Digital Currencies: Challenges and Opportunities

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (30 April 2021) | Viewed by 17342

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WHU—Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar, Germany
Interests: open economy macroeconomics; monetary theory and policy; international finance; European integration; growth and development
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Special Issue Information

Dear Colleagues,

The appearance of digital currencies driven by technological innovation such as blockchain technology has already shown an impact on the financial markets, and we are about to witness a disruptive change in the nature of money. This has also led to an increased research interest and discussion in academia on the opportunities and challenges of digital currencies. This Special Issue of Economies aims to provide a collection of high-quality theoretical and empirical studies covering the economics of digital currencies. Topics of relevance include but are not limited to the functioning of digital currencies, financial market impact of digital currencies, implications of digital currencies for monetary policy, private versus public digital currencies, initial coin offerings, and the regulatory implications of digital currencies. We welcome original papers relating to these and other aspects of digital currencies.

Prof. Dr. Ralf Fendel
Editor-in-Chief

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Published Papers (1 paper)

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Research

27 pages, 3691 KiB  
Article
Reasons Fostering or Discouraging the Implementation of Central Bank-Backed Digital Currency: A Review
by Sergio Luis Náñez Alonso, Miguel Ángel Echarte Fernández, David Sanz Bas and Jarosław Kaczmarek
Economies 2020, 8(2), 41; https://doi.org/10.3390/economies8020041 - 26 May 2020
Cited by 51 | Viewed by 15173
Abstract
This study analyses the current debate around central bank-backed digital currency (CBDC). A comparative study was carried out considering countries for and against implementing a CBDC and their reasons, looking for common causes, differences, etc. The conclusion was that there are opposite tendencies [...] Read more.
This study analyses the current debate around central bank-backed digital currency (CBDC). A comparative study was carried out considering countries for and against implementing a CBDC and their reasons, looking for common causes, differences, etc. The conclusion was that there are opposite tendencies between defenders and detractors of establishing a CBDC. However, today—and taking into account the positions of three large banking institutions (the Federal Reserve of the United States of America, the Bank of Japan and the Bank of England) on establishing (at least in the short term) a CBDC)—it seems that large-scale implementation is still far off. On the contrary, the Chinese Central Bank and banking systems of other countries that have less weight in the world, such as Uruguay, Lithuania and the Bahamas, seem to go against the trend of rejection and are seriously considering its implementation. Although this matter has been dealt with in the theoretical field, more pilot tests such as the one carried out by Uruguay are necessary in order to understand specific effects on the economy, on one hand, and on acceptance of its use by the population, on the other. Full article
(This article belongs to the Special Issue Digital Currencies: Challenges and Opportunities)
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