Policy Papers, October 19, 2020
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Bibliographic details
- Published: October 19, 2020
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9781513559209.007
Summary
- Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions.
- New forms of digital money discussed include central bank digital currencies (CBDCs) and the so-called global stable coins (GSCs) proposed by large technological companies or platforms.
- The paper explores the complex interactions between the incentives to adopt and use CBDCs and GSCs across borders and discusses the potential macro-financial effects.
Major themes and focus areas
- Interactions between cross-border adoption incentives for:
- Central Bank digital currencies (CBDCs)
- Global stable coins (GSCs)
- Potential macro-financial effects arising from cross-border use of CBDCs and GSCs
- Issues related to:
- Currency competition
- Dollarization
- Transaction costs
- Medium of exchange and unit of account roles
- Implications for monetary policy and financial systems
Subjects and keywords
- Subjects:
- Central Bank digital currencies
- Currencies
- Digital currencies
- Digital wallets
- Dollarization
- Monetary policy
- Money
- Technology
- Keywords:
- CBDC issuer
- Central Bank digital currencies
- Currencies
- currency competition
- Digital currencies
- Digital wallets
- Dollarization
- fiat currency
- financial system
- foreign currency
- Global
- GSC adoption
- medium of exchange
- PP
- transaction costs
- U.S. dollar
- unit of account
Content in this bundle
- Policy Paper