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The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Currencies".

Deadline for manuscript submissions: 1 July 2026 | Viewed by 22462

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Prof. Dr. Ramona Rupeika-Apoga

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Faculty of Business, Management and Economics, University of Latvia, LV-1586 Riga, Latvia
Interests: FinTech; alternative financing; international finance; banking
Special Issues, Collections and Topics in MDPI journals

Dr. Cristian Tiu

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Guest Editor

School of Management, University at Buffalo, Buffalo, NY 14260-4000, USA
Interests: empirical and theoretical investments; determinants of performance and asset allocation of nonstandard investors
Special Issues, Collections and Topics in MDPI journals

Dr. Ole Jakob Bergfjord

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Department of Business Administration, Western Norway University of Applied Sciences, 5020 Bergen, Norway
Interests: political risk; risk management; alternative financial markets
Special Issues, Collections and Topics in MDPI journals

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Dear Colleagues,

It is my pleasure to invite you to submit papers for this upcoming Special Issue, “The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition”. This Special Issue will address the broad topic of future money and will include novel research on Central Bank Digital Currencies (CBDCs) and private-sector-issued digital currencies (virtual currencies). CBDCs and virtual currencies represent a significant step forward in financial technology. They solve the problems associated with cash and make payment systems more efficient and cost-effective. However, they are fraught with technological issues, as digital currency can be hacked, which can erode privacy.

One hundred countries are conducting research and testing on CBDCs, and a few are already distributing CBDCs to the general public. Bahamian Sand Dollars have been in circulation since 2020. Sweden's Riksbank has created a proof of concept, and is currently investigating the technology and policy implications of CBDCs. In China, e-CNY continues to grow, with over one hundred million individual users and billions of yuan in transactions. Furthermore, the Federal Reserve acknowledges that CBDCs could fundamentally alter the structure of the US financial system.

Cryptocurrencies were created with the intention of revolutionizing financial infrastructure. However, as with any revolution, there are trade-offs. Due to high investor losses resulting from scams, hacks, and bugs, cryptocurrencies have earned a reputation as risky investments. While the underlying cryptography is generally secure, the technical complexity of using and storing crypto assets can pose significant risk to new users. Different types of digital currencies also carry different types of political risks related to taxation and legislation.

Digital money is still in its early stages and, despite its difficulties, will play a crucial role in the future of finance.

Prof. Dr. Ramona Rupeika-Apoga
Dr. Cristian Tiu
Dr. Ole Jakob Bergfjord
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

digital currency
virtual currency
Central Bank Digital Currencies (CBDCs)
cryptocurrencies
stablecoins
blockchain
fiat currency
open virtual currency
closed virtual currency
initial coin offering
digital wallets
custody costs

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The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins in Journal of Risk and Financial Management (15 articles)

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Editorial

Jump to: Research, Other

4 pages, 162 KB

Open AccessEditorial

Editorial—The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins

by Ramona Rupeika-Apoga

J. Risk Financial Manag. 2025, 18(9), 469; https://doi.org/10.3390/jrfm18090469 - 22 Aug 2025

Viewed by 2867

Abstract

Money has always been a mirror of society, shifting from precious metals to paper, from checks to cards, from cash to mobile payments [...] Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

Research

Jump to: Editorial, Other

26 pages, 702 KB

Open AccessArticle

Risk Perception, Trust, and Investor Awareness in Crypto-Crowdfunding: An Empirical Analysis

by Gioia Arnone

J. Risk Financial Manag. 2026, 19(4), 288; https://doi.org/10.3390/jrfm19040288 - 17 Apr 2026

Viewed by 587

Abstract

The rapid evolution of fintech has accelerated the integration of blockchain technology and cryptocurrencies into crowdfunding platforms, reshaping entrepreneurial finance and challenging traditional conceptions of money, intermediation, and financial risk. This study empirically examines the socio-cultural, demographic, and behavioural factors influencing funders’ perceptions and investment decisions in crypto-crowdfunding, an emerging model situated at the intersection of digital currencies, financial inclusion, and decentralised capital formation. Using primary survey data from a focus group of 50 respondents measuring perceptions through a structured five-point Likert questionnaire, the analysis investigates how risk perception, trust and security, investor awareness, and perceived benefits shape participation in crypto-crowdfunded projects. The findings indicate that blockchain-based features such as transparency and decentralisation are associated with variations in perceived trust and risk assessment, rather than uniformly enhancing investor confidence. Socio-demographic characteristics emerge as significant determinants of investor awareness, perceived risks, and expected benefits, confirming pronounced behavioural heterogeneity in digital-finance participation. Regression results reveal strong interdependencies between trust, risk perception, and awareness, underscoring the importance of informational quality and risk-governance mechanisms in supporting sustainable adoption. By providing empirical evidence on individual-level determinants of participation in crypto-crowdfunding, the study contributes to the literature on the future of money by clarifying how crypto-crowdfunding operates as a behavioural-financial phenomenon embedded in decentralised governance structures. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

