ЦИФРОВЫЕ ВАЛЮТЫ ЦЕНТРАЛЬНЫХ БАНКОВ: ОПЫТ ВНЕДРЕНИЯ И КОНЦЕПЦИИ РАЗВИТИЯ

A Public Option for Bank Accounts (Or Central Banking for All)

The current era of digitalization has made everything digital, including currency. Other countries' currencies have implemented a Central Bank Digital Currency (CBDC) or an official digital currency issued by a central bank, such as El Salvador, Bahamas, China and Nigeria. The background to this research is that until now, there has been no precise legal regulation for using this digital currency in implementing CBDC use in Indonesia, even though the digital currency has been implemented in several countries, as mentioned above. This research uses qualitative research methods by implementing the use of CBDC in Indonesia and examining relevant legislation using it. The next stage uses comparative techniques with several countries, namely Bahamas, China, and Nigeria. The results of this research found that CBDC in Indonesia still needs to have legal regulations or laws that clearly regulate the implementation of CBDC. Rules regarding this use Law Number 7 of 2011 concerning Currency. However, the issuance of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (UU P2SK) opens up opportunities for the issuance of CBDC. Apart from that, Bank Indonesia also launched a project called White Paper "Garuda Project". According to the project, CBDC will be issued in 2025, which increases the chances of CBDC being issued in Indonesia.

Central bank digital currency: A systematic literature review using text mining approach

Regulating Central Bank Digital Currencies: Towards a Conceptual Framework

This paper explores the impact of Central Bank Digital Currency (CBDC) volatility on the efficiency of monetary policy, focusing on its role in financial inclusion and investment. As the world increasingly embraces digital currencies, central banks are exploring the potential benefits and risks associated with CBDCs. Volatility in CBDCs may have significant implications for the effectiveness of monetary policy, potentially influencing inflation control, interest rates, and economic stability. Moreover, CBDCs' introduction could either enhance or hinder financial inclusion by providing new opportunities for unbanked populations or exacerbating existing disparities. The paper reviews existing literature on CBDCs, highlighting key findings on their volatility and its effects on policy formulation. Furthermore, it assesses how volatility may impact investment decisions, both in terms of risk perception and market behavior. By examining the intersection of monetary policy, financial inclusion, and investment, this paper aims to provide a comprehensive understanding of CBDCs' potential in shaping modern economies. It is critical for policymakers to consider the dynamic nature of CBDC volatility when designing strategies for effective financial inclusion and sustainable investment. The paper concludes by identifying gaps in the current literature and proposing future research directions to further explore CBDC's impact on global economic systems. Ultimately, this review underscores the importance of mitigating volatility to maximize CBDCs' benefits in fostering inclusive economic growth.

Between the worldwide digital currencies one can also pinpoint those of central banks being a part of the move towards a cashless society. Several worldwide central banks are already planning to issue them, while others are conducting studies on them. Literature of the topic is heavily increasing, including understanding central bank digital currencies (CBDCs), their risks, and central banks’ future position towards them. This paper analyzes Twitter data tagged with the “cbdc” hashtag and posted between January 2021 and January 2023, with the aim of highlighting the change regarding citizens’ perceptions towards central banks’ digital currencies. The authors extracted 124,946 positive, negative and neutral tweets from Twitter which they further analyzed by using a Python script, in the end highlighting different views on the potential benefits and drawbacks of CBDCs. The results show a growing debate and discussion around the use of CBDCs, with citizens expressing concerns about their potential consequences on civil liberties and financial control, while others highlight the benefits of CBDCs such as financial inclusion and tackling money laundering and terrorism. The paper enriches literature related to the study of consumer sentiment towards digital currencies, highlighting the significance of social media platforms for sharing opinions on emerging financial technologies. Central banks can use social media tools to shift citizens’ sentiments and perspectives, including on topics such as CBDCs, by publishing explainers, replying to comments on relevant topics, and increasing posts’ numbers, as they analyze whether and how CBDCs will be implemented. Research on consumer sentiment on this topic is useful as it can help central banks in adapting their strategies accordingly so that they can better achieve their objectives.

In recent years, private digital currency based on blockchainindustry has caused many doubts, such as privacy infringement, money laundering tools, consumer protection and financial stability. However, as digital currency has gradually become the important issue, the central banks of various countries have already started to study the central bank digital currency (CBDC). In this paper, firstly, the concept of private digital currency and its derivative issues are explained. Secondly, based on the two chains scheme of the blockchain, a CBDC system is established to facilitate supervision, which stores and accesses transaction information and verification information separately to balance the user privacy security and the convenience of supervision. Meanwhile, the consortium blockchain is settled to the public chain to protect the reliability of the data. Moreover, although some countries have started to develop CBDC, laws and regulations which regulate various aspects of it are still deficient. Therefore, in this paper, in addition to proposing a general outline of the legal system regulating the CBDC, it also illustrates separately the monetary rights and obligations of the central bank, merchant banks and the public, which will be helpful for the future legal construction.

