{"id":3816,"date":"2025-08-16T09:04:33","date_gmt":"2025-08-16T01:04:33","guid":{"rendered":"https:\/\/theexchain.com\/what-is-a-central-bank-digital-currency-cbdc-its-impact-on-the-existing-financial-system\/"},"modified":"2025-08-16T09:04:33","modified_gmt":"2025-08-16T01:04:33","slug":"%d9%85%d8%a7-%d9%87%d9%8a-%d8%a7%d9%84%d8%b9%d9%85%d9%84%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d9%85%d9%8a%d8%a9-%d9%84%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-cbdc-%d8%aa%d8%a3","status":"publish","type":"post","link":"https:\/\/theexchain.com\/ar\/%d9%85%d8%a7-%d9%87%d9%8a-%d8%a7%d9%84%d8%b9%d9%85%d9%84%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d9%85%d9%8a%d8%a9-%d9%84%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-cbdc-%d8%aa%d8%a3\/","title":{"rendered":"\u0645\u0627 \u0647\u064a \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a (CBDC)\u061f \u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0639\u0644\u0649\n  \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062d\u0627\u0644\u064a"},"content":{"rendered":"<h1 id=\"central-bank-digital-currencies-revolutionizing-money-in-the-digital-age\">\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629: \u0625\u062d\u062f\u0627\u062b \u062b\u0648\u0631\u0629 \u0641\u064a \u0627\u0644\u0646\u0642\u0648\u062f \u0641\u064a \u0627\u0644\u0639\u0635\u0631 \u0627\u0644\u0631\u0642\u0645\u064a<\/h1>\n<h2 id=\"the-rise-of-sovereign-digital-money\">\u0635\u0639\u0648\u062f \u0627\u0644\u0646\u0642\u0648\u062f \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629<\/h2>\n<p>\u062a\u064f\u0645\u062b\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 (CBDCs) \u062a\u062d\u0648\u0644\u0627\u064b \u0632\u0644\u0632\u0627\u0644\u064a\u0627\u064b \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0639\u0627\u0644\u0645\u064a - \u0648\u0647\u064a \u0646\u0642\u0648\u062f \u0631\u0642\u0645\u064a\u0629 \u062a\u0635\u062f\u0631\u0647\u0627 \u0627\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0645\u062f\u0639\u0648\u0645\u0629 \u0628\u0625\u064a\u0645\u0627\u0646 \u0648\u0627\u0626\u062a\u0645\u0627\u0646 \u0643\u0627\u0645\u0644\u064a\u0646. \u0648\u062e\u0644\u0627\u0641\u064b\u0627 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629\u060c \u062a\u0639\u0643\u0633 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0642\u064a\u0645\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0648\u0631\u0642\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0645\u0639 \u062a\u0633\u062e\u064a\u0631 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629. \u0645\u0639 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u0627\u062f\u064a \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0639\u0627\u0644\u0645 \u0648\u062a\u0632\u0627\u064a\u062f \u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629\u060c \u062a\u062a\u0633\u0627\u0628\u0642 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u062a\u0637\u0648\u064a\u0631 \u0628\u062f\u0627\u0626\u0644 \u0631\u0642\u0645\u064a\u0629 \u0633\u064a\u0627\u062f\u064a\u0629. \u0648\u0642\u062f \u0623\u0637\u0644\u0642\u062a \u0643\u0644 \u0645\u0646 \u062c\u0632\u0631 \u0627\u0644\u0628\u0647\u0627\u0645\u0627 \u0648\u062c\u0627\u0645\u0627\u064a\u0643\u0627 \u0648\u0646\u064a\u062c\u064a\u0631\u064a\u0627 \u0628\u0627\u0644\u0641\u0639\u0644 \u0639\u0645\u0644\u0627\u062a \u0631\u0642\u0645\u064a\u0629 \u0633\u064a\u0627\u062f\u064a\u0629 \u0631\u0642\u0645\u064a\u0629 \u062d\u064a\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u062f\u064a\u0631 36 \u062f\u0648\u0644\u0629 \u0623\u062e\u0631\u0649 \u0628\u0631\u0627\u0645\u062c \u062a\u062c\u0631\u064a\u0628\u064a\u0629. \u0647\u0630\u0627 \u0644\u064a\u0633 \u0645\u062c\u0631\u062f \u062a\u0637\u0648\u0631 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u060c \u0628\u0644 \u0647\u0648 \u0625\u0639\u0627\u062f\u0629 \u062a\u0635\u0648\u0631 \u0623\u0633\u0627\u0633\u064a \u0644\u0644\u0646\u0642\u0648\u062f \u0646\u0641\u0633\u0647\u0627.  <\/p>\n<h3 id=\"why-cbdcs-matter-now\">\u0644\u0645\u0627\u0630\u0627 \u062a\u064f\u0639\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0645\u0647\u0645\u0629 \u0627\u0644\u0622\u0646<\/h3>\n<p>\u0623\u062f\u062a \u0627\u0644\u062c\u0627\u0626\u062d\u0629 \u0625\u0644\u0649 \u062a\u0633\u0631\u064a\u0639 \u0648\u062a\u064a\u0631\u0629 \u062a\u0631\u0627\u062c\u0639 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629\u060c \u0645\u0645\u0627 \u0643\u0634\u0641 \u0639\u0646 \u062b\u063a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629:  <\/p>\n<ul>\n<li><strong>6% \u0645\u0646 \u0627\u0644\u0628\u0627\u0644\u063a\u064a\u0646 \u0641\u064a \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0644\u0627 \u064a\u0632\u0627\u0644\u0648\u0646 \u063a\u064a\u0631 \u0645\u062a\u0639\u0627\u0645\u0644\u064a\u0646 \u0645\u0639 \u0627\u0644\u0628\u0646\u0648\u0643<\/strong> (\u0628\u064a\u0627\u0646\u0627\u062a 2023)  <\/li>\n<li>\u0627\u0631\u062a\u0641\u0627\u0639 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629  <\/li>\n<li>\u0644\u0627 \u062a\u0632\u0627\u0644 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0639\u0628\u0631 \u0627\u0644\u062d\u062f\u0648\u062f \u0645\u0643\u0644\u0641\u0629 \u0648\u0628\u0637\u064a\u0626\u0629<\/li>\n<\/ul>\n<p>\u062a\u0639\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 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\u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \"\u062a\u062d\u0633\u0646 \u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0645\u062d\u0644\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0622\u0645\u0646\u0629 \u0648\u0627\u0644\u0641\u0639\u0627\u0644\u0629 \u0628\u0627\u0644\u0641\u0639\u0644\"\u060c \u0628\u064a\u0646\u0645\u0627 \u064a\u0634\u064a\u0631 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0625\u0644\u0649 \u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0644\u062f\u0648\u0644\u0631\u0629 \u0648\u062a\u0639\u0632\u064a\u0632 \u0646\u0642\u0644 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629.  <\/p>\n<h2 id=\"decoding-cbdc-fundamentals\">\u0641\u0643 \u0634\u0641\u0631\u0629 \u0623\u0633\u0627\u0633\u064a\u0627\u062a CBDC<\/h2>\n<h3 id=\"two-architectures-one-goal\">\u0628\u0646\u064a\u062a\u0627\u0646 \u0645\u0639\u0645\u0627\u0631\u064a\u062a\u0627\u0646\u060c \u0647\u062f\u0641 \u0648\u0627\u062d\u062f<\/h3>\n<p>\u062a\u0648\u062c\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0641\u064a \u0623\u0634\u0643\u0627\u0644 \u062a\u0643\u0645\u064a\u0644\u064a\u0629:  <\/p>\n<table>\n<thead>\n<tr>\n<th><strong>\u0627\u0644\u0628\u064a\u0639 \u0628\u0627\u0644\u062c\u0645\u0644\u0629 CBDC<\/strong><\/th>\n<th><strong>\u062a\u062c\u0627\u0631\u0629 \u0627\u0644\u062a\u062c\u0632\u0626\u0629 CBDC<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u062a\u0633\u062a\u062e\u062f\u0645\u0647\u0627 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/td>\n<td>\u0645\u062a\u0627\u062d \u0644\u0644\u062c\u0645\u0647\u0648\u0631 \u0627\u0644\u0639\u0627\u0645<\/td>\n<\/tr>\n<tr>\n<td>\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0628\u0646\u0648\u0643<\/td>\n<td>\u062a\u0645\u0643\u064a\u0646 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u064a\u0648\u0645\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u064a\u0633\u062a\u0628\u062f\u0644 \u0627\u0644\u0623\u0631\u0635\u062f\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0629<\/td>\n<td>\u064a\u0642\u0644\u0644 \u0645\u0646 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u0643\u0645\u0627 \u062a\u0646\u0642\u0633\u0645 \u0639\u0645\u0644\u0627\u062a \u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0625\u0644\u0649<\/strong>  <\/p>\n<ul>\n<li><strong>\u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632<\/strong>: \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u064a\u0647\u0627 \u0639\u0628\u0631 \u0645\u0641\u0627\u062a\u064a\u062d \u0627\u0644\u062a\u0634\u0641\u064a\u0631 (\u062a\u062a\u064a\u062d \u0625\u062e\u0641\u0627\u0621 \u0627\u0644\u0647\u0648\u064a\u0629)  <\/li>\n<li><strong>\u0639\u0644\u0649 \u0623\u0633\u0627\u0633 \u0627\u0644\u062d\u0633\u0627\u0628<\/strong>: \u064a\u062a\u0637\u0644\u0628 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0647\u0648\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629<\/li>\n<\/ul>\n<p>\u0648\u0627\u0644\u0623\u0647\u0645 \u0645\u0646 \u0630\u0644\u0643 \u0623\u0646 <em>\u0644\u064a\u0633\u062a<\/em> \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629. \u0641\u0647\u064a \u0645\u0631\u0643\u0632\u064a\u0629 \u0648\u0645\u0646\u0638\u0645\u0629 \u0648\u0645\u0635\u0645\u0645\u0629 \u0644\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 - \u0648\u0644\u064a\u0633 \u0644\u0644\u0645\u0636\u0627\u0631\u0628\u0629. \u0648\u0643\u0645\u0627 \u064a\u0624\u0643\u062f \u0645\u062c\u0644\u0633 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0641\u0625\u0646 \u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0633\u062a\u0643\u0648\u0646 \"\u0623\u0643\u062b\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0623\u0645\u0627\u0646\u064b\u0627 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0644\u0639\u0627\u0645\u0629 \u0627\u0644\u0646\u0627\u0633\u060c \u0645\u0639 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0645\u062e\u0627\u0637\u0631 \u0627\u0626\u062a\u0645\u0627\u0646 \u0623\u0648 \u0633\u064a\u0648\u0644\u0629 \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0647\u0627.\"  <\/p>\n<h3 id=\"core-objectives-driving-adoption\">\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0642\u0648\u062f \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0628\u0646\u064a<\/h3>\n<p>\u062a\u0633\u0639\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0625\u0644\u0649 \u062a\u062d\u0642\u064a\u0642\u0647 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629:  <\/p>\n<ol>\n<li><strong>\u0627\u0644\u0634\u0645\u0648\u0644 \u0627\u0644\u0645\u0627\u0644\u064a<\/strong>: \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0644\u063a\u064a\u0631 \u0627\u0644\u0645\u062a\u0639\u0627\u0645\u0644\u064a\u0646 \u0645\u0639 \u0627\u0644\u0628\u0646\u0648\u0643 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0647\u0627\u062a\u0641 \u0627\u0644\u0645\u062d\u0645\u0648\u0644  <\/li>\n<li><strong>\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629<\/strong>: \u062e\u0641\u0636 \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0645\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0646\u0642\u062f\u064a \u0627\u0644\u0645\u0627\u062f\u064a \u0648\u0637\u0628\u0642\u0627\u062a \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u0645\u0639\u0642\u062f\u0629  <\/li>\n<li><strong>\u0641\u0639\u0627\u0644\u064a\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629<\/strong>: \u0627\u0644\u062a\u0645\u0643\u064a\u0646 \u0645\u0646 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629\/\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a  <\/li>\n<li><strong>\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u062f\u0641\u0639<\/strong>: \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0648\u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629  <\/li>\n<li><strong>\u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0639\u0628\u0631 \u0627\u0644\u062d\u062f\u0648\u062f<\/strong>: \u062e\u0641\u0636 \u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0627\u0644\u062a\u0639\u0627\u0648\u0646 \u0627\u0644\u0642\u0636\u0627\u0626\u064a<\/li>\n<\/ol>\n<p>\u064a\u0633\u0644\u0637 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0627\u0644\u0636\u0648\u0621 \u062a\u062d\u062f\u064a\u062f\u064b\u0627 \u0639\u0644\u0649 \u0642\u062f\u0631\u0629 \u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0639\u0644\u0649 \"\u062a\u0643\u0631\u0627\u0631 \u0627\u0644\u062e\u0635\u0627\u0626\u0635 \u0627\u0644\u0645\u0631\u063a\u0648\u0628\u0629 \u0644\u0644\u0646\u0642\u062f\" \u0645\u0639 \u0627\u0644\u0639\u0645\u0644 \"\u0643\u0646\u0642\u0627\u0637 \u062f\u062e\u0648\u0644 \u0625\u0644\u0649 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0631\u0633\u0645\u064a\".  <\/p>\n<h2 id=\"the-global-cbdc-landscape\">\u0627\u0644\u0645\u0634\u0647\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0644\u0627\u062a\u0641\u0627\u0642\u064a\u0629 \u0627\u0644\u062a\u0646\u0648\u0639 \u0627\u0644\u0628\u064a\u0648\u0644\u0648\u062c\u064a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629<\/h2>\n<h3 id=\"pioneering-nations\">\u0627\u0644\u0623\u0645\u0645 \u0627\u0644\u0631\u0627\u0626\u062f\u0629<\/h3>\n<table>\n<thead>\n<tr>\n<th><strong>\u0627\u0644\u0628\u0644\u062f<\/strong><\/th>\n<th><strong>\u0627\u0644\u062d\u0627\u0644\u0629<\/strong><\/th>\n<th><strong>\u0627\u0644\u0645\u064a\u0632\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u062c\u0632\u0631 \u0627\u0644\u0628\u0647\u0627\u0645\u0627<\/td>\n<td>\u062a\u0645 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 (\u062f\u0648\u0644\u0627\u0631 \u0631\u0645\u0644\u064a)<\/td>\n<td>\u0623\u0648\u0644 CBDC \u0645\u0628\u0627\u0634\u0631 \u0641\u064a \u062c\u0645\u064a\u0639 \u0623\u0646\u062d\u0627\u0621 \u0627\u0644\u0639\u0627\u0644\u0645<\/td>\n<\/tr>\n<tr>\n<td>\u062c\u0627\u0645\u0627\u064a\u0643\u0627<\/td>\n<td>\u062a\u0645 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 (JAM-DEX)<\/td>\n<td>\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0639\u0628\u0631 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0646\u064a\u062c\u064a\u0631\u064a\u0627<\/td>\n<td>\u062a\u0645 \u0627\u0644\u0625\u0637\u0644\u0627\u0642 (eNaira)<\/td>\n<td>\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0647\u0648\u064a\u0629 \u0627\u0644\u0645\u062a\u062f\u0631\u062c<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0635\u064a\u0646<\/td>\n<td>\u0637\u064a\u0627\u0631 \u0645\u062a\u0642\u062f\u0645<\/td>\n<td>\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u064a\u0648\u0627\u0646 \u0627\u0644\u0631\u0642\u0645\u064a \u0641\u064a \u0627\u0644\u0623\u0644\u0639\u0627\u0628 \u0627\u0644\u0623\u0648\u0644\u0645\u0628\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629<\/td>\n<td>\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0628\u062d\u062b<\/td>\n<td>\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0644\u0644\u0641\u0648\u0627\u0626\u062f\/\u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>\u0644\u0627 \u062a\u0646\u062c\u062d \u062c\u0645\u064a\u0639 \u0627\u0644\u062a\u062c\u0627\u0631\u0628<\/strong>: \u062a\u0645 \u0648\u0636\u0639 \u0645\u0634\u0631\u0648\u0639 \"\u0628\u0631\u064a\u062a\u0643\u0648\u064a\u0646\" \u0627\u0644\u0628\u0631\u064a\u0637\u0627\u0646\u064a \u0639\u0644\u0649 \u0627\u0644\u0631\u0641 (2011-2019)\u060c \u0648\u0623\u0648\u0642\u0641 \u0627\u062a\u062d\u0627\u062f \u0639\u0645\u0644\u0627\u062a \u0634\u0631\u0642 \u0627\u0644\u0643\u0627\u0631\u064a\u0628\u064a \u0639\u0645\u0644\u0629 \u0627\u0644\u0639\u0645\u0644\u0629 \u0641\u064a \u0634\u0631\u0642 \u0627\u0644\u0643\u0627\u0631\u064a\u0628\u064a \u0644\u0625\u062c\u0631\u0627\u0621 \u0645\u0631\u0627\u062c\u0639\u0627\u062a \u0641\u0646\u064a\u0629.  <\/p>\n<h3 id=\"g20-and-brics-momentum\">\u0632\u062e\u0645 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0639\u0634\u0631\u064a\u0646 \u0648\u0628\u0631\u064a\u0643\u0633<\/h3>\n<ul>\n<li>36 \u0645\u0634\u0631\u0648\u0639\u064b\u0627 \u062a\u062c\u0631\u064a\u0628\u064a\u064b\u0627 \u0646\u0634\u0637\u064b\u0627 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0639\u0627\u0644\u0645  <\/li>\n<li>8 \u062f\u0648\u0644 \u0645\u0646 \u062f\u0648\u0644 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0639\u0634\u0631\u064a\u0646 \u062a\u0636\u0639 \u0628\u0631\u0627\u0645\u062c \u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u0628\u0631\u0627\u0645\u062c  <\/li>\n<li>\u062a\u0643\u062a\u0644 \u0628\u0631\u064a\u0643\u0633 (\u0627\u0644\u0628\u0631\u0627\u0632\u064a\u0644\u060c \u0648\u0631\u0648\u0633\u064a\u0627\u060c \u0648\u0627\u0644\u0647\u0646\u062f\u060c \u0648\u0627\u0644\u0635\u064a\u0646\u060c \u0648\u062c\u0646\u0648\u0628 \u0623\u0641\u0631\u064a\u0642\u064a\u0627) \u064a\u0633\u062a\u0643\u0634\u0641\u0648\u0646 \u0645\u0639\u064b\u0627 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0643\u0627\u0645\u0644  <\/li>\n<li>\u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u064a\u0648\u0631\u0648 \u062a\u0636\u0639 \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0623\u0648\u0644\u064a\u064b\u0627 \u0644\u0644\u064a\u0648\u0631\u0648 \u0627\u0644\u0631\u0642\u0645\u064a<\/li>\n<\/ul>\n<h2 id=\"navigating-the-cbdc-tightrope\">\u0627\u0644\u0625\u0628\u062d\u0627\u0631 \u0641\u064a \u0627\u0644\u062d\u0628\u0644 \u0627\u0644\u0645\u0634\u062f\u0648\u062f \u0644\u0627\u062a\u0641\u0627\u0642\u064a\u0629 \u0627\u0644\u062a\u0646\u0648\u0639 \u0627\u0644\u0628\u064a\u0648\u0644\u0648\u062c\u064a<\/h2>\n<h3 id=\"transformative-opportunities\">\u0627\u0644\u0641\u0631\u0635 \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u064a\u0629<\/h3>\n<ul>\n<li><strong>\u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0644\u063a\u064a\u0631 \u0627\u0644\u0645\u062a\u0639\u0627\u0645\u0644\u064a\u0646 \u0645\u0639 \u0627\u0644\u0628\u0646\u0648\u0643<\/strong>: \u0644\u0627 \u062a\u062a\u0637\u0644\u0628 \u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0633\u0648\u0649 \u0627\u0644\u0623\u062c\u0647\u0632\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 - \u0644\u0627 \u064a\u0648\u062c\u062f \u062d\u062f \u0623\u062f\u0646\u0649 \u0644\u0644\u0623\u0631\u0635\u062f\u0629  <\/li>\n<li><strong>\u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0643\u0648\u0627\u0631\u062b<\/strong>: \u0627\u0644\u0639\u0645\u0644 \u062f\u0648\u0646 \u0627\u062a\u0635\u0627\u0644 \u0628\u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a \u0639\u0646\u062f \u062a\u0639\u0637\u0644 \u0627\u0644\u0634\u0628\u0643\u0627\u062a  <\/li>\n<li><strong>\u0627\u0645\u062a\u062b\u0627\u0644 \u0642\u0627\u0628\u0644 \u0644\u0644\u0628\u0631\u0645\u062c\u0629<\/strong>: \u0627\u0644\u0641\u062d\u0648\u0635\u0627\u062a \u0627\u0644\u0622\u0644\u064a\u0629 \u0644\u0645\u0643\u0627\u0641\u062d\u0629 \u063a\u0633\u064a\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644  <\/li>\n<li><strong>\u0627\u0644\u062f\u0642\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629<\/strong>: \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0644\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0633\u064a\u0627\u0633\u0627\u062a  <\/li>\n<li><strong>\u0627\u0644\u0645\u064a\u0632\u0629 \u0627\u0644\u0623\u0645\u0646\u064a\u0629<\/strong>: \u062a\u0642\u0644\u064a\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0632\u064a\u064a\u0641 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u0645\u0627\u062f\u064a<\/li>\n<\/ul>\n<p>\u0648\u064a\u0624\u0643\u062f \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a \u0623\u0646 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \"\u062a\u062d\u0641\u0632 \u0627\u0644\u0645\u0646\u0627\u0641\u0633\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062e\u0641\u0636 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0648\u0627\u0644\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629.\"  <\/p>\n<h3 id=\"critical-challenges\">\u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0644\u062d\u0631\u062c\u0629<\/h3>\n<ol>\n<li><strong>\u0645\u0641\u0627\u0631\u0642\u0629 \u0627\u0644\u062e\u0635\u0648\u0635\u064a\u0629<\/strong>: \u0627\u0644\u0645\u0648\u0627\u0632\u0646\u0629 \u0628\u064a\u0646 \u0625\u062e\u0641\u0627\u0621 \u0627\u0644\u0647\u0648\u064a\u0629 \u0648\u0627\u0644\u0631\u0642\u0627\u0628\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629  <\/li>\n<li><strong>\u0625\u0644\u063a\u0627\u0621 \u0627\u0644\u0648\u0633\u0627\u0637\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629<\/strong>: \u0645\u062e\u0627\u0637\u0631 \u0647\u062c\u0631\u0629 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u062a\u062c\u0627\u0631\u064a\u0629 \u0625\u0644\u0649 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u062e\u0644\u0627\u0644 \u0627\u0644\u0623\u0632\u0645\u0627\u062a  <\/li>\n<li><strong>\u0646\u0642\u0637\u0629 \u0627\u0646\u0637\u0644\u0627\u0642 \u0627\u0644\u0623\u0645\u0646 \u0627\u0644\u0633\u064a\u0628\u0631\u0627\u0646\u064a<\/strong>: \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u062c\u062a\u0630\u0628 \u0627\u0644\u0642\u0631\u0627\u0635\u0646\u0629 \u0627\u0644\u0645\u062a\u0637\u0648\u0631\u064a\u0646  <\/li>\n<li><strong>\u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629<\/strong>: \u0636\u0645\u0627\u0646 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0628\u064a\u0646\u064a \u0639\u0628\u0631 \u0627\u0644\u062d\u062f\u0648\u062f\/\u0627\u0644\u0623\u062c\u0647\u0632\u0629  <\/li>\n<li><strong>\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0635\u0641\u0631\u064a<\/strong>: \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u062f \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0629 \u0627\u0644\u0623\u062c\u0631 \u0645\u0646 \u0627\u0644\u0642\u062f\u0631\u0629 \u0639\u0644\u0649 \u062e\u0641\u0636 \u0627\u0644\u0623\u0633\u0639\u0627\u0631<\/li>\n<\/ol>\n<p>\u064a\u062d\u0630\u0631 \u0628\u0627\u062d\u062b\u0648 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a \u0635\u0631\u0627\u062d\u0629\u064b: \"\u0625\u0646 \u0627\u0644\u062a\u062d\u0648\u0644 \u0625\u0644\u0649 \u0639\u0645\u0644\u0629 \u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0642\u062f \u064a\u0643\u0648\u0646 \u0644\u0647 \u062a\u0623\u062b\u064a\u0631 \u063a\u064a\u0631 \u0645\u0639\u0631\u0648\u0641 \u0639\u0644\u0649 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\"\u060c \u0644\u0627 \u0633\u064a\u0645\u0627 \u0641\u064a\u0645\u0627 \u064a\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0623\u062b\u0646\u0627\u0621 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0633\u062d\u0628 \u0645\u0646 \u0627\u0644\u0628\u0646\u0648\u0643.  <\/p>\n<h2 id=\"cbdcs-vs-cryptocurrencies-fundamental-differences\">\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0627\u0644\u0645\u0634\u0641\u0631\u0629: \u0627\u0644\u0627\u062e\u062a\u0644\u0627\u0641\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629<\/h2>\n<table>\n<thead>\n<tr>\n<th><strong>\u0627\u0644\u0633\u0645\u0629<\/strong><\/th>\n<th><strong>CBDC<\/strong><\/th>\n<th><strong>\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0627\u0644\u0645\u064f\u0635\u062f\u0631<\/td>\n<td>\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a<\/td>\n<td>\u0634\u0628\u0643\u0629 \u0644\u0627 \u0645\u0631\u0643\u0632\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0646\u0633\u062e \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a<\/td>\n<td>\u0627\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0633\u064a\u0627\u062f\u064a<\/td>\n<td>\u0644\u0627 \u062a\u0648\u062c\u062f \u0642\u064a\u0645\u0629 \u062c\u0648\u0647\u0631\u064a\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u062b\u0628\u0627\u062a \u0627\u0644\u0642\u064a\u0645\u0629<\/td>\n<td>\u0627\u0644\u0631\u0628\u0637 \u0628\u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0648\u0631\u0642\u064a\u0629<\/td>\n<td>\u0634\u062f\u064a\u062f \u0627\u0644\u062a\u0642\u0644\u0628<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u062a\u0646\u0638\u064a\u0645<\/td>\n<td>\u0645\u0646\u0638\u0645 \u0628\u0627\u0644\u0643\u0627\u0645\u0644<\/td>\n<td>\u0631\u0642\u0627\u0628\u0629 \u0645\u062d\u062f\u0648\u062f\u0629<\/td>\n<\/tr>\n<tr>\n<td>\u0627\u0644\u0648\u0638\u064a\u0641\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629<\/td>\n<td>\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u062f\u0641\u0639<\/td>\n<td>\u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629\/\u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0642\u062f \u062a\u0633\u062a\u0641\u064a\u062f \u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0645\u0646 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0628\u0644\u0648\u0643 \u062a\u0634\u064a\u0646 \u0648\u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u062a\u0637\u0644\u0628\u0647\u0627. \u0648\u0643\u0645\u0627 \u064a\u0644\u0627\u062d\u0638 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c \u0641\u0647\u064a \u0645\u0635\u0645\u0645\u0629 \"\u0644\u062a\u0643\u0645\u0644\u0629 \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629\" - \u0648\u0644\u064a\u0633 \u0644\u0644\u0625\u0637\u0627\u062d\u0629 \u0628\u0647\u0627.  <\/p>\n<h2 id=\"the-road-ahead-policy-and-design-imperatives\">\u0627\u0644\u0637\u0631\u064a\u0642 \u0625\u0644\u0649 \u0627\u0644\u0623\u0645\u0627\u0645: \u0636\u0631\u0648\u0631\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0648\u0627\u0644\u062a\u0635\u0645\u064a\u0645<\/h2>\n<h3 id=\"key-development-frameworks\">\u0623\u0637\u0631 \u0627\u0644\u062a\u0646\u0645\u064a\u0629 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629<\/h3>\n<p>\u064a\u0642\u062a\u0631\u062d \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a <strong>\"\u0645\u0646\u0647\u062c\u064a\u0629 5P\"<\/strong> \u0644\u0637\u0631\u062d CBDC:  <\/p>\n<ol>\n<li><strong>\u0627\u0644\u062a\u062d\u0636\u064a\u0631<\/strong>: \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0623\u0647\u062f\u0627\u0641\/\u0627\u0644\u0642\u062f\u0631\u0627\u062a  <\/li>\n<li><strong>\u0625\u062b\u0628\u0627\u062a \u0627\u0644\u0645\u0641\u0647\u0648\u0645<\/strong>: \u062a\u0635\u0645\u064a\u0645\u0627\u062a \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0639\u0645\u0644\u064a\u0629  <\/li>\n<li><strong>\u0646\u0645\u0648\u0630\u062c \u0623\u0648\u0644\u064a<\/strong>: \u062a\u0637\u0648\u064a\u0631 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627  <\/li>\n<li><strong>\u0637\u064a\u0651\u0627\u0631<\/strong>: \u0627\u062e\u062a\u0628\u0627\u0631 \u0645\u0628\u0627\u0634\u0631 \u0639\u0644\u0649 \u0646\u0637\u0627\u0642 \u0645\u062d\u062f\u0648\u062f  <\/li>\n<li><strong>\u0627\u0644\u0625\u0646\u062a\u0627\u062c<\/strong>: \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0643\u0627\u0645\u0644<\/li>\n<\/ol>\n<p>\u0648\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647\u060c \u064a\u062c\u0628 \u0623\u0646 \u062a\u0639\u0627\u0644\u062c \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u0642\u0648\u064a\u0629 \u0645\u0627 \u064a\u0644\u064a:  <\/p>\n<ul>\n<li><strong>\u0627\u0644\u0623\u0633\u0633 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629<\/strong>: \u0633\u0644\u0637\u0629 \u0648\u0627\u0636\u062d\u0629 \u0644\u0644\u0625\u0635\u062f\u0627\u0631  <\/li>\n<li><strong>\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0623\u0645\u0646 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\u0641\u0645\u0633\u062a\u0642\u0628\u0644 \u0627\u0644\u0645\u0627\u0644 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0630\u0644\u0643.<\/p>","protected":false},"excerpt":{"rendered":"<p>Central Bank Digital Currencies: Revolutionizing Money in the Digital Age The Rise of Sovereign Digital Money Central Bank Digital Currencies (CBDCs) represent a seismic shift in global finance\u2014government-issued digital money backed by full faith and credit. Unlike volatile cryptocurrencies, CBDCs mirror the value of existing fiat currencies while harnessing digital efficiency. With physical cash usage [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts\/3816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/comments?post=3816"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/posts\/3816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/media\/3815"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/media?parent=3816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/categories?post=3816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ar\/wp-json\/wp\/v2\/tags?post=3816"}],"curies":[{"name":"\u062f\u0628\u0644\u064a\u0648 \u0628\u064a","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}