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Stablecoins and central bank digital currencies : policy and regulatory challenges
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Eichengreen, Barry and Viswanath-Natraj, Ganesh (2022) Stablecoins and central bank digital currencies : policy and regulatory challenges. Asian Economic Papers, 21 (1). pp. 29-46. doi:10.1162/asep_a_00843 ISSN 1535-3516.
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Official URL: http://dx.doi.org/10.1162/asep_a_00843
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.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HG Finance | ||||||
Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||
Library of Congress Subject Headings (LCSH): | Digital currency, Payment, Cryptocurrencies, Financial services industry -- Technological innovations | ||||||
Journal or Publication Title: | Asian Economic Papers | ||||||
Publisher: | MIT Press Direct | ||||||
ISSN: | 1535-3516 | ||||||
Official Date: | 20 February 2022 | ||||||
Dates: |
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Volume: | 21 | ||||||
Number: | 1 | ||||||
Page Range: | pp. 29-46 | ||||||
DOI: | 10.1162/asep_a_00843 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Copyright Holders: | © 2022 by the Asian Economic Panel and the Massachusetts Institute of Technology | ||||||
Date of first compliant deposit: | 28 March 2022 | ||||||
Date of first compliant Open Access: | 20 February 2023 |
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