Asian Experiment of Creating a Digital Currency of the Central Bank

Abstract

The subject of the study is the relations developing in the process of designing and using the digital currency of the central banks of Asian countries. The object of the research is the digital currency of the central bank planned to be issued and circulated in Asian countries. Our objective is the systematization of the experiences of Hong Kong and Thailand in terms of introducing the digital currency of the central bank into economic circulation for the purpose of adapting such experiences in Russia. The article analyzes the experience of a number of Asian countries (Hong Kong, Thailand) in designing and using the digital currencies of the central bank: the digital Hong Kong dollar and the digital baht, designed for both wholesale and retail consumers. Special attention is paid to the analysis of the results of the experiment on the introduction of a multicurrency digital currency into economic circulation, which was implemented by Hong Kong, Thailand, China, and the UAE. The authors position on the creation of a central bank multicurrency digital currency is presented using the examples of Russia and Kazakhstan. The advantages of introducing digital currencies for the participating countries are highlighted. The presented data can be used in the design and use of the digital ruble in the Russian Federation and the EEU countries.