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Hrytsai, S. O. "CENTRAL BANKS' DIGITAL CURRENCY – THREATS AND CHALLENGES." Actual problems of native jurisprudence, no. 1 (2022): 144–49. http://dx.doi.org/10.32782/392256.
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Chukwuere, Joshua Ebere. "The eNaira - Opportunities and challenges." Journal of Emerging Technologies 1, no. 1 (December 8, 2021): 72–77. http://dx.doi.org/10.57040/jet.v1i1.92.
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Emerging technology activities are evolving and turning our world into a digital world. The digital world offers many digital inventions such as digital currency, smart devices, social media, digital devices, and the list continues. Digital or electronic currency initiatives such as eNaira are fast becoming a norm across countries as means of payment for goods and services. But many are concerned and worried about eNaira, lack of understanding of the opportunities and challenges of eNaira, and limited academic literature. eNaira is a digital currency or electronic currency which is accessible through the Internet without physical print. The introduced eNaira was rolled out on 25 October 2021, and the announcement gained a mixed reaction from the public as a result of the opportunities and challenges that come with it. This paper deployed a literature review approach to provide a comprehensive analysis of eNaira, the opportunities and challenges of eNaira for Nigerians and businesses (individuals and organizations). The paper found that eNaira presents some opportunities for the central bank of Nigeria (CBN) (apex bank) and Nigerians (customers). It assists Nigerians (customers) to access their money quickly, and CBN can monitor and control transactions and many more. Also, the study discovered that eNaira faces trust and many other challenges, but the existing challenges must be addressed for the opportunities to be derived. This paper contributes to academic knowledge by providing comprehensive information on eNaira, and discovering the opportunities and challenges of eNaira.
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Alam, Syamsu, Muh Jamil, and Andi Syamsir. "Digital Currency in Indonesia (Prospects and Challenges in Inclusive Financial Reviews)." Jurnal Ad'ministrare 9, no. 2 (November 28, 2022): 515. http://dx.doi.org/10.26858/ja.v9i2.39498.
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Who controls global finance? Digitalization is a necessity that will disrupt every area of human life. Money is like 'blood' in the economy. If the currency is disrupted then all areas of human life are also disrupted. Private versions of cryptocurrencies have disrupted the global financial system controlled by Central Banks. Central Bank Digital Currency (CBDC) is the currency version of the Central Bank. Using primary data and reference studies on Digital Currency. Several empirical challenges and opportunities in adopting digital currencies such as increasing the effectiveness, efficiency, and accessibility of individuals to financial service facilities. The right, reliable and trusted Digital Currency model can increase the utility of transactions for individuals and the economy as a whole. Some of the main challenges of digital infrastructure, security systems, Integration, Innovation of new services, disintermediation, transparency and efficiency. The ability to overcome these challenges can increase financial sector.
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Martin, Vesna. "Central Bank digital currencies." Bankarstvo 50, no. 3 (2021): 109–39. http://dx.doi.org/10.5937/bankarstvo2103109m.
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Central Bank digital currencies are a digital challenge to the international monetary and financial system. Since the development of cryptocurrency, such as bitcoin, the modern world has faced the possibility of digital technological transformation and providing a digital form of payment for the economy and the household. In addition, the announcement of a digital currency that would have a global reach, such as the Libre issued by the social network Facebook, raised questions about legal and regulatory safeguards, financial stability, and the role of the digital currency in society. All this influenced the leading central banks to recognize the need to conduct a detailed analysis of the possibilities of issuing digital currency of the central bank, which would be a supplement to the cash and non-cash form of payment. These analyzes include considering the advantages and disadvantages of that currency, determining its design and technological solution, as well as the necessary regulatory adjustments. In the coming period, we will witness a technological transformation in the operations of central banks, which, as before, should take care of preserving price and financial stability as its main goals, but also respond to new challenges of digital business.
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Adamu AHMED, Aminu, Alhaji Adamu SAIDU, and Jibril Hussein KAWURE. "The Roles of Central Bank Digital Currency over Physical Currency." International Journal of Social Science, Education, Communication and Economics (SINOMICS JOURNAL) 1, no. 2 (May 28, 2022): 75–92. http://dx.doi.org/10.54443/sj.v1i2.10.
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The technology and innovation are the keys used to unlocked impossible imaginations to become possible towards achieving unexpected individual and organizational desired objectives. This study focused on the roles of unprecedented phenomenon called central bank digital currency (CBDC) over physical currency. Initially, the total of 146 articles from various research databases ranging from the year 2018 to 2021 were downloaded. However, 35 articles were reviewed from the total articles downloaded and selected as the study sample size by meeting the title, abstract and contents criteria. Furthermore, the results of this study employed systematic literature review (SLR) to explain in details why CBDC should be chosen and how it supersede the traditional physical currency based on individual and organizational perspectives. The study assesses the roles of CBDC based on three parameters such as features, perceived benefits and challenges of both CBDC and Physical Currency. It also revealed that CBDC can replaces the use of physical currency depends only on how people, businesses perceive the features, benefits (better allocation, accessibility, interest bearing, convertibility and cost reduction) and possible challenges (reverse of the benefits) associated with CBDC compare to it counterpart.
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Eichengreen, Barry, and Ganesh Viswanath-Natraj. "Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges." Asian Economic Papers 21, no. 1 (2022): 29–46. http://dx.doi.org/10.1162/asep_a_00843.
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Abstract Stablecoins and central bank digital currencies are on the horizon in Asia, and in some cases have already arrived. This paper provides new analysis and a critique of the use case for both forms of digital currency. It provides time-varying estimates of devaluation risk for the leading stablecoin, Tether, using data from the futures market. It describes the formidable obstacles to widespread use of central bank digital currencies in cross-border transactions, the context in which their utility is arguably greatest. The bottom line is that significant uncertainties continue to dog the region's digital currency initiatives.
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Xu, Zhe, and Chang Tang. "Challenges and Opportunities in the Application of China’s Central Bank Digital Currency to the Payment and Settle Account System." Financial Forum 9, no. 4 (January 28, 2021): 233. http://dx.doi.org/10.18282/ff.v9i4.1553.
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<p>With the advancement of the Internet and big data technology, currency has gradually developed in the direction of virtualization and digitization. The governments and central banks of various countries have gradually begun to pay attention to the role of digital currencies, and central bank digital currencies have emerged as the times require. As one of the first countries to study digital currency, China will devote itself to applying central bank digital currency to actual transactions in the future.</p><div>This article focuses on how China’s CBDC is used in the transaction settlement system. The opportunity is that the central bank’s digital currency technology improves the security, flexible operation and diversified application scenarios of the overall transaction settlement system, and further safeguards China’s national financial sovereignty. The challenge is that the current technology is still uncertain and different from the traditional RMB. In the future, China’s CBDC will also compete fiercely with other sovereign currencies. It is recommended to strengthen technological innovation, improve the relevant systems and regulations of the central bank’s digital currency operation, and make relevant policies to prevent the United States from imposing political and economic sanctions on China. This article will provide</div><div>suggestions on the challenges that the People’s Bank of China may face in the future application of digital currency to the transaction settlement system.</div>
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Naheem, Mohammed Ahmad. "Regulating virtual currencies – the challenges of applying fiat currency laws to digital technology services." Journal of Financial Crime 25, no. 2 (May 8, 2018): 562–75. http://dx.doi.org/10.1108/jfc-08-2016-0055.
