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Digital Currencies and the New Global Financial System

Digital Currencies and the New Global Financial System
Author: Ranjan Aneja
Publisher: Taylor & Francis
Total Pages: 211
Release: 2022-12-13
Genre: Business & Economics
ISBN: 100078374X
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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.

Central Bank Digital Currencies and the Global Financial System

Central Bank Digital Currencies and the Global Financial System
Author: Muhammad Ashfaq
Publisher: Walter de Gruyter GmbH & Co KG
Total Pages: 180
Release: 2023-07-24
Genre: Business & Economics
ISBN: 3110982390
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Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book’s didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.

The Rise of Digital Money

The Rise of Digital Money
Author: Mr.Tobias Adrian
Publisher: International Monetary Fund
Total Pages: 20
Release: 2019-07-15
Genre: Business & Economics
ISBN: 1498324908
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This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

The Future of Money

The Future of Money
Author: Josh Luberisse
Publisher: Fortis Novum Mundum
Total Pages: 243
Release:
Genre: Business & Economics
ISBN:
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The global financial landscape is on the brink of a monumental shift. Central Bank Digital Currencies (CBDCs) promise to revolutionize the way we think about money, transactions, and economic policy. But what does this mean for the future of finance, and how will it affect you? Authored by a leading expert in finance and technology, ‘The Future of Money: How Central Bank Digital Currencies Will Reshape The Global Financial System’ provides an in-depth exploration of CBDCs and their potential to transform the global economy. Drawing on extensive research and expert analysis, this book delves into the mechanics of CBDCs, their implementation by central banks, and the profound impacts they will have on international trade, financial inclusion, and monetary policy. CBDCs aren't just a new form of money; they are a total overhaul of our financial infrastructure, promising to make transactions faster, cheaper, and more accessible for people everywhere—from bustling urban centers to remote rural communities. But how will these digital currencies affect global trade, privacy, or even the sovereignty of nations? And what can we do to prepare for this imminent financial transformation? "The Future of Money" breaks down complex financial and technical concepts into clear, engaging language, making it accessible to both finance professionals and casual readers interested in the future of technology and money. Drawing on comprehensive research, expert interviews, and case studies, the book explores the potential of CBDCs to democratize financial services and outlines the challenges and opportunities that lie ahead. Whether you're a policy maker, an investor, or simply curious about the future of digital currencies, this book provides everything you need to know about the upcoming shifts in global finance. Prepare to discover: - How CBDCs work, and their potential impact on global economic dynamics. -The technological infrastructure behind digital currencies. -The potential risks and rewards of a digitally dominated financial future. -The benefits and challenges of integrating CBDCs into existing financial systems Strategic insights for businesses, governments, and individuals to navigate the new financial landscape. "The Future of Money" is not just a guide to future changes; it is a blueprint for readers worldwide to understand and navigate the new normal of digital finance. Don't miss out on understanding the future of money—embrace it, with this essential read. With a focus on both the opportunities and challenges presented by CBDCs, "The Future of Money" is an essential resource for financial professionals, policymakers, and anyone interested in the future of finance. Luberisse's authoritative and accessible style makes complex concepts understandable, providing readers with the knowledge they need to navigate the digital transformation of global finance. Prepare to be enlightened and empowered as you explore the cutting-edge of digital finance. Discover how CBDCs could democratize financial services, enhance efficiency, and ensure stability in the global financial system. Whether you're a seasoned finance expert or simply curious about the future of money, this book offers a comprehensive blueprint for understanding and embracing the financial revolution ahead.

The Future of Money

The Future of Money
Author: Eswar S. Prasad
Publisher: Harvard University Press
Total Pages: 497
Release: 2021-09-28
Genre: Business & Economics
ISBN: 0674258444
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A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges

Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges
Author: Kaur, Guneet
Publisher: IGI Global
Total Pages: 380
Release: 2024-03-07
Genre: Business & Economics
ISBN:
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In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.

Virtual Currencies and Beyond

Virtual Currencies and Beyond
Author: Mr.Dong He
Publisher: International Monetary Fund
Total Pages: 42
Release: 2016-01-20
Genre: Business & Economics
ISBN: 1498321305
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New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

The (near) Future of Central Bank Digital Currencies

The (near) Future of Central Bank Digital Currencies
Author: Nicola Bilotta
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Total Pages: 202
Release: 2021-02-26
Genre:
ISBN: 9783034342759
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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.

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Cash Use Across Countries and the Demand for Central Bank Digital Currency
Author: Mr.Tanai Khiaonarong
Publisher: International Monetary Fund
Total Pages: 43
Release: 2019-03-01
Genre: Business & Economics
ISBN: 1484399609
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The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.

Digital Cash

Digital Cash
Author: Finn Brunton
Publisher: Princeton University Press
Total Pages: 266
Release: 2020-10-13
Genre: Business & Economics
ISBN: 0691209162
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The fascinating untold story of digital cash and its creators—from experiments in the 1970s to the mania over Bitcoin and other cryptocurrencies Bitcoin may appear to be a revolutionary form of digital cash without precedent or prehistory. In fact, it is only the best-known recent experiment in a long line of similar efforts going back to the 1970s. But the story behind cryptocurrencies like Bitcoin and its blockchain technology has largely been untold—until now. In Digital Cash, Finn Brunton reveals how technological utopians and political radicals created experimental money to bring about their visions of the future: to protect privacy, bring down governments, prepare for apocalypse, or launch a civilization of innovation and abundance that would make its creators immortal. Filled with marvelous characters, stories, and ideas, Digital Cash is an engaging and accessible account of the strange origins and remarkable technologies behind today's cryptocurrency explosion.