Interoperability of CBDCs: Optimising Cross-Border Settlements through the lens of national and international regulation

The study was dedicated to analysing various cross-border payment system models in the era of Central Bank Digital Currencies, including the IMFʼs XC Model, BISʼs Universal Ledger, and SWIFT interoperability, with a focus on legislative regulation. The research was based on the comparative approach and analytical method used to study the legal framework in the field of digital currencies. It was concluded that, IMFʼs XC Model appears to be the most suitable option for Ukraine. One of the key advantages of this model is the implementation of modern technologies, such as blockchain and smart contracts, which ensure high efficiency and security of financial transactions. Smart contracts reduce the need for intermediaries, accelerating processes and reducing transaction costs. Blockchain, in turn, guarantees transparency of each transaction, significantly increasing trust in the system. A critical issue is the protection of personal data, which is vital for national security amid growing cyber threats. The use of cryptographic technologies within the framework of the IMFʼs XC Model ensures high levels of data protection and the anonymity of financial transactions. To implement this model in Ukraine, changes are needed in the legislative sphere. First and foremost, it is necessary to define the legal status of smart contracts, integrating them into the existing legal system as tools for fulfilling obligations in financial and legal relationships. Additionally, clear requirements for security standards should be established, and legal frameworks for using cryptographic technologies in the financial sector should be developed. This will ensure a high level of data protection, including personal data, and prevent breaches of confidentiality. Collectively, these measures will promote the development of digital infrastructure, enhance economic resilience, and strengthen Ukraineʼs position in the global economy