Crypto Assets And Cbdcs In Latin America And The Caribbean Opportunities And Risks

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Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Author : Maximiliano Appendino
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks by : Maximiliano Appendino

Download or read book Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks written by Maximiliano Appendino and published by International Monetary Fund. This book was released on 2023-02-17 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.

Decoding Digital Assets

Author : Leon V. Schumacher
Publisher : Springer Nature
ISBN 13 : 3031546016
Total Pages : 391 pages
Book Rating : 4.0/5 (315 download)

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Book Synopsis Decoding Digital Assets by : Leon V. Schumacher

Download or read book Decoding Digital Assets written by Leon V. Schumacher and published by Springer Nature. This book was released on with total page 391 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Survey of Research on Retail Central Bank Digital Currency

Author : Mr.John Kiff
Publisher : International Monetary Fund
ISBN 13 : 151354778X
Total Pages : 66 pages
Book Rating : 4.5/5 (135 download)

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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.

Virtual Currencies and Beyond

Author : Mr.Dong He
Publisher : International Monetary Fund
ISBN 13 : 1498321305
Total Pages : 42 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Virtual Currencies and Beyond by : Mr.Dong He

Download or read book Virtual Currencies and Beyond written by Mr.Dong He and published by International Monetary Fund. This book was released on 2016-01-20 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America

Author : Jean François Clevy
Publisher : International Monetary Fund
ISBN 13 : 1616357061
Total Pages : 34 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America by : Jean François Clevy

Download or read book Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America written by Jean François Clevy and published by International Monetary Fund. This book was released on 2021-12-03 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic has urged countries around the globe to mobilize financing to support the recovery. This is even more relevant in Central America, where the policy response to cushion the pandemic’s economic and social impact has accentuated pre-existing debt vulnerabilities. This paper documents the potential for local currency bond markets to diversify and expand financing for the recovery, lowering bond yields, funding volatility, and exposure to global shocks. The paper further identifies priority actions, both national and regional, to support market development.

Central Bank Digital Currency and Fintech in Asia

Author : Marlene Amstad
Publisher : Asian Development Bank
ISBN 13 : 9784899742135
Total Pages : 400 pages
Book Rating : 4.7/5 (421 download)

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Book Synopsis Central Bank Digital Currency and Fintech in Asia by : Marlene Amstad

Download or read book Central Bank Digital Currency and Fintech in Asia written by Marlene Amstad and published by Asian Development Bank. This book was released on 2019-11-26 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough introduction and historical overview of the principles and practices of digital currency and fintech in Asia. It covers the theory of central bank digital currency and examines regulatory aspects, economic digitalization, financial inclusion, and the role of SMEs. Selected case studies offer in-depth insights into recent fintech developments in major economies, including Australia; Hong Kong, China; Indonesia; Japan; the People's Republic of China; the Republic of Korea; and Thailand. The book also makes a valuable supplement for introductory courses on finance, governance, and economics, as it appeals to a broad range of readers, including university students, academics, finance practitioners, and policy makers.

The Rise of Digital Money

Author : Mr.Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1498324908
Total Pages : 20 pages
Book Rating : 4.4/5 (983 download)

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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.

Central Bank Risk Management, Fintech, and Cybersecurity

Author : Mr. Ashraf Khan
Publisher : International Monetary Fund
ISBN 13 : 1513582348
Total Pages : 75 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Central Bank Risk Management, Fintech, and Cybersecurity by : Mr. Ashraf Khan

Download or read book Central Bank Risk Management, Fintech, and Cybersecurity written by Mr. Ashraf Khan and published by International Monetary Fund. This book was released on 2021-04-23 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

Fintech Potential for Remittance Transfers: A Central America Perspective

Author : Julia Bersch
Publisher : International Monetary Fund
ISBN 13 : 1513585428
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Fintech Potential for Remittance Transfers: A Central America Perspective by : Julia Bersch

Download or read book Fintech Potential for Remittance Transfers: A Central America Perspective written by Julia Bersch and published by International Monetary Fund. This book was released on 2021-06-25 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the potential for fintech to facilitate cheaper and more efficient remittances, and to enhance financial inclusion in Central America. Digital remittances remain nascent in the region, primarily reflecting behavioral inertia, small cost advantages of digital over traditional channels, and inadequate financial literacy. Through expanded alliances between traditional and fintech operators, digital remittances can further reduce transaction costs and reach those remote, low-income households in a timely and secure manner. A meaningful expansion of fintech remittances necessitates an enabling regulatory environment for digital financial services, and KYC and AML/CFT requirements proportionate to the value of transfers.

