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1.
This paper investigates the evolution of cryptocurrencies. By nature and essence, Bitcoin challenged and implicitly threatened central bank money and its role in the monetary system. Meanwhile, central banks have been studying cryptocurrencies and launched pilot projects on their own digital currency, the Central Bank Digital Currency. Until recently, most economists considered Bitcoin merely as a speculative asset; however, the El Salvador decision in 2021 to establish it as a legal tender (through the Bitcoin Law) questions the status quo perception of Bitcoin. Given El Salvador’s legal obligation by law of their acceptance, allowing tax payments to the government and debts to be settled using Bitcoin, the Bitcoin Law challenges the boundaries of money. In light of the El Salvador experience, we consider different perspectives on the nature of money, allowing us to reject or include Bitcoin inside the money spectrum. 相似文献
2.
Many central banks have now developed their digital currencies in response to the challenges posed by the proliferation of decentralised digital cryptocurrencies. However, little is known about the effects of the introduction of central bank digital currencies (CBDCs) on extant digital cryptocurrencies. This paper, therefore, aims to identify both the time- and frequency-domain spillover effects among cryptocurrency markets and a newly developed central bank digital currencies attention index (CBDCAI) by using two TVP-VAR-based spillover models. Our results demonstrate that CBDC attention significantly impacts cryptocurrency markets. Also, most investors in cryptocurrency markets are more likely to trade in the short term. The results of this study contribute to helping investors and investment institutions effectively avoid investment risks, reduce losses, and predict the return of some cryptocurrencies. Also help policymakers better understand the impact of markets and policies, and provide a reference for them to formulate policies. 相似文献
3.
We introduce a central bank digital currency (CBDC) in the network of financial accounts. Simulating a shift of deposits by both households and non-financial corporations from the banking sector to the central bank, we model the different responses of the affected institutional sectors. We find that the introduction of CBDC generates funding shortages in banks, which may propagate to other sectors. In addition, significant adjustments in the balance sheets of all sectors trigger large moves in securities prices and induce changes in the financial network structure. Finally, we extend the analysis to the introduction of a crypto financial asset (stablecoin) issued by either a domestic or a foreign entity. 相似文献
4.
Central bank digital currency (CBDC) has increasingly received attention among policymakers and academics. From a theoretical perspective, the introduction of a CBDC arouses long-standing questions, foreseeing the possibility for the private (non-financial) sector to access the central bank reserves. The aim of this paper is to strengthen the understanding of the CBDC through the Endogenous Money Theory (EMT). The paper examines the balance sheets of the central bank, commercial banks, and the non-financial private system, tracking all the assets and liabilities of the macro-agents involved in the introduction of a CBDC. It explains the logical chain of relationships starting with the creation of bank loans from commercial banks, transformed into deposits, and ultimately converted into CBDC. Such a chain of relationships is also explained by amending the four quadrants model proposed by many post-Keynesian scholars. 相似文献
5.
Central Bank Digital Currencies (CBDC) are a digital innovation based upon distributed ledger and smart contract technology. In this paper we examine how potential users of CBDC technology willingly disclose their personal information. The researchers conducted an online quantitative survey which investigates the privacy perceptions of consumers. Using the privacy calculus theory lens, this study looks at the potential benefits of CBDC and how these influence user perceptions towards privacy disclosure. While this research suggests that participants in the study had negative perceptions in relation to the disclosure of personal information, many were willing to offset these concerns if there are significant benefits in the usage of CBDC. Factors such as ease of use, convenience, availability, and credibility were viewed as key benefits in this scenario. Thus, future banking strategies and marketing approaches need to consider these components to foster CBDC adoption. 相似文献
6.
