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Development of the Central Banks’ Digital Currency Market in a Highly Competitive Environment

The purpose of the article is to theoretically and empirically examine the competition between central and commercial banks in connection with the emergence of digital money of central banks and the outflow of public funds from commercial banks. The evolution of theoretical foundations and assumptions regarding market competition is considered through the prism of emergence of private money. It is emphasized that the use of cash in many countries, including Ukraine, is declining. Under the influence of the development of financial and technological companies, there are more and more ways to make electronic payments without the use of payment cards and banking services. In many countries, the number of cryptocurrency users is growing, which further increases the level of competition between the private and public sectors. The main threats and risks to the development of the cryptocurrency market, the main advantages of cryptocurrency and the latest trends in the development of the cryptocurrency market, in particular in Ukraine, have been defined. It has been discovered that cryptocurrencies have become a means of payment in many countries, their number continues to grow. Ukraine has topped the ranking of countries with the largest share of the population owning cryptocurrencies which comprise 12.7%, entering the top 5 countries in the world in terms of the number of the users of crypto assets. The development of the cryptocurrency market has led to increased competition for private digital currencies, which has become one of the reasons for the issuance of the central bank’s digital currency (CBDC). The introduction of CBDC is mainly due to gradual trends in the digitalization of the economy, the emergence of decentralized cryptocurrencies, which have created competition to banking systems (in particular, bank settlements). However, the signs of decentralization and a high level of confidentiality, which are characteristic of cryptocurrencies and are the guarantee to demand for them, reduce the competitiveness of the CBDC and create certain risks for the global economy. A tendency has been identified for central banks to find ways to maintain a leading role in the payment system, ensuring public access to central bank money and at the same time developing innovations in the financial sector.