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Cross Border Payments With Retail Central Bank Digital Currencies
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Book Synopsis Cross-Border Payments with Retail Central Bank Digital Currencies by : Andre Reslow
Download or read book Cross-Border Payments with Retail Central Bank Digital Currencies written by Andre Reslow and published by International Monetary Fund. This book was released on 2024-05-15 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks are currently exploring the possibility of issuing retail central bank digital currency (CBDC). While the primary objective varies between jurisdictions, many central banks consider improved cross-border payments as a potential benefit and previous work has shown that CBDC can help overcome some of the frictions in cross-border payments. CBDC is a safe and liquid asset reducing the number of financial intermediaries and the settlement risk. Designing CBDC systems for cross-border payments is not fundamentally different from tailoring other payment systems. However, the roles and responsibilities might be slightly different in a CBDC system, and the central bank may play a more pivotal role given CBDC’s nature as public money as opposed to commercial bank money. This note draws lessons from ongoing experimentation and research to identify design and policy considerations when developing retail CBDC systems so it may be compatible for cross-border payments. The note focuses on retail CBDC—a CBDC primarily targeting households and non-financial firms—and leaves wholesale CBDC considerations for future work, although many of the discussions are applicable to wholesale CBDC and other forms of money as well.
Book Synopsis The Rise of Digital Money by : Mr.Tobias Adrian
Download or read book The Rise of Digital Money written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2019-07-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Book Synopsis General Principles for International Remittance Services by : Group of Ten. Committee on Payment and Settlement Systems
Download or read book General Principles for International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Designing Central Bank Digital Currencies by : Mr.Itai Agur
Download or read book Designing Central Bank Digital Currencies written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2019-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.
Book Synopsis Recent Central Bank Digital Currency Developments in Asia and Their Implications by : Asian Development Bank
Download or read book Recent Central Bank Digital Currency Developments in Asia and Their Implications written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-08-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.
Book Synopsis A Survey of Research on Retail Central Bank Digital Currency by : Mr.John Kiff
Download or read book A Survey of Research on Retail Central Bank Digital Currency written by Mr.John Kiff and published by International Monetary Fund. This book was released on 2020-06-26 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.
Book Synopsis Central Bank Digital Currencies and the Global Financial System by : Muhammad Ashfaq
Download or read book Central Bank Digital Currencies and the Global Financial System written by Muhammad Ashfaq and published by Walter de Gruyter GmbH & Co KG. This book was released on 2023-07-24 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book’s didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.
Download or read book Jordan written by Natsuki Tsuda and published by International Monetary Fund. This book was released on 2023-02-23 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) analyzed the retail payments markets of Jordan to identify pain points that retail Central Bank Digital Currency (rCBDC) could address. Retail payment systems in Jordan are highly integrated, enabling customers to make interoperable transactions between banks and non-bank Payment Service Providers (PSPs).1 The country’s cross-border remittance market is competitive, but may benefit from the reduced transactions cost associated with rCBDC. Despite generally accessible and appropriate product offerings and an enabling environment, various barriers prevent customers from extensively using digital means of payment. rCBDC might create an opportunity to overcome these barriers, thus making a cross-border rCBDC worth consideration. However, the Central Bank of Jordan (CBJ) should rigorously evaluate benefits against risks and costs before forging ahead. Meanwhile, the CBJ should develop capacity to address technology, cybersecurity, financial integrity, and legal issues.
Book Synopsis The Role of Central Bank Digital Currencies in Financial Inclusion by : Asian Development Bank
Download or read book The Role of Central Bank Digital Currencies in Financial Inclusion written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-03-01 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.
