Digital Currencies And The New Global Financial System
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The (near) Future of Central Bank Digital Currencies
Author: Nicola Bilotta
language: en
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Release Date: 2021-02-26
The value of global cashless payments has been radically increasing worldwide. Despite cash being the most used payment instrument in the world, technological innovation and new consumer preferences are decisively transforming the way consumers pay and manage money. The COVID-19 pandemic may also have been an accelerator of the cashless mega-trend. Private players currently dominate the digital payment ecosystem, urging central banks to seek solutions to ensure public access to legal tender if cash is phased out. In this context, the idea of a Central Bank Digital Currency (CBDC) is gaining momentum. Nevertheless, there is a need to better understand the implications in terms of risks, benefits and potential costs of CBDCs. From privacy concerns to macroeconomic effects, these implications blur the boundaries of the payment and financial systems, challenging the core functions of our economy and society.
Fintech
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 2019-06-27
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Digital Currencies and the New Global Financial System
This book analyses the current debate around Central Bank Digital Currencies (CBDC) and the future of New Global Financial System. It offers deep insight into the global monetary policy in the context of digital and cryptocurrencies and examines both the opportunities and challenges to come. The book draws a clear distinction between digital and cryptocurrencies and answers several research questions, such as what the consequences of forming Central Bank Digital Currencies and their impact on the financial markets, in both advanced and developing economies, might be. Another question refers to whether the role of monetary policy easing has led to the rise of the virtual currency market, while still others relate to the impact of the pandemic on international settlements. The book also discusses the issue of investment in cryptocurrencies, and the related risks, whether or not this is a profitable investment vehicle, and how the digital banking system evaluates such investments. Further, the book also highlights the post-pandemic challenges for central banks, such as future monetary policy. It includes a complex review of the literature and presents elaborate econometric models of digital currencies and cryptocurrencies. The book has a wide geographic focus, examining these aspects from the perspective of several countries including China, India and the US. The primary audience for the book is researchers, scholars and students of international finance and economics but it will also appeal to practitioners concerned with the digitalisation of financial systems, policymakers and regulatory agencies. Note: Prof. Shalini Talwar's affiliation is published incorrectly. Her correct affiliation, which may be considered for referencing and records is: Shalini Talwar, Associate Professor, S. P. Jain Institute of Management and Research, Mumbai, India.