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15 pages, 293 KB

Open AccessArticle

Four-Layer Valuation Framework for Non-Fungible Tokens (NFTs): Asset, Market, Technology, and Ecosystem Perspectives

by Tae-Woong Ham and Se-Hak Chun

J. Risk Financial Manag. 2026, 19(4), 245; https://doi.org/10.3390/jrfm19040245 - 27 Mar 2026

Viewed by 793

Abstract

In this study, we propose a structured valuation framework for non-fungible tokens (NFTs), a distinct class of digital assets whose pricing mechanisms remain insufficiently understood. Based on previous empirical studies and illustrative case analyses of three major NFT collections, we synthesize insights from non-cash-flow asset theory, market microstructure, and behavioral finance to construct a four-layer valuation framework consisting of the Asset, Market, Technology, and Ecosystem layers. We identify three NFT-specific mechanisms—verified digital scarcity, pseudonymous signaling, and on-chain herding—that modify or extend traditional valuation paradigms. Empirical evidence from the literature suggests that rarity-driven asset features and social-influence dynamics are dominant price determinants, while wash trading, fragmented liquidity, and platform incentive structures generate persistent distortions in price discovery. Case analyses of CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins demonstrate how differing risk exposures across the four layers translate into distinct valuation trajectories. With this framework, we obtain a basis for improved risk assessment, regulatory oversight, and business model design in NFT markets. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

51 pages, 1700 KB

Open AccessArticle

The Logic of Money: Crypto Mechanics and the Limits of Tokenisation

by Armen V. Papazian

J. Risk Financial Manag. 2026, 19(3), 196; https://doi.org/10.3390/jrfm19030196 - 6 Mar 2026

Viewed by 2635

Abstract

Cryptocurrencies are widely recognised for catalysing distributed ledger technologies and tokenisation, innovations that are transforming payment systems globally. However, their role as money is often contested and the subject of intense academic and policy debate. Nevertheless, new taxonomies of money allocate a unique place for cryptocurrencies. Described based upon a few high-level features, cryptocurrencies, except for stablecoins, are assumed to be a uniform group that can indeed be studied and categorised as such. Moreover, the logic of their creation is often looked at from a broad decentralisation and disintermediation perspective and remains ambiguous and questionable at best. This paper reports the findings of a clinical investigation into the top 30 cryptocurrencies representing 95.5% of the total crypto market capitalisation. This study is primarily concerned with their logic of creation, and how they compare with that of fiat money and central bank digital currencies. The findings reveal that, unlike fiat money, and CBDCs, crypto mechanics depict a diverse assortment of logics. The evidence suggests that despite widespread technical innovations, the crypto ambition to provide an alternative to centrally controlled debt-based fiat money has managed to add a combination of transaction validation, mathematical guesswork, pseudo-randomness, and size dependent probability as alternative logics of creation and allocation. While centrally managed bank-controlled debt-based fiat money leaves a lot to be desired, protocol-managed, code-controlled, size-dependent probabilistic money does not seem like much of an upgrade. This paper addresses the limits of tokenisation as a transformational tool and argues that cryptocurrencies may have helped trigger improvements in the technology of money, but not in its logic of creation. Indeed, to compete in the emerging monetary landscape it has helped create, i.e., the ubiquitous tokenisation of debt and debt-based fiat money, the crypto revolution will have to extend its value proposition beyond technology and pseudo-randomness. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

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28 pages, 595 KB

Open AccessArticle

Assessing the European Central Bank’s Institutional Capacity and Readiness for the Introduction of the Digital Euro

by Ioannis Tsouris, Georgios L. Thanasas and Maria Rigou

J. Risk Financial Manag. 2026, 19(2), 148; https://doi.org/10.3390/jrfm19020148 - 14 Feb 2026

Viewed by 1674

Abstract

This paper examines the European Central Bank’s institutional capacity and readiness to introduce a digital euro in the context of accelerating digitalization, geopolitical uncertainty, and growing competition in the global monetary system. Rather than treating the digital euro primarily as a technological innovation, the study conceptualizes it as a multidimensional institutional project shaped by regulatory mandates, governance choices, stakeholder expectations and risk considerations. Drawing on institutional theory and stakeholder theory, the analysis adopts a qualitative research design combining semi-structured expert interviews with systematic document analysis of ECB and EU policy material. The findings indicate that while the ECB has developed a structured roadmap encompassing investigation, preparation and potential issuance phases, significant challenges remain across regulative, normative and cognitive dimensions of readiness. These challenges include tensions between privacy and compliance requirements, cybersecurity and interoperability risks, potential effects on financial stability, and the management of public trust and stakeholder acceptance. The paper argues that the success of a digital euro will depend not only on technical feasibility, but on the ECB’s ability to align design and implementation choices with institutional legitimacy and behavioral expectations. By integrating institutional readiness and risk analysis, the study contributes to the literature on central bank digital currencies and offers insights relevant to policymakers concerned with monetary sovereignty and financial resilience in the digital age. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