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Purpose The purpose of this paper is to consider the recent (Dec`15) introduction of the Bitlicensing rules in New York and consider from a banking perspective how this will impact on their own risk assessment processes. The paper also outlines the challenges of applying financial regulation to companies that have an area of expertise and business that is more aligned to software development, rather than financial service provision. Design/methodology/approach This paper is a viewpoint paper, which offers a critical discussion on the FATF guidelines on virtual currencies. The paper compares developments that are currently occurring within the virtual currency sector in particularly the new Bitlicensing process in New York State and discusses the implications to the banking sector on risk assessment processes for virtual currency transactions. Findings This paper will benefit the banking and regulation industries as well as economic and banking academics and anyone with an interest in virtual and digital currency technology. Originality/value This paper is unique in that it examines the issue of virtual currency regulation from a banking perspective. It explains the virtual currency technology as a means to be enhancing banking risk assessment, for clients seeking to incorporate virtual currency transactions into their business. This paper impacts on the banking and regulatory sectors because it critically examines the current practice of over regulation and the impact that this has on alternative financial systems, such as digital and virtual currencies. The paper offers a theoretical framework as well as citing current practical reports of how regulation has already started to affect the financial services landscape. The impact of getting this wrong can lead to increased criminal activity, and this paper highlights how susceptible the financial sector is to this.
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Terták, Elemér, and Levente Kovács. "The Motives for Issuing Central Bank Digital Currency and the Challenges of Introduction Thereof." Pénzügyi Szemle = Public Finance Quarterly 67, no. 4 (2022): 491–505. http://dx.doi.org/10.35551/pfq_2022_4_1.
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The idea of a central bank digital currency arose ten years ago for the first time, but by now it has become one of the most frequently discussed topics in the field of finances. Currently, some 100 central banks are researching and investigating the concept of a central bank digital currency (CBDC) and its implementation options.1 Over half of these central banks have reached the development stage, and some are already conducting on-site experiments. However, the intense interest and the efforts made have not yet led to an increasing number of implementations, since so far only the Bahamas (Sand Dollar), the Member Countries of the Eastern Caribbean Currency Union (DCash) and Nigeria (eNaira) have introduced a CBDC. The other countries are currently still in one of the preparatory stages. The article briefly reviews the history of money digitalisation, and describes the various motives for issuing a CBDC, as well as the variety of challenges faced in the process of introducing a CBDC. It also presents the preparations taken so far for the introduction of the digital Euro, as well as Sweden’s e-krona. Finally, it summarises the authors’ views on the strategy Hungary should follow regarding a CBDC.
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Solis, Lisbeth Amelia Callo, Yasmir Ivette Figueroa Zamudio, Aracely Pilar Espinoza Huamani, Nivardo Alonzo Santillán Zapata, Pedro Bernabe Venegas Rodriguez, and Albert Farith Chavarri Balladares. "Restrictions on the Emission of a Digital Currency in a Central Reserve Bank for Minor Transactions." International Journal of Applied Economics, Finance and Accounting 14, no. 2 (October 19, 2022): 152–61. http://dx.doi.org/10.33094/ijaefa.v14i2.692.
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The objective of this study was to identify the challenges that the Central Reserve Bank of Peru has faced with the issuance of a digital currency that can be used as a substitute for cash in retail transactions. The study was carried out by using the hypothetical-deductive method with a basic descriptive approach rather than an experimental one. To estimate the probability of creating the Digital Currency of the Central Bank and the economic variables that explain its challenges and cross-sectional information obtained from the 2020 National Household Survey with the discrete choice model (Logit). According to the research results, i) the possibility of using a digital currency increases by 46.83% if you have a formal job compared to an informal job. ii) If the individual has an internet connection, the probability of using digital currency is 8.54%. iii) If he lives in a rural area, the probability of using digital currency is 1.79. iv) The educational level influences the probability of the use of digital currency by 1.47% if they have secondary education 16.34% have no higher education and 26.44% having university education. v) Individual’s age is important for the use of a digital currency. Older people are less likely to adapt to technology than people between the age of 18 and 24 with 8.74% use of digital currency. vi) People considered poor will have a probability of reduction of 2.26% by the use of digital currency. These findings allow the researcher to conclude that public policies should be undertaken to increase financial inclusion, close connectivity gaps and create alliances with private investment to enhance people's digital skills and the adoption of digital means of payment.
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Firdiansyah, Fitra Azkiya. "THE URGENCY OF CENTRAL BANK DIGITAL CURRENCY (CBDC) IMPLEMENTATION; MAQĀSHĪD SYARĪ’AH PERSPECTIVE." An-Nisbah: Jurnal Ekonomi Syariah 8, no. 2 (October 28, 2021): 424–53. http://dx.doi.org/10.21274/an.v8i2.4500.
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This study examines the urgency of the Central Bank Digital Currency (CBDC) with a maqashid Syariah perspective. The challenges of digital transactions have forced people to use cryptocurrencies without the use of asset assignments so that they have a big risk, this makes them illegal, while electronic money has not answered the challenges of digital transactions. The methodology used in writing this article is a descriptive qualitative method with a normative approach to analysis on maslahah and mafsadah contained in Maqashid sharia. The data used by the author is secondary data. The results of the study can be concluded that the implementation of Central Bank Digital Currency (CBDC) will provide more maslahah than mafsadah, while cryptocurrencies are currently widely traded freely by the Muslim community in general even though they are considered haram and illegal. This shows that the Central Bank Digital Currency (CBDC) has the urgency of its use in the economic practice of Muslims in general, with the same form but eliminating the bad elements contained in cryptocurrency, enforcing Islamic sharia, and saving the economy of the Muslim community according to Maqashid. sharia
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Zaynutdinova, Elizaveta. "Digital Rights and Digital Currency in Russian Law: The Issues of Legal Nature and Relations." Legal Concept, no. 4 (December 2022): 159–67. http://dx.doi.org/10.15688/lc.jvolsu.2022.4.22.
