ADVANTAGES OF USING THE CENTRAL BANK DIGITAL CURRENCY IN UZBEKISTAN

Аннотация

The article discusses the successes of using digital currency in some countries of the world and for international transactions, and the feasibility of introducing it in Uzbekistan. It also makes suggestions on the need to activate the state's incentive function to increase the efficiency of financial services related to digitalization. Keywords. payment system, central bank digital currencies (CBDС). Introduction. Digital technologies are transforming the technological processes related to the form and content of settlement and payment systems, making them faster and more convenient. They are based on the use of artificial intelligence, blockchain technologies, big data technologies, electronic payment systems, and electronic wallets. Modern payment systems should be convenient, fast and secure. In order to ensure the security and transparency of payments, blockchain technologies are actively used in the cryptocurrency system. Also, in the article, we will consider the effective impact of digitization technologies on payment systems. Analysis and results. Advantages of introducing the Central Bank Digital Currency (CBDC). Digitalization of communications provides faster and more convenient access to information and payment services, as well as automation of work procedures. Digitalization usually implies two types of changes in operating models. The first type is the transfer of communications to digital channels, and the second is the automation of traditional operations. They are closely related and are aimed at increasing the efficiency of business processes and the convenience of using them. As a result, payment system entities can offer their customers better and cheaper services. Currently, the existing payment system architecture in the world can be divided into two main types. The first type is the payment system in which the Central Bank plays the main role. The second type is electronic private payment systems that operate independently and are not regulated or subordinate to any government agency. This includes decentralized platforms such as cryptocurrencies (for example, 98 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference Bitcoin), which are digital currencies. It is precisely because the second type of payment system is reliable, transparent, fast and convenient that it has attracted the attention of the world community. However, in order for it to become the currency of a country, it must be managed by the central bank of that country. For this reason, in recent years, the number of central banks around the world that are studying the use of central bank digital currencies for domestic and international payments has increased significantly. According to the Bank for International Settlements, today 86% of the world's regulators are studying this issue. Central bank digital currencies (CBDC) have been introduced in about a dozen countries around the world, including in the Caribbean, Southeast Asia, and Africa. For the first time in history, national central bank digital currencies were officially recognized as legal tender in two countries simultaneously in October 2020 - the Bahamas and Cambodia. Features of the MBRV system. Central bank digital currency (CBDC) payment systems, which are being tested in developed countries, will increase the efficiency of financial services to the population. Including. The People's Bank of China is actively promoting the digital yuan project by exploring offline payment capabilities at the Central Bank of China. In addition, the PRC regulator has joined the Bank for International Settlements' (BIS) m- CBDC Bridge international project to conduct joint experiments to test the cross- border capabilities of the Central Bank of China. China is currently leading the world in expanding the Central Bank Digital Currency (CBDC) project. mBridge is a universal multi-currency digital central banking system in which multiple central banks can participate by issuing and purchasing digital securities. In the future, mBridge should support the interoperability of compatible digital central banking systems for development. Within the framework of the project, a prototype of the Central Digital Bank platform based on distributed ledger (blockchain) technology was tested. International multi-currency settlement operations were carried out on this platform, and as a result of the experiment, it was noted that cross-border transfers take place in a few seconds. To use it, you need to download the banking application to your mobile smartphone, top it up with national (or other) currency, and transfer it to the CD e-wallet. The CD e-wallet is linked to users' bank accounts and is controlled by the central bank. All transactions are carried out in real time and are recorded by the central bank. 99 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference In the future, payments for money transfers via mBridge are expected to ac