Central bank digital money – opportunities and threats

<ns3:p>The rapid development of new technologies and the associated changes mean that we are dealing with an environment that is becoming increasingly digital. The financial sphere is also undergoing transformation, especially the payment services market, as evidenced by the evolution of cashless payment forms and the intensive development of cryptocurrencies. The growing share of payment transactions carried out using non-cash instruments is leading an increasing number of central banks around the world to investigate the concept of issuing digital money. This new form of money has the potential to increase the efficiency of payment and settlement systems, both for domestic and international financial markets. In addition to the benefits, digital money also brings with it real risks related to the transformations it will bring about in the systems currently in use on which the functioning of the state, society and economy is based.</ns3:p>