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Introduction: currently, all countries are facing the challenges of the legal regulation of new digital phenomena that receive various names – digital rights, tokens, digital assets, digital currency, cryptocurrency. The Russian legislator has chosen the concepts of digital rights and digital currency as fundamental in this area. Questions arise about the correlation of such objects of rights, the selection of their qualifying features and the definition of the features of their legal regimes in the Russian Federation. The purpose of the study is to identify significant qualifying features of digital rights and digital currency, allowing them to be distinguished from each other in the Russian legal field. In this regard, the following research tasks are solved: 1) the definition of the essence of digital rights and digital currency in Russian law and similar legal phenomena; 2) the identification of qualifying features of digital rights and digital currency in the legislation, doctrine and law enforcement practice; 3) the comparative legal analysis of the legal regimes of digital rights and digital currency; 4) providing recommendations to the legislator and law enforcement officer on a more precise definition of the legal nature of digital rights and digital currency and a more effective legal regulation of their movement in the Russian Federation. Methods: in carrying out the study, the formal legal, historical legal and comparative legal methods were used to formulate the features of the legal regimes of digital rights and digital currency in Russian law. Results: digital rights and digital currency, despite the presence of a single digital (binary) form, have different legal regimes. Digital rights are second-order rights, being binding and other rights in digital form. In the case of digital rights, there is an obligor on whom the creditor has the right to make a corresponding claim. Accordingly, digital rights are relative rights. In turn, the digital currency is limited in circulation, at the same time, it seems more correct to recognize it as a special right of obligation, while the obligor is the user of the information system in which the digital currency is issued and circulated. Such a digital currency should not be confused with a digital currency issued by the Central Bank acting as an obligor. The authors have come to the conclusion that digital rights and digital currency are similar in having a digital form, which determines the civil remedies and liability applied in their movement relations, as well as the use of special contractual structures (smart contract). The differences between digital rights and digital currency lie in the definition of the obligor in the obligation, whose object is a digital right or digital currency.
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Antal-Molnár, Nikolett. "The evolution of the digital currency." International journal of contemporary business and entrepreneurship 3, no. 1 (June 30, 2022): 1–11. http://dx.doi.org/10.47954/ijcbe.3.1.1.
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In the new digital age, with the rapid development of electronic devices and the Internet, the transformation of money is also inevitable. Cash and credit card payments are beginning to be replaced by mobile, online payment methods. Advances in technology have hastened the spread of cryptocurrencies and created digital currencies. However, this development and the emergence of cryptocurrencies began decades ago. Although decentralized finance does not seem to be a substitute for the traditional financial system, it is unlikely that it will become an official currency in the future, but emerging digital currencies could play this role. The aim of this study is to present the background to the emergence of digital currencies and to seek answers to the challenges it will face in the future to become a full-fledged currency.
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LIU, Hua. "Prospects and Challenges of Blockchain Technology in Digital Currency Application." Theory and Practice of Science and Technology 1, no. 3 (2020): 43–46. http://dx.doi.org/10.47297/taposatwsp2633-456906.20200103.
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Xing, Yi. "Digital Currency Supervision Based on Blockchain Technology: A literature review." SHS Web of Conferences 148 (2022): 03030. http://dx.doi.org/10.1051/shsconf/202214803030.
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The 21st century has witnessed the revolutionary changes that Bitcoin brought. Notably, the application of digital transactions is not limited to the financial field. Yet the research on its regulation policy seems disproportionally little, and even fewer studies have mentioned the system behind the virtual currency – blockchain technology. Security matters of online transactions have gradually come into people’s vision recently. The focuses come down to what blockchain technology is, how it can add to digital currency regulation and the potential of blockchain on refining current regulation policies. This paper helps provide a guideline for virtual currency supervision policy and emphasizes the practical use of blockchain technology. A literature review underpins the study; the research methodology is based on a qualitative perspective. Existing regulatory policies in the USA and UK are assessed to find out their strengths and challenges and examine the use of blockchain technology to alleviate currently implemented policies.
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Horváth, Gábor. "Monetary Sovereignty and Central Bank Digital Currency." Pénzügyi Szemle = Public Finance Quarterly 67, no. 4 (2022): 539–52. http://dx.doi.org/10.35551/pfq_2022_4_4.
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The effective monetary sovereignty of a state is the ability of the state to use monetary instruments to achieve its economic policy objectives. This notion goes beyond the conceptualisation of the traditional Westphalian sovereignty of interference-free discretion, which is necessary because of the hierarchical operational complexity of the fiat and credit money systems in the modern financial system. At the same time, the monetary challenges of the 21st century may also erode the effective monetary sovereignty of states, which can, however, be partially rescued through the introduction of digital central bank money. The paper therefore explores different areas of the impact of digital central bank money on effective monetary sovereignty, taking chartalist monetary theory as a starting point. It shows how central bank digital currency may achieve an improvement in these areas of effective monetary sovereignty.
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Samudrala, Raghava Suresh, and Srinivasa Kumar Yerchuru. "Central bank digital currency: risks, challenges and design considerations for India." CSI Transactions on ICT 9, no. 4 (December 2021): 245–49. http://dx.doi.org/10.1007/s40012-021-00344-5.
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L., Mallesha. "Central Bank Digital Currency (CBDC) and Its Potential Benefits and Challenges." GBS Impact: Journal of Multi Disciplinary Research 9, no. 1 (August 2, 2023): 37–47. http://dx.doi.org/10.58419/gbs.v9i1.912304.
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Flores Gálvez, Jessica Nallely, and José Miguel Mata Hernández. "CBDC-MXN: Challenges and Perspectives in The Implementation as a Mexican Digital Currency." Mercados y Negocios, no. 49 (May 1, 2023): 3–20. http://dx.doi.org/10.32870/myn.vi49.7689.
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This research shows a proposal for developing of a Mexican Central Bank Digital Currency by Banco de México. Therefore, a dynamic SWOT matrix is used to present the strengths, weaknesses, opportunities, and threats of the development of the Mexican Central Bank Digital Currency. In addition, an analysis of the stablecoins of the Mexican peso is made to know their landscape and current use, the above making use of Blockchain explorers such as BscScan, Etherscan, Polygonscan, and Tronscan. MMXN, Moneta Digital, is the stablecoin of the Mexican Peso with the most significant number of users and transactions. According to the results obtained, it is shown that the Mexican CBDC is viable, but it must overcome challenges and issues to be implemented and used by the population.
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CHEKANOV, Petr E. "The impact of central bank digital currency on the monetary policy of the Bank of Russia." Finance and Credit 28, no. 1 (January 31, 2022): 213–34. http://dx.doi.org/10.24891/fc.28.1.213.
