THE PHENOMENON OF DIGITAL CURRENCIES AND THE DIVERSIFICATION OF THE CASHLESS PAYMENT SYSTEM IN THE GLOBAL ECONOMY

Abstract

Formulation of the problem. In recent years, the rapid digitalization process in the global economic environment has had a serious impact on traditional financial instruments and money circulation. In this context, the emergence of digital currencies and the diversification of non-cash payment systems are shaping new transformation trends in the structure of the economy. The purpose of the study is to characterize the phenomenon of digital currencies and reflect the diversification of the cashless payment system in the global economy. The object of the study is the organizational, methodological and technological aspects of strengthening internal control systems through the implementation of modern digital technologies and innovative monitoring tools. Research methods. Using a descriptive-analytical methodology based on secondary data, regulatory documents, corporate reports, and international assessments, the paper evaluates the extent to which digitalization, automation, data analytics, and continuous control mechanisms have strengthened internal control effectiveness. The main hypothesis. The findings provide practical guidance for policymakers, businesses, and energy planners in implementing sustainable strategies. Present of the main material. These changes are leaving a deep mark not only on the technological, but also on the institutional and regulatory levels. Thus, digital currencies in particular, central bank digital currencies, cryptocurrencies and stablecoins have become an important phenomenon in the financial architecture of the modern era. Originality and practical significance. Their main function is not limited to being a means of payment, but also acts as a monetary policy instrument, a means of increasing financial inclusion, and a platform for the sustainable development of the digital economy. Conclusions and prospects for further research. A new legislative framework, modern technologies and security measures should be introduced in the country to stimulate cashless payments, which would allow increasing the number of cashless transactions in the economy. Active cooperation between the state and financial sector participants will ensure that this process progresses more quickly and sustainably.