Sela projects), sustainability (Polaris project), as well as scalability and privacy (Tourbillon project).
Issues were explored related to how wholesale and retail CBDC (the Icebreaker project), as well as the interaction of national payment systems (the Nexus project), can provide cheaper, faster and more transparent cross-border payments. Three experiments using several CBDCs simultaneously (projects Jura, Dunbar and mBridge) showed that common platforms using different digital currencies are technically feasible and reduce costs, speed up settlements and increase the transparency of transactions. The possibility of creating automated market makers in the international foreign exchange market using CBDCs (Mariana project) was also studied.
A 2021 BIS survey of central banks found that 86% are actively exploring the potential of CBDC, 60% are experimenting with the technology and 14% are implementing pilot projects [BIS Innovation Hub work on central bank digital currency (CBDC)]. The greatest interest among central banks is in retail CBDCs projects aimed at a wide range of users (including individuals). Wholesale CBDCs are more designed for cross-border payments (for example, the Dunbar project mentioned above, which is designed to simplify and speed up cross-border payments, as well as reduce the associated transaction costs by combining several CBDCs on one platform). In most cases, interest in the introduction and implementation of CBDC is determined by the need to arrange domestic payments, rather than cross-border payments [Krivoguz, 2023. P. 10].
However, after pilot testing of CBDCs by various countries, plans for its issue were suspended. For example, Sweden's central bank (Sveriges Riksbank) concluded that distributed ledger technology lacks performance and scalability, the Eastern Caribbean Central Bank noted that in the event of prolonged power outage, blockchain cannot provide stability comparable to cash, and early in 2022, the UK House
of Lords spoke out against the launch of a digital pound due to the risks of financial destabilization, increasing the cost of credit and undermining privacy [Kuznetsov, 2022].
The world's first CBDC was issued in 2014 in Ecuador, which uses the US dollar as its official currency. However, the Dinero Electronico project was discontinued due to the high costs of its maintenance and the lack of sufficient demand from users (less than 3% of the country's population took part in the project). The main reason why the country's central bank failed to attract a sufficient number of clients to its platform was the lack of trust in government agencies [Central bank digital currencies: typology, design and Russian specifics].
At present, according to the BIS, Jamaica, the Bahamas, the Eastern Caribbean Central Bank and Nigeria are already using retail CBDCs. In the Bahamas, the "sand dollar" was introduced into circulation in October 2020. The prerequisites for its implementation include the low level of accessibility of banking services on remote islands. Digital wallets can be accessed using a physical payment card or a mobile application. At the end of 2021, there were about 20 thousand users (country population — 396 thousand). Jamaica issued its Jam-Dex currency in the summer of 2022. It was initially implemented in 9 of the 14 counties, but it was expected to be available nationwide by the end of 2023.
Among the countries testing CBDCs, the undisputed leader is China. The People's Bank of China (PBOC) began work on the digital yuan (e-CNY) in 2014. At the initial stage in 2014-2016 the PBOC created a group to study digital currency and began research in this area. In 2016, a conceptual prototype of the first generation of the Chinese digital currency was developed. The PBOC created the Digital Currency Institute and defined the main characteristics of the digital yuan. At the end of 2017, the PBOC began preparations for the launch of a pilot project related to using retail digital yuan. The implementation of it began at the end of 2019 in four cities of the country and at the sites of the 2022 Winter Olympic Games in Beijing. In November 2020, six more cities joined the pilot project. In 2022, new cities and regions of China became participants in the project (23 in total).
In January 2022, a special application related to using digital yuan (e-CNY App) was launched. Residents of the country can download the application after registering to use it in 11 pilot regions in China. Testing of the digital yuan also took place in February-March 2022 at Olympic venues in Beijing. Non-residents used the app, electronic card or special wristbands with built-in digital yuan wallets to make fast payments at Beijing Winter Olympics venues. Payments amounting to over 2 million yuan were made daily, both by residents of the country and foreign citizens.
By early 2022, 230 million digital yuan transactions had been completed, valued at approximately 88 billion yuan. More than 3.6 million merchants accepted digital yuan as a means of payment [Mu, 2023]. It was used for paying housing, government and transportation services, as well as at catering outlets and in the shops.
The largest commercial banks in China, mobile operators such as China Mobile, China Unicom, and Ant and Tencent internet companies are participating in the pilot project. According to the PBOC, the volume of digital yuan in circulation at the end of 2022 was 13.6 billion (about $2 billion)1. In addition to China, the central banks of India, Ghana, Canada, the United Arab Emirates, Saudi Arabia, Uruguay, France and Iran are also testing CBDC.
Since 2017, the BIS has annually conducted a survey of various national central banks related to their attitude towards the use of CBDC. A 2022 BIS survey of 86 central banks from 28 developed countries and 58 developing and emerging markets found that by 2030, 15 national retail digital currencies are expected to emerge globally, and 9 wholesale digital currencies could be introduced for use in financial markets over the next 6 years. In general, 9 out of 10 central banks are already working on the upcoming introduction of CBDC into circulation [Kosse, Mattei, 2023, P. 17]. At the same time, most of the leading central banks of the world, in their forecasts and assessments of the prospects for introducing their own CBDC, avoid any exact deadlines or time guidelines [Nesterov, 2023. P. 39].
