IMPLEMENTATION OF NATIONAL DIGITAL CURRENCIES: POTENTIAL IMPACT ON THE FINANCIAL SYSTEM AND PROSPECTS FOR INTEGRATION WITH INTERNATIONAL PAYMENT SYSTEMS

The purpose of the study is to assess the prospects and possible consequences of the introduction of digital tenge in the economy of Kazakhstan.

Methodology. The research methodology includes a sequential consideration of the development of digital currencies in different countries, analysing the development and features of the digital tenge, as well as determining the prospects and consequences of the use of digital tenge in Kazakhstan.

Originality / value. The relevance of this research is driven by the rapid development of digital technologies and their integration into the global financial system. The introduction of CBDCs involves not only technical and economic aspects but also regulation, security, and their impact on traditional financial systems and society. The research problem is the need to comprehensively analyse the implications of the introduction of national digital currencies for macroeconomic stability, the banking sector, monetary policy and transaction privacy. Particular attention is required to assess how national digital currencies may affect traditional banking operations, in particular banks' deposit bases and their ability to lend. There is uncertainty about how the introduction of CBDCs will affect international payments and settlement systems, as well as the financial system's resilience to cyberattacks and fraud. Another aspect of the problem concerns the legal framework necessary to ensure the effective functioning and security of national digital currencies, as well as the protection of users' rights. No less important is the issue of balancing the need for transparency of financial transactions to combat crime and the need to protect users' privacy.

Findings: assessment of the advantages and risks of the introduction of national digital currencies; analysis of pilot projects and approbation of the digital tenge; study of the impact of the digital tenge on the financial system and economy of Kazakhstan; identification of prospects for the integration of the digital tenge with international payment systems.

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