Digital Money Across Borders: Macro-Financial Implications
October 19, 2020
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Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions. These include central bank digital currencies (CBDCs) and the so-called global stable coins (GSCs) proposed by large technological companies or platforms. This paper explores the complex interactions between the incentives to adopt and use CBDCs and GSCs across borders and discusses the potential macro-financial effects.
Subject: 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
Pages:
49
Volume:
2020
DOI:
Issue:
050
Series:
Policy Paper No. 2020/050
Stock No:
PPEA2020050
ISBN:
9781513559209
ISSN:
2663-3493
