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The Use of Digital Currencies in Cross-Border Settlements: Risks and Prospects
EDN: WDYMNA
Abstract
The purpose of the work is to identify current risks and prospects for the use of decentralized (cryptocurrencies and stablecoins) and centralized national digital currencies (CBDC) in the system of interstate cross-border transfers. The study is based on data from reports and experiments of leading international financial organizations – the World Bank, the Bank for International Settlements, and the International Monetary Fund. The analysis of the accumulated experience of cross-border transfers in the world practice has made it possible to identify currently popular transfer channels, assess their volume, ratio and dynamics, as well as identify trends in the foreseeable future. The use of blockchain and digital currencies in the system of cross-border transfers is studied by the authors in decentralized and centralized segments, which makes it possible to specify the motivation, problems and prospects of using innovative financial instruments in interstate relations.
In addition to the prospects and effects of the introduction of digital currencies in cross-border transfers, the study highlights the possible risks associated with this process, in particular, the risks of destabilization of the financial system, «digital dollarization» and the potential weakening of the monetary sovereignty of emerging market countries, within the framework of multicurrency agreements on central securities. The study focuses on the sanctions realities relevant to the Russian economy, and examines the potential for using multicurrency national digital currencies and digital financial assets in trade and economic relations within the EAEU and BRICS.
About the Authors
E. V. Karanina
Vyatka State University
Russian Federation
Russian Federation
Elena V. Karanina
Moskovskaya str., 36, Kirov, 610000
D. I. Skopin
Vyatka State University
Russian Federation
Russian Federation
Dmitriy I. Skopin
Moskovskaya str., 36, Kirov, 610000
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Review
For citations:
Karanina E.V., Skopin D.I. The Use of Digital Currencies in Cross-Border Settlements: Risks and Prospects. Issues of Risk Analysis. 2025;22(6):56-70. (In Russ.) EDN: WDYMNA
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