The potential role of digital money in Eurasian Economic Union countries

This study analyzes the potential role and impact of institutional quality on the adoption and use of central bank digital currencies (CBDCs) in Eurasian Economic Union (EAEU) countries. In the context of rapid digitalization of financial systems and increasing integration within the EAEU, understanding the role of institutional factors is key to the successful introduction of CBDCs. The aim of this paper is to identify the relationship between institutional quality — including aspects such as the rule of law, government effectiveness, control of corruption, and accountability — and the likelihood of digital currency adoption in EAEU countries. To achieve this goal, a comparative analysis of current initiatives to develop and implement CBDCs in member states such as Kazakhstan, Russia, Kyrgyzstan, Belarus, and Armenia was conducted. Particular attention was paid to differences in the institutional environment and their impact on the pace and forms of digital currency implementation. The methodological basis of the study includes the use of logistic and probit regressions to assess the probability of CBDC implementation depending on institutional and macroeconomic factors. The control variables considered are the inflation rate, the degree of financial