Digitální měna centrální banky jako platební medium budoucnosti

This study begins by examining the motivation for CBDCs in light of the decline of cash, the digitization of payments, and competitive pressure from cryptocurrencies. It then defines central bank digital currency and compares it with cash, bank deposits, and cryptocurrencies. This is followed by a historical overview, tracing developments from early experiments to the e-CNY and Sand Dollar pilots. Drawing on case studies of the Sand Dollar, e-CNY, Bakong, and eNaira, the paper analyzes key benefits (payment efficiency, financial inclusion, new monetary policy tools) and risks (privacy, cybersecurity, impacts on the banking sector). It then explores the implications for monetary policy, including interest-bearing models and “helicopter” transfers, assesses cross-border pilots such as mBridge, Dunbar, and Icebreaker, and outlines global scenarios ranging from regional blocs to a multipolar system. The conclusion summarizes the main findings, answers the research questions, and offers recommendations for future research and policy.