Digital Money Across Borders: Macro-Financial Implications

Volume/Issue: Volume 2020 Issue 050

Publication date: October 2020

ISBN: 9781513559209

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Topics covered in this book

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Money and Monetary Policy , PP , unit of account , transaction costs , currency competition , fiat currency , GSC adoption , medium of exchange , foreign currency , financial system , U , S , dollar , CBDC issuer , Currencies , Central Bank digital currencies , Digital currencies , Dollarization , Digital wallets , Global

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Summary

Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions. These include central bank digital currencies (CBDCs) and the so-called global stable coins (GSCs) proposed by large technological companies or platforms. This paper explores the complex interactions between the incentives to adopt and use CBDCs and GSCs across borders and discusses the potential macro-financial effects.