Abstract: This research book, Digital Currencies and Financial Inclusion: Bridging the Gap for Global Empowerment, offers a critical, multidisciplinary analysis of how digital financial technologies—specifically cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs)—can enhance global financial inclusion. Grounded in theories of inclusive finance, development economics, and digital innovation, the work explores the structural barriers that limit access to formal financial systems for marginalized populations, including poverty, informality, institutional exclusion, and digital illiteracy. Employing a comparative framework, the book evaluates case studies from Kenya (M-Pesa), Nigeria (eNaira), China (e-CNY), and El Salvador (Bitcoin), demonstrating the context-specific dynamics that determine digital currency success or failure. Methodologically, it integrates conceptual analysis, empirical evidence, and regulatory review to assess how digital currencies can improve affordability, accessibility, and participation in the financial ecosystem. Key findings highlight that digital currencies can significantly lower transaction costs, facilitate mobile-based financial services, and support programmable financial inclusion tools—such as conditional transfers and microloans—particularly in the Global South. However, challenges remain in regulatory harmonization, infrastructure deployment, and ethical safeguards. The book culminates in a policy–technology–society framework that outlines the prerequisites for building inclusive, secure, and scalable digital currency ecosystems. Its implications extend to central banks, governments, development institutions, and fintech innovators aiming to promote equitable digital financial futures. Keywords Digital currencies, financial inclusion, CBDCs, stablecoins, cryptocurrencies, mobile money, programmable finance, digital wallets, M-Pesa, eNaira, e-CNY, Bitcoin, financial empowerment, regulatory frameworks, infrastructure, AML, KYC, cross-border remittances, digital literacy, inclusive finance, fintech policy, global development.

This article discusses the transformation of international payments that continues to develop along with technological advances and increasing needs for efficiency, speed, and security in conducting cross-border transactions. This development is marked by the innovation of international payments with the existence of CBDC (Central Bank Digital Currency) and its integration with fintech, as a digital currency issued by the Central Bank. In this study, the research method used is a qualitative descriptive method. Where data can be obtained through informal group discussions, literature studies, and from various sources of information related to the transformation of international payments, CBDC, and the fintech ecosystem. The results of the study show that there has been a transformation of international payments that started from manual or cash transactions, until now it can carry out digital payment transactions using CBDC payment innovations. However, there are challenges or risks in using CBDC, namely related to data security and privacy, new financial technology regulations, changes in consumer behavior, and financial stability risks. This article is expected to provide insight for industry players to be able to utilize the potential of CBDC and fintech in building a more modern and sustainable international financial system.

The central bank digital currency (CBDC), which is a digital analogue of the national currency, issued and controlled by the central bank, is studied. It combines the advantages of traditional money and digital technologies, ensuring the speed, security and efficiency of financial transactions. It is determined that digital currency contributes to financial stability, reduces the costs of cash circulation and improves the availability of banking services for the population. It also helps to combat financial crimes, increases the transparency of transactions and can become an effective instrument of monetary policy. In addition, CBDC is able to compete with private digital currencies and improve international settlements. Its implementation is an important step in the development of a modern financial system, ensuring the stability and technological adaptation of the economy. The main economic, technological, political and social factors influencing the development of CBDC are considered. It is determined that CBDC is a powerful tool, but its implementation is associated with risks for financial stability, privacy, the banking sector and cybersecurity. To minimize these risks, states must ensure a balance between technological capabilities and citizens' rights. The concept of creating an e-hryvnia is substantiated, determined on the basis of world experience and the peculiarities of the financial market infrastructure of Ukraine.

We build models with an interest-bearing central bank digital currency (CBDC) to investigate whether the interest-bearing CBDC can lead to financial disintermediation. In the benchmark model with only CBDC, entrepreneurs can deposit their idle CBDC and banks can hold CBDC to satisfy the reserve requirement. CBDC and bank deposits become complements. A higher CBDC interest rate always promotes investment and may or may not reduce bank lending, because the higher return on CBDC encourages entrepreneurs to accumulate more CBDC and deposit more. More deposits could in turn lead to more bank lending. The interest rate on reserves and the reserve requirement ratio can be effective policy tools that affect bank lending and investment. We consider extensions where cash and interest-bearing CBDC can coexist. The coexistence may require the central bank to adjust the CBDC interest rate or the interest rate on reserves. Our results suggest that the relationship between CBDC and bank deposits are crucial for understanding the effects of CBDC on banking and the macroeconomy.

Central Banks across the globe are examining the prospect of their digital currency called central bank digital currency (CBDC). The rise of cryptocurrency and the digitalization of the financial sector have induced countries to conduct extensive research to issue their digital currencies, while few have already issued, and some are undertaking extensive pilot tests of CBDC. In this context, the article has two objectives. First, the paper aims to introduce CBDC as the digital currency issued and regulated by the central banks. The second objective is to investigate the set of articles published on CBDC and digital money to understand their major challenges. This paper reviews the selected literature from 2013 to 2024 from various databases using the keywords: Central Bank Digital Currency, CBDC, Cryptocurrency, and Digital Money. A total of 112 studies were selected in the first stage and after detailed assessment 42 studies were selected for review. The review finds some general as well as country-specific challenges. The different challenges of CBDC issuance and implementation are financial stability, challenges for commercial banks, operational challenges, consumer and merchants’ digital financial literacy, lack of differentiation with existing digital payments, cybersecurity risks, privacy, and regulatory challenges. The study also discusses the future areas of research for CBDC. This paper is a unique attempt to review the literature on eight themes of CBDC challenges.

A Model for Central Bank Digital Currencies: Do CBDCs Disrupt the Financial Sector?

Central Banks and the Future of Money

Central Bank Digital Currency (CBDC) is a digital currency issued by a government-controlled central bank of a particular country. Bank Indonesia as the central bank in Indonesia has been trying to develop a CBDC known as digital rupiah. Digital rupiah is expected to complement and perform same function as the fiat money in Indonesia. Research is needed to identify people’s views on the use of CBDCs. This study seeks to understand the factors that influence intention to use CBDC by adapting Technology Acceptance Model. Data were collected through questionnaires from 565 valid respondents. Partial Least Square-Structural Equation Modeling (PLS-SEM) was used to evaluate the proposed model. This study verifies that perceived usefulness, perceived ease of use, hard trust, and soft trust can influence intention to use CBDC in Indonesia, while personal innovativeness is known to influence perceived usefulness and perceived ease of use.