Keywords
digital currency
central bank
e-hryvnia
electronic money
monetary policy instruments
financial market
virtual assets
How to Cite
Abstract
Since the emergence of private digital assets, central banks have been increasingly interested in centrally regulated digital currencies (hereinafter referred to as digital currencies) as a supplement or replacement for fiat money. In particular, the attention of regulators and research in this area of regulation increased during 2000–2025. The main goal of the article was to systematize global monetary policy transformations and determine the prospects for the implementation of central bank digital currencies (hereinafter referred to as digital currencies) in Ukraine. To conduct a comprehensive study of policy changes in different countries, a systematic approach was used, which allowed us to consider new forms of money as an innovative legal tender, the use of which affects structural changes in the financial sector, and monetary policy transmission mechanisms. The article considers four main approaches to regulating digital currencies: as a digital equivalent of cash; a means for interbank settlements; a monetary policy instrument; digital currencies as the equivalent of an account opened at the central bank. Depending on the chosen approach, the use patterns and properties of digital currencies, as well as the impact on the financial environment, will depend. In this regard, the following possible transformations of monetary policy were identified: demand for money, impact on the money supply and acceleration of transmission mechanisms, increase in the level of efficiency, reliability and controllability of the policy. It was established that regulators mainly use CBs as a supplement or replacement for cash, taking into account the need to increase the level of financial inclusion and accessibility of financial services to the population. This approach and the issue of retail CBs affect key indicators of the macroeconomic environment, which transform the channels of the monetary policy transmission mechanism: the interest rate channel, the bank lending channel, the asset price channel and the exchange rate channel. In Ukraine, the concept of e-hryvnia is promising for implementation, according to which CBs complement cash and non-cash forms of money, are issued by the NBU through a digital platform, and ensure the conduct of all types of payment transactions by banking and non-banking financial institutions. Financial stability and increased efficiency of monetary policy are defined as the main goals of launching.
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