Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges*

IF 5.3 3区经济学 Q1 ECONOMICS

Asian Economic Papers Pub Date : 2022-01-10 DOI:10.1162/asep_a_00843

Barry Eichengreen, Ganesh Viswanath-Natraj

引用次数: 5

Abstract

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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稳定币和中央银行数字货币:政策和监管挑战*

摘要稳定币和央行数字货币在亚洲即将出现，在某些情况下已经出现。本文对这两种形式的数字货币的用例进行了新的分析和批判。它利用期货市场的数据，对领先的稳定币Tether的贬值风险进行了时变估计。它描述了央行数字货币在跨境交易中广泛使用的巨大障碍，在这种情况下，数字货币的效用可以说是最大的。最重要的是，该地区的数字货币举措仍存在重大不确定性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Economic Papers ECONOMICS-

CiteScore

7.50

自引率

0.00%

发文量

期刊介绍： The journal Asian Economic Papers (AEP) is supported by several prominent institutions, including the Center for Sustainable Development at Columbia University in the United States. This shows that there is a strong emphasis on sustainable development within the journal's scope. Additionally, the Korea Institute for International Economic Policy in South Korea, the UN Sustainable Development Solutions Network (SDSN) in Malaysia, and the Economic Research Institute for ASEAN and East Asia in Indonesia also sponsor AEP. The articles published in AEP focus on conducting thorough and rigorous analyses of significant economic issues pertaining to specific Asian economies or the broader Asian region. The aim is to gain a deeper understanding of these issues and provide innovative solutions. By offering creative solutions to economic challenges, AEP contributes to the discourse and policymaking that impact the Asian economies and region as a whole.