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Subject. This article deals with prospects and challenges of the impact of the Central Bank's digital currency (CBDC) on the monetary policy in Russia. Objectives. The purpose is to define the impact of digital ruble emission on the monetary policy pursued by the Bank of Russia. Methods. The study rests on general scientific research methods, including analysis, synthesis, comparison, generalization, and abstraction. Results. The paper substantiates the relevance and timeliness of the Central Bank's work to study the prospects for the introduction of digital currency as a response to challenges of modern comprehensive digitalization process. It considers goals, tools, methods of implementation, and strategic areas of monetary policy of the Central Bank of the Russian Federation, unveils multidirectional consequences for the monetary policy and financial stability of the Russian banking system from the implementation of the digital ruble project. It is noted that a positive aspect is an increase in the efficiency of transmission mechanism of the monetary policy influence on the Russian economy. I show possible actions of the regulator to prevent negative trends associated with redistribution of funds in favor of the digital currency. Conclusions. The impact of the introduction of the Central Bank's digital currency on the monetary policy and financial stability of the Russian banking system can be multidirectional. To minimize possible negative effects, it is advisable to gradually introduce the CBDC. This will enable timely identification of emerging problems and focus efforts on unlocking the positive potential of the digital ruble.
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Naguib, Abdelrahman. "Reviewing Currency Challenges and The Future of Money: The Gouantum." European Journal of Business and Management Research 8, no. 2 (March 31, 2023): 203–10. http://dx.doi.org/10.24018/ejbmr.2023.8.2.1907.
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The future of money is changing, and a new era of digital currencies is emerging. The traditional fiat and gold currencies face several challenges such as volatility, security issues, and limitations in transact ability. On the other hand, the cryptocurrency, despite its potential, also has limitations in terms of scalability, security, and widespread adoption. In this paper, we aim to address various currencies’ limitations and introduce a new currency concept that could mitigate most of the current currencies’ challenges and limitations. The new digital currency we proposed, combines the best of both fiat and gold currencies and overcomes the limitations of cryptocurrencies. By being backed by physical gold, Gouantum could provide stability and security, and by using blockchain technology, it shall enable fast and low-cost transactions. The paper provides a comprehensive overview of the challenges faced by traditional fiat and gold currencies and the limitations of crypto-currencies, and how Gouantum addresses these issues. The paper concludes that Gouantum has the potential to change the future of money and revolutionize the financial industry.
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Muralidhara, S. V. "UPI Challenges and Direction in Fund Management with Special Reference Banking Sector." International Journal for Research in Applied Science and Engineering Technology 9, no. 12 (December 31, 2021): 1588–93. http://dx.doi.org/10.22214/ijraset.2021.39592.
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Abstract: After demonetization, there was a massive requirement for currency notes, but the government was unable to provide the required quantity of currency notes, and also Indian government wanted to promote cashless transactions. UPI is built over Immediate Payment Service (IMPS) for transferring funds using Virtual Payment Address (a unique ID provided by the bank). Unified Payments Interface is a payment system launched by (NPCI), which is National Payments Corporation of India, and is regulated by the (RBI) Reserve Bank of India, which provides the facility of instant fund transfer between two bank accounts online through payment apps. Digital transactions by UPI have been made very easy. The UPI service is available 24X7, and it is not like RTGS and NEFT, which do not work on holidays and non-banking hours. This will bring tremendous efficiency to the system and help India become a cashless economy. Keywords: Digital illiteracy, Online payments, cashless economy UPI, Mobile phone, digital payment mode
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杨, 静文. "On the Challenges and Countermeasures of Legal Digital Currency to Financial Law." Advances in Social Sciences 12, no. 07 (2023): 3785–90. http://dx.doi.org/10.12677/ass.2023.127516.
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Pathak, Jayeshkumar Narendra, and Soudip Bhaduri. "Crossover to Crypto Currency Using E-RUPI." International Journal for Research in Applied Science and Engineering Technology 11, no. 4 (April 30, 2023): 157–62. http://dx.doi.org/10.22214/ijraset.2023.49960.
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Abstract: Crypto currencies have recently gained a lot of attention from investors, central banks and governments, On August 2 2022, the Prime Minister, Shri Narendra Modi launched a digital payment solution e-RUPI, a cashless and contactless instrument for digital payments. He said that e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology. This paper Reviews and surveys popular way of Exploring Opportunities and the Impact on Business Specifically on Rural and Urban Retail Business World, to provide a technical overview of e-Rupi, outline open challenges, and review the Fundamental Questions like Digital Wallet Holder can have equal Anonymous transaction Benefit as Physical Currency. As we all are living in a 21st century known as a technological era. In this as per various observation researcher focused on holistically Awareness and Acceptance of the e-rupi
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Latimer, Paul, and Michael Duffy. "Deconstructing Digital Currency and Its Risks: Why ASIC Must Rise to the Regulatory Challenge." Federal Law Review 47, no. 1 (March 2019): 121–50. http://dx.doi.org/10.1177/0067205x18816237.
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Digital currency is a ‘disrupter’ of financial services and currency markets, and as such presents new regulatory challenges. International regulatory responses to digital currency range from being largely ignored in some jurisdictions to being banned in others, with most jurisdictions charting a middle course of ‘wait and see’ while attempting to deal with pressing issues (such as taxation liability and potential money laundering and terrorism financing issues). This article explains digital currency, its benefits, its problems, its risks and the regulatory response so far. It analyses the extent to which the Australian Securities and Investments Commission (ASIC, the national securities regulator) may or may not have regulatory power and jurisdiction under existing Australian law, and the role of other relevant regulators and institutions. It concludes that digital currency may well be a ‘financial product’ under Corporations Act 2001 (Cth) s 763A (though many suppliers/issuers of that product will be website operators located outside Australia). If it is a financial product, ASIC would also have jurisdiction over issuers and markets that trade in that product. This conclusion could easily be fortified by legislative confirmation; however, it is suggested that ASIC should in all events test its powers to determine whether any legislative change is needed. Regulation by ASIC would add to recent moves to deal with digital currency by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Australian Taxation Office (ATO). In all cases, this article argues that the time has come for Commonwealth regulation of digital currencies by ASIC as the relevant regulator. This would then trigger the obligations set out in the Corporations Act and the ASIC Act, including Australian Financial Services Licensing, Australian Market Licensing, standards of efficiency, honesty and fairness, disclosure provisions, possible market offences and corporate regulation generally. The suggested jurisdiction of ASIC would build on its existing role as well as the roles of the Australian Competition and Consumer Commission, the ATO and AUSTRAC.
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Mitjajev, Dmitrii A., Alexander I. Ageev, Mikhail V. Ershov, Violetta V. Arkhipova, Wang Wen, Zhou Li, Jia Jinjing, and Zhang Tingting. "Local Currency Settlement between China and Russia in the Post-Covid-19 Era: Current State, Challenges and Solutions Part II." Economic Strategies 144 (February 15, 2021): 6–13. http://dx.doi.org/10.33917/es-1.175.2021.6-13.
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The paper continues the publication with the same title and is devoted to the development of currency and financial cooperation between Russia and China. This part of the study contains the main proposals for stimulating of local currency settlements for the analyzed countries and “recipes” for creating new world economic order. In the first part of the work the special attention is paid to the processes of payment systems’ conjugation, development of digital currencies and the idea of creating a collective currency in the Eurasian economic space. The second part is devoted to systemic reforms of the global financial and economic system.
