Development Prospects of the Central Bank Digital Currency In the Eurasian Economic Union

Abstract

The article deals with the prospects of issuing national central bank digital currencies of the Eurasian Economic Union member states. The relevance of the study is the widespread digitalization of the economy and the observed trend of the Eurasian Economic Union member states’ transition to settlements in national currencies. The object of the study is the central bank digital currencies as a promising tool for improving the efficiency of foreign trade transactions. The purpose of the study is to increase the interest of the Eurasian Economic Union member states in development of national digital currencies. There are analysed the prerequisites for the introduction of digital currencies, as well as its pros and cons and problematic issues. There has been studied the experience of some foreign countries in the development of digital currencies and stages of their readiness for the introduction of this payment instrument. Conclusions are drawn about the expected high demand for digital currency, the long-term implementation of this project and the possibility of optimizing foreign trade operations conducted by the Eurasian Economic Union member states, due to the high speed of settlements, low transaction costs, high security of digital settlements