{
  "title": "Digital Money Across Borders: Macro-Financial Implications",
  "publication": "Policy Papers, October 19, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2020/10/17/digital-money-across-borders-macro-financial-implications-49823",
  "canonical": "https://www.imf.org/en/publications/policy-papers/issues/2020/10/17/digital-money-across-borders-macro-financial-implications-49823",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions.\n- 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.\n- 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."
    },
    {
      "heading": "Major themes and focus areas",
      "content": "- Interactions between cross-border adoption incentives for:\n  - Central Bank digital currencies (CBDCs)\n  - Global stable coins (GSCs)\n- Potential macro-financial effects arising from cross-border use of CBDCs and GSCs\n- Issues related to:\n  - Currency competition\n  - Dollarization\n  - Transaction costs\n  - Medium of exchange and unit of account roles\n  - Implications for monetary policy and financial systems"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects:\n  - Central Bank digital currencies\n  - Currencies\n  - Digital currencies\n  - Digital wallets\n  - Dollarization\n  - Monetary policy\n  - Money\n  - Technology\n- Keywords:\n  - CBDC issuer\n  - Central Bank digital currencies\n  - Currencies\n  - currency competition\n  - Digital currencies\n  - Digital wallets\n  - Dollarization\n  - fiat currency\n  - financial system\n  - foreign currency\n  - Global\n  - GSC adoption\n  - medium of exchange\n  - PP\n  - transaction costs\n  - U.S. dollar\n  - unit of account\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2020/10/17/digital-money-across-borders-macro-financial-implications-49823"
    }
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    "Published: October 19, 2020",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9781513559209.007",
    "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.",
    "Interactions between cross-border adoption incentives for:",
    "Potential macro-financial effects arising from cross-border use of CBDCs and GSCs",
    "Issues related to:",
    "Subjects:",
    "Keywords:",
    "**Policy Paper**"
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