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13 pages, 281 KB

Open AccessArticle

Is It a Case of Safe Haven? Analyzing Stablecoin Returns Considering Cryptocurrency Dynamics

by Vitor Fonseca Machado Beling Dias and Rodrigo Fernandes Malaquias

J. Risk Financial Manag. 2026, 19(1), 81; https://doi.org/10.3390/jrfm19010081 - 20 Jan 2026

Cited by 1 | Viewed by 925

Abstract

In this study, we evaluated the returns and return volatility of a Brazilian stablecoin linked to fertilizers during periods preceding its discontinuation. In light of the safe haven literature, we also tested the correlation between this stablecoin and a traditional cryptocurrency, Bitcoin, and modeled its behavior during periods of Bitcoin’s extreme returns. In terms of methodology, we employ GARCH-family models (including DCC-GARCH) to analyze daily data from 1 December 2022 to 16 January 2025. We also employ an analysis using Large Language Models (LLMs), evaluating the stablecoin time series considering the period of its discontinuation. The results indicated that as the discontinuation date approached, the stablecoin exhibited statistically significant lower returns and higher volatility. While the DCC-GARCH indicated no correlation between the assets, we found that the stablecoin’s returns exhibited a negative relationship with Bitcoin’s extreme returns, challenging its potential efficacy as a safe haven. This article offers practical contributions for digital asset investors, indicating that even physically backed stablecoins, designed for stability, are subject to significant volatility, idiosyncratic risks, and potential discontinuation. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

23 pages, 290 KB

Open AccessArticle

Are Cryptocurrency Prices in Line with Fundamental Assets?

by Melanie Cao and Andy Hou

J. Risk Financial Manag. 2025, 18(11), 608; https://doi.org/10.3390/jrfm18110608 - 30 Oct 2025

Viewed by 3229

Abstract

This paper presents the first rigorous empirical investigation into a fundamental question of cryptocurrency valuation: Are cryptocurrency prices in line with the prices of fundamental assets? To answer this, we analyze the nine largest cryptocurrencies by market capitalization—Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Tron (TRX), and the stablecoin DAI—against a suite of traditional benchmarks, including major fiat currencies (EUR, CAD, JPY), gold, and the S&P500 index. Our dataset spans from 1 January 2014 to 30 June 2025, with start dates varying for newer cryptocurrencies to ensure robust time series analysis. Guided by the asset pricing theory, we formulate a martingale test: if a cryptocurrency is priced in line with a fundamental numeraire asset, its price ratio relative to that numeraire must follow a martingale process. Our extensive empirical analysis reveals that the prices of major cryptocurrencies (BTC, ETH, SOL, BNB) consistently reject the martingale hypothesis when traditional assets (currencies, gold, equities) serve as the numeraire, indicating a decoupling from fundamental valuation anchors. Conversely, when Bitcoin or Ethereum itself is used as the numeraire, most smaller cryptocurrencies are priced in line with these crypto benchmarks, suggesting an internal valuation ecosystem that operates independently of traditional finance. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

24 pages, 345 KB

Open AccessArticle

Global Financial Stress and Its Transmission to Cryptocurrency Markets: A Cointegration and Causality Approach

by Sisira Colombage, Asanga Jayawardhana and Giles Oatley

J. Risk Financial Manag. 2025, 18(10), 532; https://doi.org/10.3390/jrfm18100532 - 23 Sep 2025

Cited by 1 | Viewed by 3543

Abstract

This study examines links between global financial stress and cryptocurrency returns from 1 January 2017 to 31 January 2025, while explicitly accounting for commodity markets. We use an econometric toolkit: unit-root and cointegration testing, ARDL bounds, Toda–Yamamoto causality, and a two-state Markov Switching model to trace long-run equilibrium and transmission mechanisms across cryptocurrencies (BGCI), systemic stress (OFR-FSI), volatility measures (VIX, VVIX, VSTOXX, VVSTOXX, MOVE), major equities and bonds, and three commodities (gold, oil, copper). Results show robust long-run cointegration between BGCI and several financial variables, including S&P/ASX 200 and the Bloomberg Barclays Bond Index; models that include commodities continue to support these long-term links. Toda–Yamamoto tests reveal that stress and volatility indices unidirectionally transmit shocks to cryptocurrencies and commodities, while gold displays a bidirectional relationship with BGCI, indicating a conditional safe haven interaction. Markov Switching estimates show amplified co-movement among BGCI, gold and bonds in stress regimes, with the model predominantly remaining in a normal state. Overall, cryptocurrencies are embedded within the broader financial system; commodities, especially gold, are used to moderate the stress crypto transmission and offer conditional diversification value during turmoil. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

