Digital currency as a new instrument of monetary policy

Introduction. The so-called digital currencies, which originated in the private sector, are becoming widespread in the world, and the central banks of many countries are trying to seize the initiative by issuing their own electronic money. China is the leader here, which opened a new era of the digital yuan in 2026 by expanding the scope of its use from retail trade to international payments, but other countries from different continents are also actively developing a new form of money. Therefore, the theoretical generalization of these processes is gaining particular relevance. Problem Statement. Scientific research in the field of electronic money lags behind practice to a certain extent, so the synthesis of achievements and the formation of vectors of possible use of digital money are gaining relevance. The purpose is to develop scenarios for the introduction of digital money in Ukraine based on the analysis and synthesis of theoretical developments of specialists, regulatory documents and practical foreign experience in the implementation of digital money and the improvement of monetary policy in this area. Methods. The key method is the analysis of cases of the implementation of digital money in different countries of the world, generalization of the results obtained and development by induction of possible vectors of use of the electronic hryvnia in Ukraine. Results. The study of literary and regulatory sources provides a basis for the conclusion about the transition of money to a new level due to its digitalization. Digital money is replacing not only cash but also modern electronic money. An analysis of the implementation of digital currencies by different countries of the world has shown that electronic wallets are becoming increasingly popular in making payments. The People's Bank of China has allowed its banks to issue loans in digital yuan since 2026 and is promoting e-CNY in international payments. Private digital money systems are also developing, in particular USDT from Tether and USDC from USD Coin. This creates an additional money supply not issued by central banks, which creates certain difficulties for them to conduct monetary policy. In parallel with digital money, a new type of asset is developing - tokenized assets - digitized assets, the movement of which occurs using distributed ledger technology (DLT). This forms the basis for the development of a new type of commodity-monetary relations. Conclusions. The results obtained demonstrate the need to develop a roadmap for the introduction of a digital hryvnia in Ukraine in parallel with the introduction of a digital euro in the EU. It is also advisable to use the possible advantages of the digital hryvnia to create an alternative to savings in foreign currency and, accordingly, reduce the demand for it. Tokenization of assets will significantly simplify operations for business and the population.