Prospects and Problems of Central Bank Digital Currency Implementation in BRICS Countries
Prospects and Problems of Central Bank Digital Currency Implementation in BRICS Countries

Author(s): Daniel Akhmetdzhanov, Polina A. Ivanova, Danila Beletsky
Subject(s): Politics / Political Sciences, Politics, Economy, Supranational / Global Economy, Business Economy / Management, Economic policy, Financial Markets, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: economic cooperation; integration; digital currency; Cross-Border concept
Summary/Abstract: The peculiarities of the current economic situation in the world have given a strong impetus to the development of financial, monetary and trade associations outside the influence of the global West. The most striking example of such rapid development is the BRICS economic forum. By 2024, more than 20 countries have applied to join, which indicates the expansion of the forum and its growing economic potential. The first serious step of the BRICS countries will be the creation of a common digital currency of the cross-border digital payment system (Cross-Border CBDC). It is necessary to consider all factors and risks when developing such a large-scale project. In this article, we will look at examples of other pilot projects of similar purpose, what problems may arise during their implementation, and what threats may arise for BRICS member countries in case of careless implementation of a common digital currency.

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