The effects of digital money and blok zincir technology on the Central Bank and banks

In the new world order, lifestyles have changed with the introduction of digitalization into all areas of life. These developments have also been seen in the banking system in the field of finance, and many central banks have started to work to issue their own digital money. The possibility of a new reserve money that can replace the existing reserve money used in the international monetary system is discussed. With the blockchain technology created as a result of these technological developments, cryptocurrencies have been introduced to the market. As a result of the use of cryptocurrencies in the financial sector, it is observed that the need for intermediary activities of banks, which take on the task of making national and international payments, has begun to disappear, albeit partially. As a result, it is expected that disruptions may occur in the efforts of central banks to provide financial stability. In the second part, the working system and logic of blockchain technology, the definition and development of money, and the characteristics and development of cryptocurrencies are examined chronologically. In the third chapter, the advantages and disadvantages of the crypto money system and the central bank money are mentioned. In the fourth chapter, the effects of crypto money on the financial system, thus on the general banking system, and the developments related to crypto money, blockchain and Central Banks Digital Money in Turkey are examined. In the last part, the potential benefits of the Central Bank Digital Currency were mentioned and the effects of the Central Bank Digital Currency on monetary policies and the formation process of the World's New Reserve Money were discussed in detail.