DIGITAL TRANSFORMATION OF PUBLIC MONEY: A COMPARATIVE ANALYSIS OF THE ROLE OF CENTRAL BANK DIGITAL CURRENCIES

The digital transformation of public money driven by the development and adoption of central bank digital currencies (CBDC), represents a major development in contemporary monetary systems. This paper provides a qualitative comparative analysis of selected international CBDC initiatives with the aim of assessing their impact on payment system efficiency, monetary policy transmission and financial inclusion. The central research question concerns how CBDCs, as a digital extension of sovereign money, can contribute to a more efficient, secure and accessible payment system while preserving the fundamental characteristics of public money. The study is based on a structured review of secondary sources and applies a consistent comparative framework across selected jurisdictions, including China, the European Union, Sweden, Nigeria and the Bahamas. The analysis evaluates CBDC models using common criteria: policy objectives, implementation model, technological design as well as observable outcomes. The findings emphasize that CBDCs can enhance transaction efficiency, increase financial inclusion and strengthen monetary policy transmission mechanisms. However, these benefits are accompanied by significant challenges, including cybersecurity risks, privacy concerns as well as the need for international regulatory coordination. The paper contributes by clarifying the multidimensional nature of CBDC impact and by providing a more structured comparative framework linking empirical cases with theoretical implications. The results highlight that successful CBDC implementation depends on context-specific design choices, supported by robust regulatory and technological foundations.