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Stepanchenko, Andrey V. "Digital ruble in Russian civil circulation: challenges and perspectives." SHS Web of Conferences 134 (2022): 00041. http://dx.doi.org/10.1051/shsconf/202213400041.
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Recently, Russia, as well as the whole world, has undergone changes in the payment market, along with cash funds, cashless methods of paying for goods and services, payments and transfers. Despite this, the demand of market participants for increasing the speed, convenience and security of cashless payments and transfers, as well as a decrease in bank commissions, is constantly growing. In order to facilitate the digitalization of the financial market, the Bank of Russia is already implementing such infrastructure projects as the Fast Payment System, the Unified Biometric System, the Digital Profile, the Know Your Client platform and is actively exploring the possibility of introducing a digital national currency. In 2019, the Bank of Russia prepared the first report – a study on the prospects for digital currencies of central banks, and in 2020 it published a report for public consultations “Digital Ruble”. Taking into account the results of public discussion of this document, in April 2021 the Bank of Russia presented the Concept of the Digital Ruble, in which it presented the features of the implementation of the target model of the digital ruble. The paper is devoted to the analysis of the Concept of the Digital Ruble proposed by the Bank of Russia, its main advantages and disadvantages.
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Shang, Xiaoting, Yaping He, and Huayong Niu. "Research Status and Challenges of Global Digital Governance Based on Knowledge Graph Analysis." Scientific and Social Research 5, no. 5 (May 29, 2023): 6–15. http://dx.doi.org/10.26689/ssr.v5i5.4936.
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Digital governance is an important issue in the digital age, involving the interests of governments, enterprises, individuals, and other parties. It is a key factor in achieving modernization of national governance and has attracted widespread attention from countries around the world. In this study, a Knowledge Graph was plotted to combine the research framework of digital governance through a big data system. The basic characteristics of digital governance research, the forefront of global digital governance research, and the current governance challenges facing global digital governance are also explained in this paper. The co-occurrence clustering analysis of keywords identified that the forefront of global digital governance research mainly includes digital government governance, artificial intelligence governance, digital platform governance, digital currency governance, etc. The main problems faced by digital governance at present include monopolistic challenges, the constant evolution of the “digital divide,” data privacy protection, and artificial intelligence ethics. Solutions proposed to these problems include the deep application of digital technologies such as artificial intelligence and blockchain, the protection and enhancement of digital rights, and international cooperation and sharing, to address the governance challenges in the digital age.
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Siba, K., Tarun ,, and Anuj Prakash. "Block-Chain: An Evolving Technology." Global Journal of Enterprise Information System 8, no. 4 (April 14, 2017): 29. http://dx.doi.org/10.18311/gjeis/2016/15770.
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Now a days, the people are attracting towards the digital currency due to demonetization, rapidly changing world, and global payment options etc. The industries are looking for such a technology which works in digital currency environments with the account of all the transactions. In this paper, we have discussed Blockchain technology, an evolving technology, which provides an assistance to the industries in digital currency environment with the record of each transaction. We have discuss the various types of blockchain with the core concept of hashing algorithm. We have discussed the application of blockchain in different industries and how it can make the significant impact on the business. The paper also focuses on the challenges of blockchain which are required to address before implementation. Therefore, this paper provides an insight on the blockchain technology with the fear and smile of beginning of new era of transparency.
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Yussof, Sheila Ainon, and Abdullah Masoud Humaid Al-Harthy. "Cryptocurrency As An Alternative Currency In Malaysia: Issues and Challenges." ICR Journal 9, no. 1 (September 22, 2020): 48–65. http://dx.doi.org/10.52282/icr.v9i1.137.
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Fintech (or financial technology) is the current driving force behind innovations in the financial services industry. One of the most debated innovations is cryptocurrency, or digital currency, which uses blockchain technology to make a direct electronic payment between two people possible, without going through a third party (like a bank) or expensive intermediaries in order to save costs. This future money is pressurising central banks to manage the looming threat of redundancy as it overshadows fiat currency in a world of infinite fintech possibilities. Bitcoin, being the first decentralised cryptocurrency, will be the focus of this research. This digital currency is not produced by minting money in an unlimited supply, but through a virtual mining process designed to control the supply of money and make it more valuable. The increasing pace in financial innovation is pushing regulators to make a change in the way they define money and what money can be. Traditionally money is used to serve as a medium of exchange, legal tender for repayment of debt, standard of value, unit of accounting measure and a means to save or store purchasing power. Bitcoin may not fulfill all the functions of money but its scarcity value, anonymity (or pseudonymity), transparency, and autonomy from the government, make it attractive to users who are speculators, traders, merchants, consumers and netizens disenchanted with fiat money. Despite the alluring features of Bitcoin, it is not spared from potential abuses such as webcrimes, tax evasion, fraud, online black markets, money laundering and terrorism financing. In this paper, a forensic examination of Bitcoins benefits and risks will help regulators decide whether to adopt cryptocurrency and provide an appropriate framework to regulate it based on other jurisdictions approach. This paper recommends that Malaysia should fully embrace cryptocurrency due to global trends - the Islamic Development Bank is developing Shariah compliant contracts using blockchain technology; China is leading the drive to develop its own national cryptocurrency to complement fiat money; and a Shariah-compliant cryptocurrency has already entered the market backed by gold (Onegram). Financial and regulatory architectures in Malaysia should accommodate these changes to remain relevant. In addition, future research is recommended focusing on developing a Shariah compliant national cryptocurrency that is unique to Malaysia.
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Belova, Lyudmila, Olga Vikhoreva, and Sofya Karlovskaya. "Industry 4.0: Opportunities and Challenges for the World Economy." Moscow University Economics Bulletin 2018, no. 3 (June 30, 2018): 167–83. http://dx.doi.org/10.38050/013001052018310.
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The article is devoted to the review of trends, features and problems of the fourth industrial revolution discussed at the conference held on November 14, 2017 at the Economics Faculty of Moscow State University. During the discussion, the following issues were raised: the correlation of phenomena Industry 4.0 and the digital economy; display of Industry 4.0 in the energy sector: the limits of growth; is there a future for the globalization of the world economy; smart technologies as a key element in industrial competition; Crypto currency as the locomotive of the current stage of the world economy’s financialization; intellectual challenges and paradoxes of the digital revolution; concept and world practice of the sharing economy; new social challenges and the future of the labor market in the context of «Industry 4.0».
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Lei, Lei. "Risk Prediction of Digital Currency Investment Based on The Quantitative Economic Model." Frontiers in Business, Economics and Management 4, no. 3 (July 31, 2022): 44–47. http://dx.doi.org/10.54097/fbem.v4i3.1070.
