Introduction. The article addresses the concept of moneyinstrumentalization, focusing on the role of central bank digitalcurrencies (CBDC) as the final step in this process. It highlightsthe problems associated with CBDC implementation andcritiques the overly optimistic expectations tied to its potential toenhance monetary policy.Purpose. The main objective of the article is to examine theessence of money instrumentalization and the introduction ofCBDC as its final phase. It seeks to challenge the widespreadbelief that CBDC can modernize the monetary systemeffectively, outlining the potential risks it may bring to thebroader financial ecosystem.Methods. The study conducts a theoretical analysis of theevolution of money from commodity-backed forms to theprospective CBDC. It explores the advantages and challenges ofmoney instrumentalization, particularly the impact of CBDC onbanking and economic systems. Key literature and research onCBDC are reviewed to provide context.Results. CBDC offers technical improvements such asenhanced financial inclusion, better cross-border payments, andimproved transparency in transactions. However, the articleargues that these benefits may create a false sense of progress.CBDC could disrupt the traditional banking sector byencouraging capital flight from commercial banks, thus reducingtheir profit margins and credit availability. Furthermore,complete replacement of cash with CBDC could transformcentral banks into the sole issuers of currency, furtherpoliticizing money and introducing regulatory challenges.Conclusion. The article concludes that while CBDC has thepotential to address some issues within the current monetarysystem, its introduction comes with significant risks. The ideathat CBDC will lead to improved monetary policy is viewed asillusory, and its implementation could undermine the trust andfunctionality of the current economic framework. More researchis needed to fully understand the implications of CBDC onmonetary policy and economic stability.

У статті розглядається концепція інструменталізації грошей з акцентом на цифрову валютуцентрального банку як її завершальний етап, обґрунтовано проблеми її реалізації та помилковістьочікувань пов’язаних з цим перспектив вдосконалення грошово-кредитної політики