Meyliyev Obid Rakhmatullayevich
Professor of Tashkent State University of Economics,
Doctor of Economic Sciences (DSc),
Tashkent, Uzbekistan. Email: meyliev.obid0905@gmail.com
ORCID:0000-0002-8586-8858
Gofurova Kamola
Student of the Faculty of Finance,
Tashkent State University of Economics
Tashkent, Uzbekistan. Email: gofurovakamola4@gmail.com
ORCID: 0009-0002-4043-5132
Abstract. This article examines the impact of a Central Bank Digital Currency (CBDC) system on financial stability. The main focus of the article is to analyze the regional situation by comparing the financial stability of Central Asian countries and to draw inspiration from the experience of countries that have developed digital currencies and potential risks in their implementation, experiences in other countries in the region, and a comparative analysis. In this regard, it is proposed to use advanced CBDC projects such as China (e-CNY) and Sweden (e-krona) as models for Central Asian countries (e.g., Uzbekistan, Kazakhstan). Empirical evidence is provided based on statistical and descriptive data. Policy recommendations are provided to ensure financial stability and cybersecurity in regional cooperation and the implementation of digital currencies.
Keywords: Central bank digital currency (CBDC), financial stability, Central Asian countries, e-CNY, e-krona, digital payment system, inflation control, cybersecurity.