Assessment of Potential Risks of Regional for Global Financial Security

Alexandra Yuryevna Bokovnya; Zarina Ilduzovna Khisamova; Vitalii Fedorovich Vasyukov; Ildar Rustamovich Begishev

Alexandra Yuryevna Bokovnya Kazan Federal University Kazan, Russia
Zarina Ilduzovna Khisamova Krasnodar University of the Ministry of Internal Affairs of the Russian Federation
Vitalii Fedorovich Vasyukov Institute of the Ministry of Internal Affairs of Russia named after V. V. Lukyanov
Ildar Rustamovich Begishev Kazan Innovative University named after V.G. Timiryasov, Kazan, Russia

Abstract

The objective of the research was to assess the potential risks of stable CBDC digital currencies,alsoknown as coins, for global financial security.. For several years we have seen the phenomenon of "de-dollarization" in the international financial market; this is a gradual transition in abandoning the use of the US dollar in central bank payments and reserves. A key step in the strategy of freeing countries from the US dollar was the creation of national digital currencies, i.e. stable CBDC currencies. To systematize the data obtained, methods of functional and institutional classification, statisticalanalysisand, also, retrospective, currentand future methods of analysis and synthesis of theoretical and practical material were used.. It is concludedthat the rejection of the stable currency Libra was motivated by the possibility of its transformation into a competing system of traditional currencies. The emergence of a private CBDC prompted central banks and regional associations to create their own CBDCs that could compete with the US dollar in international payments. However, the emergence of CBDC is associated with undeniable advantages and objective risks to the existing financial system and its security.

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Author Biographies

Alexandra Yuryevna Bokovnya, Kazan Federal University Kazan, Russia

Ph. D. in Law, Faculty of Law, Department of Criminal Law, Kazan Federal University Kazan, Russia (Russian Federation).

Zarina Ilduzovna Khisamova, Krasnodar University of the Ministry of Internal Affairs of the Russian Federation

Ph. D. in Law, Department of Planning and Coordination of Research Activities, Head, Research Department, Krasnodar University of the Ministry of Internal Affairs of the Russian Federation, Krasnodar, Russia (Russian Federation).

Vitalii Fedorovich Vasyukov, Institute of the Ministry of Internal Affairs of Russia named after V. V. Lukyanov

Doctor of law, Moscow state Institute of international relations (University), Moscow, Russia Orel legal Institute of the Ministry of Internal Affairs of Russia named after V. V. Lukyanov, Orel.

Ildar Rustamovich Begishev, Kazan Innovative University named after V.G. Timiryasov, Kazan, Russia

Ph. D. in Law, Senior Researcher, Kazan Innovative University named after V.G. Timiryasov, Kazan, Russia (Russian Federation).

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