Central bank digital currencies: experience of introducing a digital yuan and development of a digital ruble conception

Objective: to determine the essential foundations of digital currencies of central banks and, based on the experience of the digital Yuan introduction in China, to substantiate the directions for improving the concept of the digital ruble introduction in Russia and the feasibility of issuing a digital currency in Belarus. Methods: the article uses empirical, logical, comparative and statistical methods within a systematic approach to determine the areas for improving the concept of development of a central banks digital currency. Results: the key characteristics of central banks digital currencies are determined; the features of models of retail digital currency systems are revealed; the main characteristics of the digital Yuan design and the features of its emission-settlement system organization are investigated; the main elements of the digital ruble concept of the Bank of Russia, the structure of its emission-settlement system and digital platform are examined; the issue of the feasibility of introducing the digital Belarusian ruble in the Republic of Belarus is investigated. We propose to develop additional mechanisms to protect the integrity and confidentiality of the payment information stored in the register of the Bank of Russia on the digital ruble platform, to differentiate the tools of digital wallets, and to set limits on individual payment transactions with the digital ruble. Scientific novelty: the study reveals the features of the model of a two-level system of retail digital currencies of central banks in China and Russia; the directions of improving the concept of the digital ruble introduction are determined and the expediency of issuing digital currency in the Republic of Belarus is justified. Practical significance: the main provisions and conclusions of the article can be used by economists, central banks and credit institutions in the development and improvement of the national digital currency design, its emission and settlement model and the development of the concept of its implementation, taking the world experience into account.