Book Synopsis Central Bank Digital Currencies (CBDCs) by : Christos V. Gortsos
Download or read book Central Bank Digital Currencies (CBDCs) written by Christos V. Gortsos and published by buch & netz. This book was released on 2023-10-27 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present book contains five contributions relating to the introduction of Central Bank Digital Currencies (CBDCs), i.e., the digital form of state-issued legal tender. It is the by-product of a Colloquium jointly hosted by the Collegium Helveticum (the joint Institute for Advanced Studies of ETH Zurich, the University of Zurich and the Zurich University of the Arts) and the University of Zurich’s Priority Research Program on Financial Market Regulation (URPP FinReg) on 9 May 2023. The contributions to this book provide an in-depth analysis of the following aspects of CBDCs: - Global Financial Architecture and Decentralized CBDC Regimes (by Rolf H. Weber), - The Shift from Private Money into “Unlimited” CBDCs: An Unviable Development or a Chance for Reform and New Opportunities? (by Christian Hofmann), - A Macroeconomic Perspective on retail CBDC and the Digital Euro (by Dirk Niepelt), - Central Bank Digital Currencies: Central Bank Money reaches a new frontier (by Chiara Zilioli) and - The Simple(r) Case for Wholesale Central Bank Digital Currency (by Thomas Moser). The articles constitute an optimal blend between legal, institutional, and economic aspects on CBDCs by high-quality experts, combining the academic and the central bank perspectives.
Book Synopsis Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa by : Mr. Luca A Ricci
Download or read book Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa written by Mr. Luca A Ricci and published by International Monetary Fund. This book was released on 2024-03-27 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Fintech Note reports key findings from the Sub-Saharan Africa Central Bank Digital Currency (CBDC) and Digital Payments Survey, shedding light on the motivations, benefits, and challenges of CBDC adoption, as well as the developments of digital private money and crypto assets in sub-Saharan Africa. It emphasizes the pivotal role of collaboration and shared knowledge in navigating the intricate landscape of digital currencies and assets in sub-Saharan Africa. As this evolving digital frontier is explored, the experiences and aspirations of the region’s central banks, as expressed in the survey, will help harness the potential for digital currencies, assets, and payments, and foster cooperation among countries in sub-Saharan Africa. A forthcoming IMF Departmental Paper will focus on key issues for countries in sub-Saharan Africa pertaining to CBDCs, private digital payments, and crypto assets. It will provide a deeper discussion of the benefits, costs, and risks of these digital payment systems and present policy options to enhance financial digital development and inclusion, while safeguarding macroeconomic and financial stability.
Book Synopsis IMF Approach to Central Bank Digital Currency Capacity Development by : International Monetary
Download or read book IMF Approach to Central Bank Digital Currency Capacity Development written by International Monetary and published by International Monetary Fund. This book was released on 2023-04-11 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability. Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD). Current IMF CBDC CD efforts have focused on facilitating peer learning and developing analytical underpinnings for staff advice to member countries. CD missions have aimed at helping country authorities answer questions about how to think about CBDCs. With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.
Book Synopsis Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems by : Inutu Lukonga
Download or read book Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems written by Inutu Lukonga and published by International Monetary Fund. This book was released on 2023-03-17 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy Implications Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems
Book Synopsis Casting Light on Central Bank Digital Currencies by : Mr.Tommaso Mancini Griffoli
Download or read book Casting Light on Central Bank Digital Currencies written by Mr.Tommaso Mancini Griffoli and published by International Monetary Fund. This book was released on 2018-11-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.
Book Synopsis Cash Use Across Countries and the Demand for Central Bank Digital Currency by : Mr.Tanai Khiaonarong
Download or read book Cash Use Across Countries and the Demand for Central Bank Digital Currency written by Mr.Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2019-03-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.
Book Synopsis Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges by : Kaur, Guneet
Download or read book Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges written by Kaur, Guneet and published by IGI Global. This book was released on 2024-03-07 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.
Book Synopsis Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility by : Ms. Adina Popescu
Download or read book Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility written by Ms. Adina Popescu and published by International Monetary Fund. This book was released on 2022-05-06 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world are increasingly exploring central bank digital currencies (CBDCs). This paper investigates the possible impacts of cross-border CBDCs on capital flows and financial stability in a simple open economy extension of a classical model of bank runs, augmented with the presence of a credible foreign central bank, which issues an account-based interest bearing CBDC available to nonresidents. The paper finds that the presence of a foreign CBDC which acts as an international safe asset may increase the risk of financial disintermediation in the domestic banking sector, which can be accompanied by higher and more volatile capital flows.