The Palgrave Handbook of Technological Finance

Author : Raghavendra Rau
Publisher : Springer Nature
ISBN 13 : 3030651177
Total Pages : 888 pages
Book Rating : 4.0/5 (36 download)

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Book Synopsis The Palgrave Handbook of Technological Finance by : Raghavendra Rau

Download or read book The Palgrave Handbook of Technological Finance written by Raghavendra Rau and published by Springer Nature. This book was released on 2021-09-09 with total page 888 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.

The Global Findex Database 2017

Author : Asli Demirguc-Kunt
Publisher : World Bank Publications
ISBN 13 : 1464812683
Total Pages : 148 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt

Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

Designing Central Bank Digital Currencies

Author : Mr.Itai Agur
Publisher : International Monetary Fund
ISBN 13 : 1513519883
Total Pages : 38 pages
Book Rating : 4.5/5 (135 download)

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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.

Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations

Author : Wouter Bossu
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781513561622
Total Pages : 51 pages
Book Rating : 4.5/5 (616 download)

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Book Synopsis Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations by : Wouter Bossu

Download or read book Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations written by Wouter Bossu and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-11-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.

Finance 4.0 - Towards a Socio-Ecological Finance System

Author : Marcus M. Dapp
Publisher : Springer Nature
ISBN 13 : 3030714004
Total Pages : 109 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Finance 4.0 - Towards a Socio-Ecological Finance System by : Marcus M. Dapp

Download or read book Finance 4.0 - Towards a Socio-Ecological Finance System written by Marcus M. Dapp and published by Springer Nature. This book was released on 2021-05-13 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Open Access book outlines ideas for a novel, scalable and, above all, sustainable financial system. We all know that today’s global markets are unsustainable and global governance is not effective enough. Given this situation, could one boost smart human coordination, sustainability and resilience by tweaking society at its core: the monetary system? A Computational Social Science team at ETH Zürich has indeed worked on a concept and little demonstrator for a new financial system, called “Finance 4.0” or just “FIN4”, which combines blockchain technology with the Internet of Things (“IoT”). What if communities could reward sustainable actions by issuing their own money (“tokens”)? Would people behave differently, when various externalities became visible and were actionable through cryptographic tokens? Could a novel, participatory, multi-dimensional financial system be created? Could it be run by the people for the people and lead to more societal resilience than today’s financial system (which is effectively one-dimensional due to its almost frictionless exchange)? How could one manage such a system in an ethical and democratic way? This book presents some early attempts in a nascent field, but provides a fresh view on what cryptoeconomic systems could do for us, for a circular economy, and for scalable, sustainable action.

The Macroeconomics of De-Cashing

Author : Mr.Alexei P Kireyev
Publisher : International Monetary Fund
ISBN 13 : 1475589255
Total Pages : 26 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Macroeconomics of De-Cashing by : Mr.Alexei P Kireyev

Download or read book The Macroeconomics of De-Cashing written by Mr.Alexei P Kireyev and published by International Monetary Fund. This book was released on 2017-03-27 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic sectors. The overall macreconomic impact of de-cashing would depend on the balance of growth-enhancing and growth-constraining factors. Starting from a traditional saving-investment balance, the paper develops a four-sector macroeconomic framework. It is purely illustrative and is designed to provide a roadmap for a systematic evaluation of de-cashing. The framework is disaggregated into the real, fiscal, monetary, and external sectors and potential implications of de-cashing are then identified in each sector. Finally, the paper draws a balance on possible positive and negative macroeconomic implications of de-cashing, and proposes policies capable of augmenting its economic and social benefits, while reducing potential costs.

Cryptocurrencies and Blockchain Technology

Author : Andrew Karpan
Publisher : Greenhaven Publishing LLC
ISBN 13 : 1534505350
Total Pages : 176 pages
Book Rating : 4.5/5 (345 download)

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Book Synopsis Cryptocurrencies and Blockchain Technology by : Andrew Karpan

Download or read book Cryptocurrencies and Blockchain Technology written by Andrew Karpan and published by Greenhaven Publishing LLC. This book was released on 2019-07-15 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: With cryptocurrencies like Bitcoin on the rise, many wonder if these digital currencies could be the exchange medium of the future, but what are cryptocurrencies and the blockchain technology that facilitates them? Blockchain technology involves linking a series of digital records through cryptography without the use of a centralized server, which when applied to asset exchange creates cryptocurrencies. However, there are various concerns about the ability to regulate cryptocurrencies, their stability, and whether they can be applied on a global scale. This volume enables readers to better understand these new technologies and the controversies surrounding them.

The Future of Money

Author : Eswar S. Prasad
Publisher : Harvard University Press
ISBN 13 : 0674258444
Total Pages : 497 pages
Book Rating : 4.6/5 (742 download)

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Book Synopsis The Future of Money by : Eswar S. Prasad

Download or read book The Future of Money written by Eswar S. Prasad and published by Harvard University Press. This book was released on 2021-09-28 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.