31 pages, 1126 KB

Open AccessArticle

Can Including Cryptocurrencies with Stocks in Portfolios Enhance Returns in Small Economies? An Analysis of Fiji’s Stock Market

by Ronald Ravinesh Kumar, Hossein Ghanbari and Peter Josef Stauvermann

J. Risk Financial Manag. 2025, 18(9), 484; https://doi.org/10.3390/jrfm18090484 - 29 Aug 2025

Cited by 1 | Viewed by 3540

Abstract

The market for digital assets, and more specifically cryptocurrencies, is growing, although their adoption in small island countries remains absent. This paper explores the potential benefits of integrating cryptocurrencies into portfolios alongside stocks, with a focus on Fiji’s stock market. This is the first study on a small market like Fiji, which emphasizes the role of cryptocurrencies in portfolio management. We analyze the outcomes (returns and risks) of combining cryptocurrencies with stocks using 12 different techniques. We use monthly stock returns data of 18 companies listed on the South Pacific Stock Exchange from Aug-2019 to Jun-2025 (71 months) and nine cryptocurrencies from Sept-2019 to Jun-2025 (70 months). Our main analysis shows that only one cryptocurrency, albeit with a small exposure, consistently appears in the stock-cryptocurrency portfolios in the 12 methods. Using the return-to-risk ratio across methods as a guide, we find that the stocks-cryptocurrencies portfolio based on EQW, MinVar, MaxSharpe, MinSemVar, MaxDiv, MaxDeCorr, MaxRMD, and MaxASR offers better outcomes than the stock-only portfolios. Using high returns as a guide, we find that six out of 12 methods (EQW, MaxSharpe, MaxSort, MaxCEQ, MaxOmega, and MaxUDVol) support the stocks-cryptocurrencies portfolios. Portfolios satisfying both conditions (high return-risk ratio and high return) are supported by the EQW and MaxSharpe portfolios. The consistency of assets in both stock and stock−cryptocurrency portfolios is further confirmed by 24-month out-of-sample forecasts and Monte Carlo simulations, although the latter supports small exposures in two out of the nine cryptocurrencies. Based on the results, we conclude that a small exposure to certain cryptocurrencies can strengthen diversification and improve potential returns. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

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Other

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29 pages, 612 KB

Open AccessSystematic Review

From Cash to Digital Wallets: A PRISMA-Based Systematic Review of Microentrepreneur Adoption in Asia and Latin America

by Luz Maribel Vásquez-Vásquez, Elena Jesús Alvarado-Cáceres, Jose Antonio Caicedo-Mendoza and Víctor Hugo Fernández-Bedoya

J. Risk Financial Manag. 2026, 19(3), 232; https://doi.org/10.3390/jrfm19030232 - 20 Mar 2026

Viewed by 974

Abstract

The transition from cash-based transactions to digital wallet usage represents a structural change in the business practices of micro and small enterprises (MSEs) in emerging economies. This study aims to synthesize scientific evidence on digital wallet adoption among microentrepreneurs, analyze the geographical distribution of research, and consolidate key empirical findings, with a specific focus on Asia and Latin America. These regions are of particular interest because they share high levels of economic informality, strong reliance on cash-based transactions, and rapid expansion of digital financial technologies, while also facing institutional, regulatory, and infrastructural constraints that shape technology adoption among microentrepreneurs. A systematic review was conducted following the PRISMA 2020 guidelines. Searches were performed in the Scopus and Web of Science databases, including open access empirical studies published between 2021 and 2025 in English or Spanish. After applying predefined eligibility criteria and removing duplicates, 39 studies were included in the final analysis. The results indicate that most publications originate from Asian countries, particularly India, Indonesia, Malaysia, and Vietnam, whereas Latin America is mainly represented by Colombia and Peru. Across both regions, digital wallet adoption is consistently influenced by trust, perceived security, perceived usefulness, and ease of use, while perceived risk and institutional weaknesses emerge as contextual barriers. Although several primary studies adopt a consumer-level analytical perspective, their findings are extrapolated to microentrepreneur contexts by emphasizing transaction-related behaviors directly linked to business operations. This review acknowledges that the predominance of consumer-focused evidence represents a limitation when interpreting firm-level outcomes. Overall, the findings suggest that digital wallet adoption among microentrepreneurs is a socio-technical process shaped by behavioral, institutional, and regulatory factors rather than technology alone. Full article

(This article belongs to the Special Issue The Future of Money: Central Bank Digital Currencies, Cryptocurrencies and Stablecoins, 2nd Edition)

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