Uman NUH | today: 07/19/2024

DIGITALIZATION OF THE MONETARY SYSTEM: INSTITUTIONAL AND REGULATORY ASPECTS

Author(s) Nepochatenko Olena O., Doctor of Economics, Professor, Rector of Uman National University of Horticulture, Head of Department, Uman National University of Horticulture
Bechko P.K., Candidate of Economics, , Uman National University of Horticulture, Ukraine
Bondarenko N.V., , , Uman National University of Horticulture
Ptashnyk S., Candidate of Ekonomikal Sciences, , Uman National University of Horticulture
Пономаренко О. В., , ,
Category Economics
year 2023 issue Issue number 102. Part 2
pages 7-16 index UDK 001:336.77
DOI 10.32782/2415-8240-2023-102-2-7-16 (Link)
Abstract The digitalization of monetary systems is characterized by significant changes not only in the organizational and technological aspects, but also in the institutional and regulatory aspects. They relate to both the specifics of the functioning of monetary system entities, the way they conduct operations, and the role and tasks of financial regulators. The institutional development of the monetary system in the long run is characterized by the formation of a new digital investment and financial space, which is reflected in a change in the structure of transaction costs, the formation of new institutional properties of the monetary system, as well as the emergence of new types of risks, the transformation of existing players and the emergence of new ones, due to the active introduction of digital financial technologies. The impact of digital transformation models on the change in the regulatory environment is important, as it implies both changes and approaches to regulating the activities of financial service providers and the role of direct regulators, applying the main models of monetary system regulation. In today's environment, monetary systems around the world are being transformed by the introduction and diffusion of digital technologies, systems, and tools. Structural changes affect all levels of the system: technological, organizational, and institutional. The study of the essence of the digital institution and the institutional regulatory environment of the digital ecosystem is of great importance in the digitalization of the monetary system. The paper is devoted to the analysis of the impact of the digitalization process on the institutional structure of the global monetary system, which is transforming into the use of digital technologies, the emergence of new players and problems in the financial market, as well as issues related to the introduction of digital currencies and possible changes in the regulatory tools of monetary policy.
Key words digitalization, digital investment and financial space, regulation, ecosystems, central bank digital currencies, proportional regulation
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