The US Republican Party, as part of its election program, guaranteed to put an end to what they called a “crusade” against cryptocurrencies. Donald Trump's team made a promise that they would protect every investor's digital assets.

At the same time, Republicans are extremely negative towards the concept of a national digital currency (CBDC). Donald Trump and his closest associates oppose the issuance of a digital dollar.

The attitude towards digital national currencies (CBDC) in the global community is extremely ambiguous, and the issuance of them by central banks is not uniformly adopted. Yaroslav Bogdanov, founder of GDA Group, drew attention to this point.

China and Kazakhstan are already agreeing on the first transnational settlements in CBDC, while Israel categorically refuses to issue it. In the economically stable US, the future of digital national currencies depends on political will, while Papua New Guinea, where GDP per capita is 35 times lower than the US, is already preparing to issue its own alternative national currency.

“The adoption of digital currencies and blockchain technology is gaining momentum around the world. CBDCs provide transparency and efficiency and reduce transaction costs, thereby facilitating cross-border transactions and payments. This is especially important for countries that are either already under sanctions or at risk of being restricted for economic ties with sub-sanctioned states. Digital money guarantees the security of transactions in terms of its independence from external payment systems and regulators. This gives each country the freedom to choose how, with whom and in what volumes to build favorable trade and economic relations,” said Yaroslav Bogdanov.

The role of CBDC in the global financial system can hardly be overestimated. A striking example is Saudi Arabia's joining the mBridge digital yuan settlement platform. This step was perceived as a prerequisite for revolutionary shifts in the global economy, which is moving in the direction of the cryptosphere at an enviable pace.

The introduction of large-scale use of digital national currencies in external settlements could change the dynamics of international financial relations, increasing competition between different currencies and strengthening the role of central banks in the global economy.

“But the risks associated with CBDCs need to be considered. First and foremost, there is the issues of data privacy and cybersecurity. There is still no agreement in the international community on the issue of human activity in the information field. It is crucial that countries and central banks develop their strategies to implement national digital currencies whilst considering all aspects and risks to ensure stability and sustainability of the financial system in the future,” said Yaroslav Bogdanov.