THE FUTURE OF CROSS-BORDER PAYMENTS INVOLVING DIGITAL CURRENCIES OF SEVERAL CENTRAL BANKS

Author(s): Gorbacheva T.A.

Rubric: Economy

DOI: 10.21777/2587-554X-2021-3-13-21

Release: 2021-3 (38)

Pages: 13-21

Keywords: digital currency, payment system, cross-border payments, multicurrency payments, transactions, collective units of account, stablecoin

Annotation: At the moment, cross-border payments are inefficient and digital technologies can play a significant role in their improvement. One of these areas may be the interaction of digital currencies of the central bank, the formation of agreements on multi-currency payments. The purpose of this article is to study the interaction of payment systems, how they can be included in the system of multi-currency digital means of payments and what are the potential benefits. This topic is especially relevant for emerging market economies, since the mechanism of correspondent accounts is poorly maintained in them. The methods of comparative analysis, critical and systematic approach to the study of information are used. It is noted that if central banks from the very beginning do not take into account cross-border aspects when forming the central bank’s digital currency and do not coordinate their actions at the international level, it will be difficult to get any benefits.

Bibliography: Gorbacheva T.A. THE FUTURE OF CROSS-BORDER PAYMENTS INVOLVING DIGITAL CURRENCIES OF SEVERAL CENTRAL BANKS // Economics and Management. – 2021. – № 3 (38). – С. 13-21. doi: 10.21777/2587-554X-2021-3-13-21