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With the rapid development of science and technology, the global political, economic and financial system are constantly impacted. As a new form of currency, the function of digital currency is highly sought after by investors around the world and wide attention from all walks of society. Economic and social problems are becoming increasingly complex, and people begin to study them with the help of mathematical models. Mathematical models can help people to understand social and economic problems very well. This paper requires the problems in the model construction, discusses the conditions for the correlation of the independent variables, and constructs the statistics to test the goodness of fit. However, at the same time, how to deal with the regulatory challenges and security threats posed by digital currency to the government, maintain and realize the healthy and sustainable development of their own economy and financial markets, and strengthen the coordination and cooperation between international regulatory agencies need to be the focus of regulatory authorities.
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Lei, Lei, and Yixin Zhang. "Risk prediction of digital currency investment based on the quantitative economic model." International Journal of Business and Management 1, no. 1 (May 28, 2022): 38. http://dx.doi.org/10.56028/ijbm.1.1.38.
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With the rapid development of science and technology, the global political, economic and financial system are constantly impacted.As a new form of currency, the function of digital currency is highly sought after by investors around the world and wide attention from all walks of society.Economic and social problems are becoming increasingly complex, and people begin to study them with the help of mathematical models.Mathematical models can help people to understand social and economic problems very well.This paper requires the problems in the model construction, discusses the conditions for the correlation of the independent variables, and constructs the statistics to test the goodness of fit.However, at the same time, how to deal with the regulatory challenges and security threats posed by digital currency to the government, maintain and realize the healthy and sustainable development of their own economy and financial markets, and strengthen the coordination and cooperation between international regulatory agencies need to be the focus of regulatory authorities.
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Tang, Jiqiang, Zhen Wu, Yuxi Zhang, Haifeng Guo, Xintong Du, and Dongni Wang. "Financial application scenarios and regulatory challenges of blockchain technology." ITM Web of Conferences 45 (2022): 01069. http://dx.doi.org/10.1051/itmconf/20224501069.
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The combination of the financial industry and technology is conducive to enhancing its ability to serve the real economy, in which blockchain technology plays an important role. The application of blockchain in financial services is mainly reflected in supply chain finance, cross-border payment, credit collection and digital currency. This paper predicts the possible risks and hidden dangers of China’s future blockchain financial industry, analyzes the challenges encountered by the regulator in blockchain management, and proposes the directions the regulator needs to work on in the future.
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Bhat, Viraja, Jeevan Nagarkar, and Ayushi Singh. "Prospects of Digital Currency in India - A Way Forward." Revista Gestão Inovação e Tecnologias 11, no. 4 (September 16, 2021): 5247–66. http://dx.doi.org/10.47059/revistageintec.v11i4.2560.
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The era of information and communication technologies has created many opportunities in every aspect. The field that has been benefitted the most from these recent developments in the financial and business sector. The scope and speed of evolution in technology, customer perception, and wide acceptance indicate that these technologies and disruptions will transform the finance and banking sector as we know it, providing both opportunities and challenges to financial institutions. Systems that have traditionally been used for savings, investments are not well suited given the scale and agility required for the digital age. Keeping in mind this array, financial institutions are responding with new digitization and innovation initiatives, using analytics, cloud technologies, and other new alternatives to respond to customer expectations. In a country like India, with a large economy and a despotic regime, the country shows decent economic growth even after having a complex system of arbitrary rules and regulations. Amidst all the growth, there is a huge scope of transforming the investment and lending patterns, with the help of technologies becoming more customer-centric and efficient. So, the technologies like blockchain are looking to drive innovation across various industries in India. In the era of blockchain, cryptocurrencies are the main part of it. They are said to be the most disruptive technologies in this area. This paper is an attempt to find the future of digital currency in India from the international experience.
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V., Bhat,, Nagarkar, J., and Singh, A. "Prospects of Digital Currency in India- A Way Forward." CARDIOMETRY, no. 24 (November 30, 2022): 486–97. http://dx.doi.org/10.18137/cardiometry.2022.24.486497.
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The era of information and communication technologies has created many opportunities in every aspect. The field that has been benefitted the most from these recent developments in the financial and business sector. The scope and speed of evolution in technology, customer perception, and wide acceptance indicate that these technologies and disruptions will transform the finance and banking sector as we know it, providing both opportunities and challenges to financial institutions. Systems that have traditionally been used for savings, investments are not well suited given the scale and agility required for the digital age. Keeping in mind this array, financial institutions are responding with new digitization and innovation initiatives, using analytics, cloud technologies, and other new alternatives to respond to customer expectations. In a country like India, with a large economy and a despotic regime, the country shows decent economic growth even after having a complex system of arbitrary rules and regulations. Amidst all the growth, there is a huge scope of transforming the investment and lending patterns, with the help of technologies becoming more customer-centric and efficient. So, the technologies like blockchain are looking to drive innovation across various industries in India. In the era of blockchain, cryptocurrencies are the main part of it. They are said to be the most disruptive technologies in this area. This paper is an attempt to find the future of digital currency in India from the international experience.
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Лютова, Ольга, and Ирина Фиалковская. "FOREIGN EXPERIENCE OF TAX AND LEGAL REGULATION OF CRYPTO CURRENCY." Bulletin of the Institute of Law of the Bashkir State University 2, no. 1 (November 11, 2021): 9–14. http://dx.doi.org/10.33184/vest-law-bsu-2019.3.2.
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The paper presents various options for tax and legal regulation of virtual currencies circulation in foreign countries. The core issues of tax transactions, based on current challenges of digital economy, depending on the general approach of the legislator to the possibility and / or necessity of legal regulation of operations with bitcoins and other virtual currencies are studied.
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Solberg Söilen, Klaus, and Lamiae Benhayoun. "Household acceptance of central bank digital currency: the role of institutional trust." International Journal of Bank Marketing 40, no. 1 (October 6, 2021): 172–96. http://dx.doi.org/10.1108/ijbm-04-2021-0156.
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PurposeThe authors investigate household acceptance of central bank digital currencies (CBDCs) by drawing on the unified theory of acceptance and use of technology and institutional trust theory.Design/methodology/approachThe authors build a research model including six hypotheses and quantitatively analyze it using partial least squares structural equation modeling (PLS-SEM) and importance–performance map analysis (IPMA) based on 282 answers to a survey questionnaire.FindingsThe continuous adoption of CBDCs by households is highly probable and is fostered by its expected high performance, the social recommendations and the existence of facilitating conditions. Nevertheless, institutions' efforts to propose a flexible and understandable currency can benefit its adoption only if these institutions also strive to build households' trust in the currency's system.Originality/valueThe authors provide a full review of the emerging literature on CBDCs and suggest that digital currency offerings can be divided into centralized, semi-centralized and de-centralized control in a meaningful taxonomy. The authors also complement extant studies on CBDCs that mostly apprehend its operational challenges by focusing on the customer side and provide implications to the launching of CBDCs by uncovering the customer-specific determinants of their adoption.
