The Impact of Digital Technologies on the Transformation of Key Elements of Financial Architecture

Abstract

The article provides a comprehensive analysis of the convergence of innovative financial technologies driving the transformation of the global financial architecture (GFA) in the 2020-2026 period. Based on systematized data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the World Economic Forum (WEF), three key technological vectors are examined: tokenization of real-world assets (RWA), central bank digital currencies (CBDC), and the application of artificial intelligence (AI) in the financial sector. The author’s contribution consists of a quantitative verification of factors determining the CBDC implementation stage, using panel data from 85 countries for the 2020-2024 period with ordered logistic regression. The study finds that cryptocurrency penetration, quality of the regulatory environment, and financial sector depth significantly increase the probability of a country advancing to a more developed CBDC project stage. It was found that the intensity of institutional response-the adoption of the MiCA regulation in the EU and the GENIUS Act in the US-is a valid indicator of the transformative impact of platform solutions on financial institutions.