Policy Papers

Digital Money Across Borders: Macro-Financial Implications

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department ; International Monetary Fund. Strategy, Policy, & Review Department ; International Monetary Fund. Legal Dept. ; International Monetary Fund. Research Dept.

Publication Date:

October 19, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

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. 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.

Series:

Policy Paper No.2020/050

Frequency:

occasional