A Review of Central Bank Digital Currency: Current Status and Changing Trends

Abstract

Since the emergence of the Central Bank Digital Currency (CBDC), which digitally represents the legal currency of the country in which it is created, significant developments have been experienced in the global financial environment as a result of the changes brought about by the innovations. Although CBDCs offer various advantages, such as cost reduction, financial inclusion, and increasing the efficiency of payment systems, they may create some disadvantages, such as the risk of dysfunctionalization of the banking sector or decreasing the level of security. At this point, it is necessary to be aware of the possible risks it may create and to develop an optimum strategy in case such risks arise to establish a successful CBDC system and benefit from its advantages. In this context, the aim of this study is to analyze all aspects (emergence process, positive/negative sides, projects, use cases, and technical infrastructure to be used) of this digital currency and to make a comprehensive evaluation of CBDC applications around the world. The evaluations show that many countries are not indifferent to this new digital currency, which has a very high development potential, and continue their research intensively in order not to fall behind the steps taken in CBDC.

Keywords

• central bank digital currency
• digital money revolution
• international financial system
• blockchain technology

Merkez Bankası Dijital Para Birimi Üzerine Bir Araştırma: Mevcut Durum ve Değişen Eğilimler

Abstract

Oluşturulduğu ülkenin yasal para birimini dijital olarak temsil eden Merkez Bankası Dijital Para Birimi'nin (CBDC) ortaya çıkışından bu yana, yeniliklerin getirdiği değişimler sonucunda küresel finans ortamında önemli gelişmeler yaşanmıştır. CBDC'ler maliyetlerin azaltılması, finansal kapsayıcılık ve ödeme sistemlerinin etkinliğinin artırılması gibi çeşitli avantajlar sunmakla beraber bankacılık sektörünün işlevsizleşmesi riski ya da güvenlik seviyesinin düşmesi gibi bazı dezavantajlar da yaratabilmektedir. Başarılı bir CBDC sisteminin kurulması ve potansiyel avantajlardan faydalanılması noktasında ilgili sistemin yaratabileceği olası risklerin farkında olunması ve bu risklerin ortaya çıkması durumunda optimum bir strateji geliştirilmesi büyük önem arz etmektedir. Bu bağlamda çalışmada ilgili dijital para biriminin tüm yönlerinin (ortaya çıkış süreci, olumlu/olumsuz yanları, projeler, kullanım alanları, kullanılacak teknik altyapı) analiz edilmesi ve dünyadaki CBDC uygulamalarının kapsamlı bir değerlendirmesinin yaplması amaçlamaktadır. Yapılan değerlendirmeler, birçok ülkenin gelişme potansiyeli oldukça yüksek olan bu yeni dijital para birimine karşı kayıtsız kalmadığını ve CBDC konusunda atılan adımların gerisinde kalmamak için araştırmalarını yoğun bir şekilde sürdürdüğünü göstermiştir.

Keywords

• Merkez bankası dijital para birimi
• dijital para devrimi
• uluslararası finansal sistem
• blokzincir teknolojisi

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