Having summarized the experience of testing and using CBDCs by various central banks, employees of the Financial Stability Institute (FSI) at the BIS have identified two main problems that may arise in connection with the potential implementation of CBDC [Central bank digital currencies — Executive Summary, 2023]. The first problem is the disintermediation of commercial banks that are deprived of deposits of individuals, since depositors will prefer to keep their own funds in the form of retail CBDC. In addition, if a crisis situation occurs in the economy, bank depositors may want to transfer their deposits to a risk-free asset in the form of retail CBDC, thereby increasing the threat of financial destabilization. The second problem is the lack of anonymity when using retail CBDC, since the user leaves behind a digital trace containing personal confidential information that may become available to a third party (external source) as a result of a hacker breaking into the system or cyber fraud. Suggested ways to mitigate existing risks include limiting the amount of CBDC that can be held by one person, rewarding commercial banks
1 Official website of Xinhua News Agency. URL: https://russian.news.cn/20230125/e5ff2163d9f74d95ae306cca3cbc830e/c.html (date
of access: 25.02.2024).
with a premium from the central bank, and establishing a robust regime for the secure management of personal data.
According to some experts, the introduction of CBDC, in addition to the general risks connected with financial assets, and technological risks (including environmental ones) caused by implementing innovative technologies, can lead to the emergence of macroeconomic, macrofinancial, as well as social and legal risks [Kuznetsova, Larina, 2023. P. 11-12]. The potential consequences of the impact of these risks on the economy and finances of individual countries of the world have not yet been sufficiently studied.
Central banks of most countries have similar problems to solve. They strive to ensure the security and efficiency of internal payments, maintain financial stability, enhance the efficiency of monetary policy and cross-border payments, as well as to provide the financial inclusivity [Krylova, Lukashenko, 2022. P. 224]. In this regard, the implementation and use of CBDC makes it possible to carry out various types of financial transactions faster, more efficiently and at lower costs compared to traditional payment systems. As for the use of CBDC for cross-border payments, in this case one of the main tasks to be solved will be to ensure interoperability (i.e. technical and technological compatibility) of payment systems of different countries of the world. The solution to this problem will depend primarily on the activity of national central banks [Nagel, 2022].
At the same time, the priority goals of regulators when developing models of national digital currencies in different countries are not similar. Central banks in developed countries explore the possibilities of national CBDC primarily to ensure the security and efficiency of internal and external payments, as well as maintain financial stability. Central banks in developing countries introducing CBDC, in addition to providing the security and efficiency of internal payments, aim at ensuring financial inclusion. This goal is not among the priorities of developed countries [Boar, Holden, Wadsworth, 2020]. In general, according to the BIS, CBDCs play a more prominent role for developing countries compared to developed ones [BIS Annual Economic Report. June 2018. P. 8]. This conclusion is confirmed by the fact that the currently used CBDCs were introduced into circulation by the central banks of developing countries, and the share of developing countries and emerging markets that conduct experimental testing of retail and wholesale CBDCs is one and a half times higher compared to developed countries [Kosse, Mattei, 2023. P. 6].
Summarizing the above, we can conclude that at present, many aspects of the implementation of CBDC are quite controversial, and international experts and financial institutions point out not only the positive sides, but also the potential risks of its implementation. In this regard, according to the BIS experts, the implementation and further use of any CBDC requires an in-depth comprehensive analysis and careful consideration [Central bank digital currencies: ongoing policy perspectives, 2023. P. 3]. The degree of CBDC's influence on the national financial system and the conditions for conducting monetary policy will be largely determined by the characteristics of the new form of money and its practical demand on the part of economic entities [Sakharov, 2021. P. 142].
The increased interest in CBDC is due to the desire of national central banks to satisfy the existing demand in society for payments in digital format. Central banks are concerned about the potential risks of financial instability connected with the active use of private cryptocurrencies and its impact on the results of monetary policy [Korableva, Krasnov, 2023. P. 32]. In these conditions, CBDC can become an important tool for central banks to continue providing secure means of payment in parallel with the wider digitalization of people's everyday lives [Mikhaylishin, 2021, P. 305].
It is likely that attitudes towards CBDC will vary across countries, considering economic conditions and user priorities. In those countries where digital payments are already quite active, and the circulation of cash is decreasing, CBDCs will enable central banks to ensure the constant availability of digital means of payment for legal entities and individuals. In countries with less active digital payments, providing financial inclusion may be one of the most important factors [Auer, Cornelli, Frost, 2020. P. 28].
The final choice by national central banks of the appropriate architecture for CBDC and the infrastructure for its implementation will be determined by local financial, economic and socio-cultural conditions. Considering the irreversibility of digitalization of the world economy and global finance, the implementation and use of CBDC by different countries seem quite logical and objective and is only a matter of time. At the same time, central banks should not be too hasty, but undue delay will allow other countries to gain a certain competitive advantage in the international financial market.
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