Central bank digital currency: a storm in a teacup

   The continuous evolution of money as an institution has become significant novelty in the last decade with the emergence of a new form – central bank digital currency. The Republic of Belarus is also on the verge of introducing the Belarusian ruble. The scientific community has launched extensive discussions about the benefits and risks of this new phenomenon. Moreover, experience has already been accumulated with initial experiments in central bank digital currencies, both in full-scale and pilot formats.

   It seems significant to compare the initial results of these projects with the proponents, plans, and concerns raised before their implementation, which is the focus of this article.

   The analysis examines the main uses of digital currency – both those that are not in high demand (e-wallets of individuals) and those that have achieved some widespread adoption (cross-border payments).

   It is concluded that the low demand for a new form of money, due to the lack of its obvious advantages over existing means of circulation - traditional fiat money and digital cryptocurrencies – does not allow us to talk about any serious level of changes in the landscape of banking and payment systems after the implementation of Central Bank digital currency.

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