Giyosova Nodirakxon Jamoliddinovna
Tashkent State University of Economics Doctoral candidate
E-mail: giyosovanodira1445@gmail.com
ORCID ID 0009-0002-2113-3622
Abstract: This article explores the transformation of monetary circulation and the implementation of innovative mechanisms amid the rapid development of the digital economy. The main focus is on the changes in anonymous monetary policy instruments influenced by digital ecosystems and central bank digital currencies (CBDCs). Using data from Uzbekistan’s economy, econometric modeling methods such as ARDL and VAR were applied to assess the impact of digital transactions on the velocity of money circulation. The analysis results indicate that the expansion of cashless payments and fintech platforms significantly reduces transaction costs and increases the velocity of money. The article concludes with practical recommendations to ensure the stability of the national monetary system and to develop the infrastructure of the digital som.
Keywords: Digital economy, monetary circulation, innovative mechanisms, CBDC (Central Bank Digital Currency), econometric modeling, transactional costs