REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 13 N° 38, 2022
Evgen Kharytonov et al./// Digital monetary system and social relations… 3-7
DOI: http://dx.doi.org/10.46925//rdluz.38.01
currency is promising and can greatly facilitate both government regulation and control in
the financial sphere, as well as people's lives and transaction security.
A number of positive changes are expected from the implementation of the digital
monetary system. Among them: the immediacy of calculations; lower tariffs compared to
available means of payment; greater financial involvement.
One of the tasks of the Central Bank of Ukraine is to improve the management and
increase the transparency of finances, as well as to eliminate opportunities for money
laundering and counterfeiting. Also, the digital currency will make it possible to index cash
in logistically difficult conditions (island states, mountainous terrain).
At the same time, the mechanism of the digital money system cannot function without
a properly ensured mechanism of anonymity and cyber security. Yes, it is important to
control digital transactions (in particular, through a centralized model) for complete
security, transparency and guarantee of payments, and on the other hand, total digital
tracking and stored history of every penny spent is not entirely appropriate. At the same time,
cash almost guarantees anonymity, but at the same time, it is difficult to confirm the
transaction in the event of a disputed situation.
From the point of view of the end user, the main disadvantage of digital currency is
the lack of anonymity, which can have negative consequences for individuals. Also, the
spread of digital currencies may have the effect of entrusting central banks with
uncharacteristic functions of working with citizens and problems in the work of commercial
banks (SMART – infrastructure in the sustainable development of cities: world experience
and prospects for Ukraine, 2021).
So, it can be stated that the advantages of the digital money system are threatened by
risks. Currently, most countries are only studying the possibility of introducing digital
currencies and are thinking about legislative regulation, in particular, issues related to the
identification of the user of digital currency, setting limits for calculations, financial
monitoring, compliance with bank secrecy; defining the role of commercial banks, payment
systems and other financial service providers in the digital currency ecosystem.
As a result of the conducted research, the following conclusions were drawn:
1
. The rapid development of technologies provides an opportunity to transform the
payment system and make it more convenient for both the user and the state.
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