Prospects for the Development of the Digital Currency Market of the Central Banks of the BRICS Countries

Abstract

The article is devoted to the study of the prospects for the development of the central bank digital currency market in the BRICS countries in the context of geopolitical instability and the desire for de-dollarization. The purpose of the work is to identify these prospects based on an analysis of ongoing CSB projects. The relevance of the study is due to the need to strengthen the financial independence of the BRICS countries and the development of alternative payment systems. The objectives of the study are: to determine the specifics of the release, circulation and use of CBCS; to analyze the international practice of introducing CBCS; study of the specifics of the use and regulation of digital currencies in Russia; analysis of the results of a pilot project on the use of the digital ruble. The methods of system and comparative analysis, synthesis and generalization are used in the work. The results of the study made it possible to identify general trends and specific features of the introduction of central securities in the BRICS countries, assess the potential impact on economic cooperation, and identify the advantages and difficulties associated with the use of central securities. Special attention is paid to the analysis of Russian experience in this area, including the results of a pilot project on the use of the digital ruble. In conclusion, the conclusions about the prospects for the development of the central securities market in the BRICS countries and the need for further research in this area are presented.