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Meena Kumari, J. "Central Bank Digital Currency (CBDC) Can it Replace Notes and Coins in India." Shanlax International Journal of Management 8, S1-Feb (February 26, 2021): 21–28. http://dx.doi.org/10.34293/management.v8is1-feb.3754.
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In golden old days when notes and coins were still to become medium of exchange, barter system was prevalent. With the growth of economies and trade relationship amongst countries, notes and coins emerged as means of exchange with global acceptability of currency unit of some countries like USD in foreign trade. Major disruption in the present system of use of currencies in settlement of goods and services is glaring in the form of digital currencies, popularly known as Crypto CurrencieslikeBitcoin. In this paper, effort has been made to understand need of Digital Currency from Central Banks (CBDC). The paper is an attempt to explain possibility of CBDC as replacement of actual currency and its advantages and disadvantages for India.In India, cryptocurrency was illegal either as means of exchange or as commodity for storage. After Hon’ble Supreme Court’s judgement on the issue, RBI has to explore possibility of usage of cryptocurrencies. A Bill is proposed on the subject in this session of Parliament. Challenges in introduction of CBDC in India, risk associated with CBDC and likely architecture of CBDC has been discussed in the paper. The paper provides idea aboutefforts in introduction of cryptocurrencies around the world so far.Further,the paper explores possibility of Financial Inclusion through CBDC and likely challenges for Central Banks on Monetary Policy front. The paper also explores possibility to make CBDC unique instrument for peer to peer offline transactions without mobile or internet connectivity.
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Kubatko, V., and I. Volk. "OPEN SCIENCE: CURRENCY CHALLENGES AND DEVELOPMENT PROSPECTS IN UKRAINE." Vìsnik Sumsʹkogo deržavnogo unìversitetu 2021, no. 4 (2021): 249–56. http://dx.doi.org/10.21272/1817-9215.2021.4-29.
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Science is an important part of the intellectual infrastructure of the modern world. It stimulates social development, enriches the information system of education, politics, promotes innovation. Open Science is a change in the existing system of scientific research, which allows to improve scientific activity through open and joint ways of cooperation and exchange of knowledge and data in the process of research, transmission and exchange of results. This new approach is affecting research institutions and research practices in general, opening up new ways of funding, evaluating and providing material incentives to researchers. Open science increases the quality and impact of science, promoting its reproducibility and interdisciplinarity. This makes science more efficient through the rational allocation of resources, more reliable through meaningful testing and more sensitive to the needs of society. Openness of scientific activity involves providing access to research results in digital format to a wide range of users through the use of information and communication technology tools. On the one hand, online platforms create new opportunities for organizing and publishing the content of research projects, scientific developments and large data sets, which makes them available to other scientists and researchers, as well as potential users in the business community and society as a whole. On the other hand, information and communication technologies allow to collect large amounts of data and information that can be the basis for scientific experiments and research. The article examines the theoretical aspects of the development of open science in the European scientific space, its content and identified by the European Commission areas of implementation. The issues of regulation of Open Science policy implementation processes are analyzed and its main participants are identified. The advantages and obstacles in the implementation of the provisions of open science by the subjects of scientific activity, as well as the features of managing the processes of its implementation in modern institutions of higher education, identified promising areas of Open Science in the scientific environment of Ukraine.
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D, Priyadarshini, and Sabyasachi Kar. "Assessing the viability of an Indian Central Bank Digital Currency (CBDC)." Indian Public Policy Review 3, no. 3 (May-Jun) (May 20, 2022): 43–58. http://dx.doi.org/10.55763/ippr.2022.03.03.003.
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A large number of Central Banks around the world are planning to introduce Central Bank Digital Currencies (CBDCs) as a legal tender in their countries. The Reserve Bank of India (RBI) has also revealed similar plans, with an Indian CBDC expected in the near future. Any evaluation of such a major change in the nature of money requires a broader understanding of the opportunities and challenges arising from the adoption of CBDCs. In this paper, we discuss these issues at the conceptual level and specifically in the Indian context. We show that the conceptual issues can be characterised in three ways – monetary sovereignty issues, issues from the point of view of national sovereignty, and developmental issues. In the Indian context, we analyse these issues from the perspective of the rapid digitalization taking place in the country. Finally, we discuss the steps that the RBI needs to take in order to introduce an Indian CBDC.
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Liao, Qian, and Yanna Wang. "Prospect and Challenges of Cross-border Payment Posed by Digital Currency – From the Perspective of Blockchain Coalition." E3S Web of Conferences 218 (2020): 04001. http://dx.doi.org/10.1051/e3sconf/202021804001.
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As international transaction increases, cross-border payment is seeing more risks of frauds, trading and capital, needing solutions by innovative financial technologies. This paper, from the perspective of block chain coalition, builds the theoretical framework and model for cross-border payment, and explores the prospect and challenges of application of digital currency and cross-border payment.
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Skenderi, Sibora. "Central Bank Digital Currencies: To issue, or not to issue, that is the question- Legal and Economic Implications in the EU and, the Albanian Perspective." European Journal of Accounting, Auditing and Finance Research 10, no. 8 (August 15, 2022): 56–77. http://dx.doi.org/10.37745/ejaafr.2013/vol10n85677.
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This research paper aims to serve as an added value to enrich the literature regarding the Central Banks Digital Currency and all its possible implications impacting the financial system. Our focus is on analysing CBDC from different perspectives, by analysing the motivations and concerns that lead countries with different economic conditions to introduce for their public this innovation as well as, to analyse the implications it poses due to significant fields of banking sector at whole, in terms of commercial banks, monetary policy of central bank or all the spikes that may happen in financial stability. The imminent allocation of crypto currencies has been the catalyst which has prompted Central Banks of various countries in Europe and beyond, to launch complex studies focusing on the implementation of macroeconomic policies in the context of digital currency issued by Central Banks. In prima facie overview, this process will be accompanied by various challenges, ascertained these challenges in the economic field but also in the legal one. This research paper, inter alia, aims to analyse the legal regulatory framework at the level of the European Union, taking into account the potential implications, material and procedural difficulties as well as, the economic effects that may derive from the issuance of digital currency issued by Central Banks. Along with analysation of EU legal framework in this research paper shall be analysed also the perspective of the Republic of Albania, as a candidate country for membership in the European Union which has the obligation to harmonize legislation with the aquis communiter.
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Malti, P. S., and B. G. Kodge. "Challenges and Solutions of Digital Economy in Rural India: A Women Entrepreneurs Perspective." SEDME (Small Enterprises Development, Management & Extension Journal): A worldwide window on MSME Studies 48, no. 2 (June 2021): 177–80. http://dx.doi.org/10.1177/09708464211063036.
