Interrelation of Digital Currency Introduction into Payment Operations and Labour Productivity
The subject of the research is Central banks attitude to the issue of defining the essence and introduction of their own digital currencies. The purpose of the work is to define advantages and consequences of central bank digital currency (CBDC) as an innovative payment instrument with reference to labour productivity increase. Various scenarios of digital currency circulation are examined in respect to its availability and financial transaction participant identification, as well as possibility of account remaining balance interest calculation. Factors constraining fast transition to central bank digital currency are summarized. The latter are mainly concerned with the public reaction to new instrument introduction and with potential risks of its circulation. Variability of infrastructure building for CBDC circulation is given. It is concluded that central bank digital currency may become an innovative payment instrument in the nearest future. Special attention is paid to the issues of central bank digital currency circulation security, especially on possible cyber risks of technical failures and cyber attacks, which later is reflected in labour productivity assessment. At present the central bank digital currency potential is not well studied and the new infrastructure risks need to be assessed and elaborated including the regulatory perspective. The article demonstrates indirect coupling of central bank digital currency introduction with social labour productivity. Moreover, it is shown that there are practically no publications and system research into the impact of innovative payment instruments on the evaluation of such macroeconomic index as labour productivity.