PROSPECTS FOR THE CHINESE YUAN AS A GLOBAL CURRENCY

The processes of globalization taking place in the world economy dictate the need for a detailed study of the possibility of transforming the international financial architecture through the introduction of new forms of world currencies. For a long time, individual countries called on the world community to resist the hegemony of the dollar in relation to other currencies, and already in 2006, there was a clear trend that the international monetary and financial system was no longer unipolar and the euro and yuan should be the closest competition for the dollar in the long term. In the present study, a relevant analysis of the reasons why the traditional yuan managed to supplant the us dollar as the "world reserve currency", as well as identifying new trends and prospects of the formation, development and legal regulation of the digital yuan as the world's first digital currency. Research methods: the article is based on an integrated approach to research, as it covers a wide range of issues underlying the identification of the dynamics and prospects of development of traditional and digital yuan as a world currency and issues related to the development of legal regulation of the digital yuan. To identify trends in the development of the digital yuan and the legal framework for its regulation, the methods of system analysis and synthesis, as well as the method of induction, were used. The results of the study: the features of the functioning of the modern system of international monetary and financial relations based on the global role of the US dollar as a world currency are revealed. Conclusions: it can be concluded that in the medium term, the US dollar will be able to maintain its leading position as the first world currency, but in the long term, its role as the first world currency is under immediate threat of new legally established digital currencies as a means of monetary circulation, among which the digital yuan is the leader.