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Central Bank Digital Currencies: Recent Global Developments and Impact on Russian Banks

Author

Listed:
  • Egor Pastukhov

    (HSE University
    Raiffeisenbank)

Abstract

This study seeks to identify and analyze trends in the development of Central Bank Digital Currencies (CBDC) globally, with a particular emphasis on emerging markets such as Russia. We examined the impact of CBDCs on the liquidity of Russian commercial banks, driven by a noticeable gap in existing research on this topic. Focusing on Russia is justified due to the advanced status of its local CBDC project. We utilized preliminary results from CBDC developments to illuminate key trends and associated risks. To evaluate the impact of CBDCs on banking stability, we employed the Bank for International Settlements liquidity model, using empirical data from the Central Bank of Russia for our analysis. Our findings suggest that the impact on banks’ liquidity will be gradual and will evolve as digital assets gain prominence, enabling banks to adjust their structures accordingly. Furthermore, Central Banks have the ability to manage liquidity via monetary policy, ensuring an adequate liquidity level is maintained. The originality of this study lies in its first-time assessment of the readiness of the Russian commercial banking market for CBDC implementation, the primary risks involved, and recommendations for risk evaluation.

Suggested Citation

  • Egor Pastukhov, 2025. "Central Bank Digital Currencies: Recent Global Developments and Impact on Russian Banks," Eurasian Studies in Business and Economics,, Springer.
    • Handle: RePEc:spr:eurchp:978-3-031-85312-8_9
    DOI: 10.1007/978-3-031-85312-8_9
    as

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