Central bank digital currency (CBDC) is seen as a possible next step in the evolution of money, offering a more stable unit of account, a more efficient medium of exchange, and a safer way to store value. However, since it began to get significant attention from academics and practitioners a few years ago, many concerns about how a central bank may build an efficient CBDC and how it would impact a country's current financial system still remain unanswered satisfactorily. Based on the combination of text mining and systematic review methods, this work presents a thorough literature assessment of 191 academic papers on CBDC in order to identify major research issues and knowledge gaps that may be addressed in the future. We find seven primary research themes linked to CBDC including (1) Central bank, (2) CBDC and other digital currency, (3) CBDC and money markets, (4) CBDC and monetary policy, (5) CBDC design and technologies, (6) CBDC and payment system, and (7) CBDC and financial stability and regulatory. The finding helps provide both overall and in-depth views of the current state of research in digital fiat currency topics, as well as drawing some important implications and suggestions on directions for the future research. 相似文献
7.
数字化时代数字经济与信息技术蓬勃发展,倒推着支付体系的更新换代,央行数字货币作为一种新型数字化支付工具应运而生。基于流行的货币支付属性构建货币效用模型研究支付工具的新旧交替,探索央行数字货币如何通过替代现有支付工具开启支付系统新格局,并通过数值模拟预测央行数字货币取代现有支付工具的过程。研究表明：央行数字货币替代现有支付工具的程度由货币转化成本和支付属性决定,计息央行数字货币的替代力强于无息央行数字货币,现金支付被取代的程度更深,存款支付被取代的规模更大。央行数字货币成为未来主流的支付工具是大势所趋,央行对于数字货币的设计应允许其支付属性随时代发展而灵活变换;且央行发行数字货币应从对市场冲击力最小的无息央行数字货币开始,并随着技术的发展有针对性地增加新的功能。 相似文献
8.
This study employs a non-linear framework to investigate the impacts of central bank digital currency (CBDC) news on the financial and cryptocurrency markets. The time-varying vector autoregressive (TVP-VAR) model developed by Primiceri (2005) is estimated based on weekly data from the first week of January 2015 to the last week of December 2021. The vector of endogenous variables in the VAR estimation contains the Central Bank Digital Currency uncertainty index (CBDCU), cryptocurrency policy uncertainty index, S&P 500 index, VIX, and Bitcoin price. The TVP-VAR model’s time-varying responses demonstrated that the reactions of the cryptocurrency market to central bank digital currency announcements vary remarkably over time. The impacts of the CBDC shocks on the financial market have been increasingly visible during the COVID-19 pandemic. According to the time-varying forecast error decompositions, CBDCU and VIX shocks have accounted for most of the variance in cryptocurrency uncertainty and Bitcoin return shocks, notably during the COVID-19 period. 相似文献
9.
随着应用场景日渐丰富,数字人民币正加速融入百姓生活,其在转变人民币使用方式、助力消费和实体经济复苏等方面发挥了积极作用。作为法定货币,数字人民币具有节省、安全、普惠等特点,以数字经济为代表的科技创新催生了基础金融服务水平与效率,为构建发展新格局提供了有力支撑。通过利用Logistic工具和TAM模型分别从客户对于数字人民币的接受意愿和使用意愿来开展研究,对影响数字人民币使用意愿的影响因素进行分析,探索数字人民币的应用场景,以促进数字人民币健康发展。 相似文献
10.
The international monetary system is marked by a hierarchical relationship between currencies, where the US dollar is widely used. Recently, central banks have started to launch Central Bank Digital Currencies (CBDCs), which, in contrast to cryptocurrencies, are issued by monetary authorities. The purpose of this paper is (i) to analyse and explain domestic retail CBDCs in detail, and (ii) to assess whether the creation of CBDCs poses a threat to the US dollar as the key currency of the international monetary and financial system. It will be argued that, despite the innovations a CBDC may bring, the role of the US dollar will not be affected by the introduction of multiple CBDCs (mCBDCs) alone. Although mCBDC arrangements might decentralise the international payment system, the underlying structures supporting today's unipolar system would not automatically change. It is crucial that central banks work together to establish an alternative international monetary system. 相似文献