CENTRAL BANK DIGITAL CURRENCIES (CBDC) AS A FACTOR IN ENHANCING THE STABILITY OF NATIONAL MONETARY SYSTEMS

Dadalyan Meruzhan M.

The article examines the potential of central bank digital currencies to enhance the stability of national monetary systems in the context of global financial architecture transformation. The mechanisms of CBDC's influence on currency risk reduction, financial stability provision, and decreasing dependence on dominant reserve currencies are analyzed. Based on the study of pilot projects of digital yuan, digital ruble, digital euro and other national CBDCs, key advantages and challenges of central bank digital currencies implementation are identified. The research results show that CBDCs create new opportunities for strengthening currency sovereignty, optimizing cross-border settlements, and improving monetary policy effectiveness.

Keywords:central bank digital currencies, CBDC, monetary system, financial stability, currency risks, digital ruble, cross-border settlements, currency sovereignty