NEW THEORETICAL APPROACHES TO ENSURING NATIONAL CURRENCY STABILITY IN THE CONTEXT OF THE DIGITAL ECONOMY AND DIGITAL CURRENCIES (CBDC AND CRYPTOCURRENCIES)

Abstract

The rapid digitization of the global financial architecture, characterized by the rise of decentralized cryptocurrencies and the development of Central Bank Digital Currencies (CBDCs), has challenged traditional monetary equilibrium. This article examines the theoretical shifts required to maintain national currency stability in a post-fiat-only world. It explores the phenomenon of "cryptoization," the evolution of monetary transmission mechanisms, and the "Digital Currency Trilemma." The research proposes a hybrid theoretical framework that integrates algorithmic supply management with traditional interest rate targeting. By analyzing the structural differences between private digital assets and sovereign digital money, this paper provides a roadmap for central banks to navigate the volatility of the digital age while preserving monetary sovereignty.