Digital Currency of the Central Banks: Trends of the Euro Area and Prospects of the Use Within the Implementation of the European Green Deal

Abstract

In the article, using the certain key financial concepts that are proposed in the scientific literature, the current experience and prospects of the digital currency of the central banks (CBDC) use in the global financial market are investigated. The study of the possibilities of the CBDC introduction in the world has showed that only 14 countries of the European Union of the 27 are at the development stage, the rest have not started the work on the introduction of this financial instrument. In comparison with the global trends, this is a negative indicator. The stages of the implementation of the wholesale, retail and hybrid CBDC are characterized. In the article, the possibilities of the CBDC use are proposed, the problem points that the country may face as a result of the wide use of this financial instrument are presented. The practical significance of the authors’ conclusions and recommendations lies in the fact that a clear idea of the current barriers and prospects of the CBDC introduction in the European financial market, the possibility of its use in the transactions between banks and financial intermediaries, in the implementation of big investment projects, in particular, within the European Green Deal has been created.