SHAPE OF CENTRAL BANK MONEY AIMS FOR DIGITAL PROGRAMMABLE COINS: FROM METAL AND PAPER TO A FULLY CONTROLLED DIGIT (DISPLACEMENT HYPOTHESIS)

Анотація

Abstract. The form of money used by central banks around the world has been constantly changing over time. The purpose of the study is to identify unpopular characteristics and the future role of CBDCs in terms of their likely impact on the social order. Conclusions. The benefits of implementing CBDCs for the state are enormous, and they are at least: (a) total income taxation, (b) total financial monitoring (public procurement, foreign investment, political party financing, etc.), (c) a political tool in the struggle for power, (d) an effective tool for reducing crime and corruption. On the contrary, the benefits of CBDC for the population are negligible, compared to the current system of electronic money/transfers: there is a reasonable probability of a significant loss of classical constitutional rights and freedoms: (a) loss of personal privacy, (b) limited political choice, (c) financial independence, (d) fiscal oppression, (e) negative interest rates, (f) introduction of time value of money. Based on this likely trend, from the perspective of legal regulation of CBDCs, they should be treated – in addition to money – as a database of big data on who, where, when and how uses and stores money in a given country, which affects the constitutional rights of citizens.

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