UDC: 336.74
https://doi.org/10.25198/2077-7175-2025-1-27


viewing

DIGITAL CURRENCIES OF CENTRAL BANKS: MEMORIES OF THE FUTURE

E. I. Dyudikova
Financial University under the Government of the Russian Federation, Moscow, Russia
e-mail: ekidyudikova@fa.ru

Abstract. The emergence of a new type of society in the wake of the information and digital revolution – Society 5.0. – is accompanied by social polarization, contributing to the occurrence and spread of technocratic metaphors with their humanitarian interpretation, generally complicating the formation of new realities and hindering their perception. This began to manifest itself during a period of rapid transformations in monetary circulation, when the cryptocurrency turned into a full-fledged innovative narrative, prompting the authorities to take retaliatory measures to curb the backstage sector of alternative finance. At the same time, there is no holistic, definite and understandable vision of the vector of digital transformation of the payment and settlement space, there is no concretization of the concept, theoretical approaches are not detailed, there is no prototype of the tested solution, no White Paper has been published, a high level of secrecy of piloting results is recorded, etc. Under these conditions, phrases applied to the sphere of money circulation and containing the word «digital» in their formulations most often look like a technocratic metaphor to attract public attention. However, the formal enumeration of breakthrough technologies and the local selective nature of their use as a criterion for digital transformation do not reveal either the essence of the technologies themselves or the «breakthroughs» into society 5.0. The historical perspective of the causal relationship between the cryptocurrency industry and the digital currencies of central banks, as well as an interactive approach to improving the settlement and payment space, taking into account the change in customer-oriented concepts to human-centricity, allow us to identify existing technocratic metaphors regarding the legislative interpretation of the digital ruble and establish the dichotomy of the virtual settlement and payment space (separation into digital and electronic).

Key words: cashless payments, money circulation, cryptocurrency, payment and settlement space, smart contract, mixed reality, digital currency, digital ruble, electronic money, society 5.0.

Acknowledgements. The article was prepared based on the results of research carried out at the expense of budgetary funds under a state assignment from the Financial University under the Government of the Russian Federation.

Cite as: Dyudikova, E. I. (2025) [Digital currencies of central banks: memories of the future]. Intellekt. Innovacii. Investicii [Intellect. Innovations. Investments]. Vol. 1, pp. 27–39. – https://doi.org/10.25198/2077-7175-2025-1-27.


References

  1. Bisultanov, A. N., Basnukaev, M. Sh. (2018) [Digital document management is an innovative way of interaction between the parties to tax relations]. Ekonomika ustojchivogo razvitiya [The economics of sustainable development]. Vol. 2 (34), pp. 30–36. (In Russ.).
  2. Dyudikova, E. I., Kunicyna, N. N. (2024) [The paradoxes of the implementation of the digital ruble in monetary circulation]. Voprosy ekonomiki [Economic issues]. Vol. 4, pp. 148–158. – https://doi.org/10.32609/0042-8736-2024-4-148-158. (In Russ.).
  3. Kunicyna, N. N., Dyudikova, E. I. (2024) [Disintermediation of international settlements in the context of the formation of a multipolar world]. Mirovaya ekonomika i mezhdunarodnye otnosheniya [World economy and international relations]. Vol. 68, Vol. 9, pp. 67–78. – https://doi.org/10.20542/0131-2227-2024-68-9-67-78. (In Russ.).
  4. Maurer, T., Nelson, A. (2021) [Global cyber threat]. Finansy i razvitie [Finance and development]. Vol. 1, pp. 24–27. (In Russ.).
  5. Nesterov, A. V. (2020) [Digital documents as the basis for the digital transformation of society]. Rossiya: tendencii i perspektivy` razvitiya: materialy` XIX Nacional`noj nauchnoj konferencii s mezhdunarodny`m uchastiem [Russia: trends and prospects of development: materials of the XIX National Scientific Conference with international participation]. Moscow, Vol. 15, pp. 488–490. (In Russ.).
  6. Pishhulov, V. M. (2023) [Digital currencies and non–cash money - similarities and differences]. Bankovskoe delo [Banking]. Vol. 1, pp. 40–47. (In Russ.).
  7. Savinova, N. G. (2016) [The formation of a single payment space as a natural process of monetary and financial integration]. Innovacii i investicii [Innovation and investment]. Vol. 3, pp. 57–59. (In Russ.).
  8. Shhelkunov, M. D., Karimov, A. R. (2019) [Society 5.0 in technological, social and anthropological dimensions]. Vestnik ekonomiki, prava i sociologii [Bulletin of Economics, Law and Sociology]. Vol. 3, pp. 158–164. (In Russ.).
  9. Bhatia, N. (2021) Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies (published by the author), 180 p. (In Eng.).
  10. Croxson, K., et al. (2022) Platform-based business models and financial inclusion. BIS Working Papers, No. 986. Available at: https://www.bis.org/publ/work986.pdf (accessed: 01.11.2024). (In Eng.).
  11. Dilek, S. (2019) Cryptocurrencies in the digital era: the role of technological trust and its international effects. Blockchain Economics and Financial Market Innovation, pp. 453–474. – https://doi.org/10.1007/978-3-030-25275_22 (In Eng.).
  12. Eastwood, B. (2016) The return of platforms (and how to not fail at building one). MIT Sloan Management. Available at: http://mitsloan.mit.edu/newsroom/articles/the-return-of-platforms-and-how-to-not-fail-at-building-one/ (accessed: 25.10.2024). (In Eng.).
  13. Frost, J., et al. (2019) BigTech and the changing structure of financial intermediation. BIS Working Papers, No. 779. Available at: https://www.bis.org/publ/work779.pdf (accessed: 29.10.2024). (In Eng.).
  14. Griffin, J. M., Shams, A. (2020) Is Bitcoin Really Untethered? Journal of Finance, Vol. 75, No. 4, pp. 1913– 1964. – https://doi.org/10.1111/jofi.12903. (In Eng.).
  15. Nakamoto, S. Bitcoin: A Peer-to-Peer Electronic Cash System. Available at: https://nakamotoinstitute.org/library/bitcoin/ (accessed: 04.11.2024). (In Eng.).
  16. Wang, F.-Y., et al. (2022). MetaSocieties in Metaverse: Meta Economics and Meta Management for Met Enterprises and MetaCities. IEEE Transactions on Computational Social Systems, Vol. 9, No. 1, pp. 2–7. –https://doi.org/10.1109/TCSS.2022.3145165. (In Eng.).
Error