Regulating Global Stablecoins and Central Bank Digital Currencies in Selected G20 Countries

IF 0.4 Q4 INTERNATIONAL RELATIONS

Vestnik Mezhdunarodnykh Organizatsii-International Organisations Research Journal Pub Date : 2021-12-01 DOI:10.17323/1996-7845-2021-04-09

A. Shelepov

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引用次数: 1

Abstract

Digitalization of the global economy, which has intensified during the COVID-19 pandemic, is leading to the development of digital currencies. Financial authorities in most countries are working to design regulation aimed at minimizing the risks associated with privately issued digital assets. At the same time, research is being carried out, and several pilot projects have been launched, on the use of central bank digital currencies (CBDCs)—a new payment instrument that can potentially contribute to stimulating innovations, expanding access to financial services, simplifying cross-border payments, and maintaining financial stability. In this article, the author examines the approaches of some G20 members to regulating CBDCs and global stablecoins (GSC)—a financial instrument pegged to real assets, which is a potential alternative to traditional fiat currencies. The author then identifies general tendencies in the approaches of the considered jurisdictions to regulation and proposes recommendations on intensifying the development of Russia’s national rules and norms in this area, primarily for GSC, and strengthening international cooperation.

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在选定的G20国家监管全球稳定币和中央银行数字货币

在新冠肺炎疫情期间，全球经济的数字化得到了加强，这导致了数字货币的发展。大多数国家的金融当局都在努力制定监管规定，以尽量减少与私人发行的数字资产相关的风险。与此同时，正在开展关于使用央行数字货币(cbdc)的研究，并启动了几个试点项目。cbdc是一种新的支付工具，可能有助于刺激创新，扩大金融服务的可及性，简化跨境支付和维护金融稳定。在本文中，作者研究了一些G20成员国监管cbdc和全球稳定币(GSC)的方法，GSC是一种与实物资产挂钩的金融工具，是传统法定货币的潜在替代品。然后，作者确定了所考虑的司法管辖区监管方法的一般趋势，并就加强俄罗斯在这一领域的国家规则和规范的发展提出建议，主要是为了GSC，并加强国际合作。

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

Vestnik Mezhdunarodnykh Organizatsii-International Organisations Research Journal INTERNATIONAL RELATIONS-

CiteScore

1.30

自引率

33.30%

发文量

期刊介绍： The journal mission is to disseminate Russian and international research in global governance, international cooperation on a wide range of social and economic policies; as well as to create a professional framework for discussion of trends and prognoses in these areas. International Organisations Research Journal publishes academic and analytical papers of Russian and international authors on activities of international multilateral institutions: G8, G20, BRICS, OECD, the World Bank, IMF, WTO, UN, and alliances: European Union, Eurasian Economic Union, Shanghai Cooperation Organisation and others. Analytical and research papers on international cooperation in higher education, trends in higher education developments at the national, regional and global levels are welcomed for reviewing and publication. The journal is aimed at researchers, analysts, practitioners in international affairs and world economics and at a wide audience interested in political issues of international affairs and global development. IORJ supports publications of graduate and postgraduate students, young researchers in Russia and abroad. All IORJ publications are peer-reviewed.