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Today’s rural India is slowly moving towards being literate, aware, fearless, and digital economy use by every citizen. In comparison to urban India, the rural Indians are slower in perception and implementation of new things like the use of digital economy in their daily businesses. It is because of the traditional mindset—if we see the business transactional history of India, in ancient days—Indians used to conduct businesses by swapping the things or materials between each other. Further, the currency (coins) were introduced or formed by some rulers and the same was accepted and started to be used by the people of that province for their business transactions. The changes occurred day by day and now we are in the twenty-first century, that is, digital era. But at another side, when we see the business transactions in most of the rural India, especially when the women entrepreneurs are concerned, they are still stuck with the same traditional theories and practices in their businesses. In this article we attempted to focus on some major challenges and the possible solutions of use of digital economy for the women entrepreneurs in rural India.
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Ilijevski, Andrej. "CHALLENGES OF THE INTRODUCTION OF THE DIGITAL EURO - SEARCH FOR A COMPATIBILITY MODEL FOR NORTH MACEDONIA." Southeast European Review of Business and Economics 3, no. 2 (December 2022): 9–25. http://dx.doi.org/10.20544/serbe.06.02.22.p01.
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The introduction of the digital euro will have an impact on the implementation of the financial policy of North Macedonia. Based on an assessment of its own interests and capabilities, North Macedonia can decide on a model for compatibility with the digital euro. The paper analyses three possible models for cross-border system compatibility. Assuming that a digital euro provides a new channel for the transmission of domestic monetary policy shocks, the basic cross-border effects of the introduction of the digital euro can be summarised as an increase in euroisation, a reduction in monetary policy independence and a reduction in the creditor function of last resort. These effects need to be countered with integrated smart features such as automatic remuneration and bilateral cooperation with the ECB or a combination of these models. According to the analysis, this functionality can be achieved through the model, which is a technological bridge between the systems, as opposed to the model, which is a separate system, or the model, which is integrated. Although the proposed model is the most desirable in terms of potential gains and addressing potential risks, this model involves the development of an own digital currency (digital denar).
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Semeko, Galina V. "Central Bank Digital Currency: New Opportunities for Cross-Border Payments." Financial Journal 14, no. 4 (August 2022): 108–21. http://dx.doi.org/10.31107/2075-1990-2022-4-108-121.
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In the context of the rapid growth of international cash flows under the influence of globalization and digitalization of the world economy, the disadvantages of the correspondent banking network for crossborder money transfers are becoming increasingly obvious. Cross-border payments continue to be largely based on the old correspondent banking model, which has not quite benefited from the flow of innovations. New technologies have the potential to facilitate fast, low-cost, transparent and scalable payments. There is a need to modernize international payment systems and to develop alternative payment instruments based on new financial technologies. Central banks and the payments industry are considering ways to improve cross-border systems. One of the most relevant and widely discussed new payment instruments is the central bank digital currency (CBDC). А consensus has been reached in the global community on the expediency and profitability of introducing this new form of fiat money into retail payments, and a large number of countries are implementing relevant projects. In contrast, the promotion of the CBDC in the field of wholesale payments is lagging behind. However, studies confirm viability of using the CBDC in wholesale cross-border payments. A number of central banks are working on wholesale cross-border payment models, and international cooperation among central banks on wholesale CBDC, including for cross-border payments, is intensifying. The article discusses how cross-border wholesale CBDC can address challenges of the existing correspondent banking arrangement. The main purpose is to analyze the results of the most advanced international projects aimed at creating cross-border payment systems based on CBDC and distributed ledger technology. The design features of the proposed payment models, their effectiveness and potential risks are considered.
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Wasastjerna, Maria C. "The Implications of Big Data and Privacy on Competition Analysis in Merger Control and The Controversial Competition-Data Protection Interface." European Business Law Review 30, Issue 3 (June 1, 2019): 337–65. http://dx.doi.org/10.54648/eulr2019017.
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The article examines the implications of big data for competition law, with a focus on personal data and the privacy concerns that such data may give rise to, especially in the area of merger control. Today, one of the biggest challenges for competition authorities in data-driven markets is how to deal with issues related to personal data and the protection of privacy in their analysis. A key question is the role of competition law in protecting consumers from potential data privacy risks arising in the context of mergers in digital markets. The article also engages with one of the currently most debated topics in the competition community, namely the competition-privacy interface, and considers how personal data in the digital economy is considered a currency in exchange for online offerings, and how a loss of privacy can be factored into quality competition. The article addresses some of the challenges with incorporating privacy as a non-price parameter into competition analysis and offers food for thought by discussing relevant methodologies to assign monetary values to personal data.
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OH, Dae-Won, Eun-Hye Lee, and Manjiang Xing. "Opportunities and Challenges Facing the International Development of China’s Digital Currency in the Post-epidemic Era." Journal of Korea Research Association of International Commerce 21, no. 5 (October 31, 2021): 123–41. http://dx.doi.org/10.29331/jkraic.2021.10.21.5.123.
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Ricoy-Casas, Rosa María. "Digital currencies: Challenges between the United States, the European Union and Asia Pacific." Cuadernos Europeos de Deusto, no. 03 (January 28, 2022): 95–114. http://dx.doi.org/10.18543/ced-03-2022pp95-114.
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In June 2019, Facebook announced its own cryptocurrency “Libra” to be used through WhatsApp and Messenger, in order for its value to remain stable thanks to the support from banks and electronic commerce companies, linking to different currencies and the support of important companies. EU antitrust regulators investigated it as a “threat to monetary sovereignty”. China is already testing its own DCEP cryptocurrency tied to state banks and major companies, with notable advantages. It will probably displace cash and be used even for world trade, which can make it an alternative to the traditional international payment system, compared to the current one led by the United States with the USD. The Belt and Road Initiative (BRI) offers “the area and the route” to extend the Yen as a global digital currency. These new developments, and their rapid and high competitiveness produced as the “art of bian lian”, have generated intense concerns in the international financial system. Will the EU, Japan or the US be able to counter the virtual yuan so quickly?
Received: 01 September 2021Accepted: 05 November 2021
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Zharikov, Mikhail V. "The Model of a Shared Interest Rate for a Group of Countries to Circulate a Digital Currency: Featuring the BRICS." Journal of Central Banking Theory and Practice 11, no. 2 (April 30, 2022): 187–208. http://dx.doi.org/10.2478/jcbtp-2022-0019.
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Abstract The purpose of the research is to offer a comparative analysis of a libertarian and gradual approach to introducing a market interest rate. The topic is time-relevant since the economies of the emerging markets today face difficult challenges posed by economic, financial and health-care crises, impending price stability, future growth and money market equilibrium. A digital currency is a special issue today due to the outbreak of covid-19, which has made many central banks think about contactless means of payment. The author revealed policy tools to circulate a hypothetical digital currency for the BRICS, including a shared interest rate and the quantity of digital money in circulation needed for the penta-lateral use. The theoretical significance is that the research tries to lay the foundation for a model to launch a virtual regional money market for the countries of the BRICS as well as their partners in wider parts of Europe and Asia. In practical terms, the article recommends a number of tools for monetary policy to deal with the coronavirus crisis of 2020.