SWITCHING TO NATIONAL AND OTHER CURRENCIES AS PART OF CREATING A NEW MODEL FOR RUSSIA’S DEVELOPMENT

The creation of voluntary regional economic unions of independent countries was an important direction in the development of the regional and world economy at the end of the twentieth century. They arise as a reaction to the dominance of several world national currencies that play a role at world level. The main feature that characterizes trade relations within such alliances is abandonment of world currencies and the use of specially created regional ones. In practice, the main obstacle to the emergence and spread of such unions is the instability of regional currencies associated with their binding to one of the national currencies of a member state of the Union or to the gold standard. The article describes the current trends in Russia and the world, as well as the possibility of creating a supranational currency independent of any national currency or gold. The main trends include: the price of oil is falling more and more as the price of gold increases; Central banks in most countries of the world have consistently and actively increased their gold assets; a number of countries have already returned their gold reserves to their territory, and this process continues. The article presents the disadvantages of dollarization for the Russian and other national economies. The main directions for ensuring the possibility of creating a supranational currency later are proposed: the formation of currency zones where large regional currencies such as the euro, the yuan, and the ruble will dominate; digitalization of money, which includes both the rejection of cash payments, and the strengthening of the role of cryptocurrencies.

dollarization, world reserve currency, Chinese yuan, cryptocurrency, currency zones, supranational currency, financial system, global transactions, US dollar, gold assets, banks.

Stepanov N. S. Switching to national and other currencies as part of creating a new model for Russia’s development. Business. Education. Law, 2021, no. 1, pp. 169—174. DOI: 10.25683/VOLBI.2021.54.123.