Digital money at the present stage: Key risks and Development direction

Abstract

The artide explores modern trends in the development of digital money. The purpose of the artide is to identify and analyze the risks of digital money, and to study scientific approaches and tools for managing these risks. The authors use general scientific and special research methods, induding comparative legal analysis and a systematization method, as well as methods of e^nomk theory: positive analysis and scientific abstradion. The research highlights the strategy challenges and guidelines in the development of digital money in the Kazakhstan and shows the differe^e and oommon features of digital and eledronrc money. Based on a comparative analysis of private and national digital money, we ro n d ^ e that the digital money of Central Banks is more flexible and more reliable for ^nsumers than private cryptocurrencies. We systematize the risks of digital money circulation at the mkro, mezzo and ma^o levels, as well as identify the essential tools for managing them. The authors note that exogenous risk management tools are more :ур^ 1 for private cryptocurrencies, and endogenous tools will apply to digital money of central banks, in particular, the development of an appropriate conliguration of Central Bank digital сш ^ ^ у . The study may be useful for digital money users, as well as government agendes implementing policies and regulations on the issue and circulation of digital money in Kazakhstan.