The (near) Future of Central Bank Digital Currencies : : Risks and Opportunities for the Global Economy and Society.

• Superior document: Global Politics and Security Series ; v.7
• Author: Bilotta, Nicola.
• TeilnehmendeR: Botti, Fabrizio.
• Place / Publishing House: Bern : : Peter Lang AG International Academic Publishers,, 2021.; ©2021.
• Year of Publication: 2021
• Edition: 1st ed.
• Language: English
• Series: Global Politics and Security Series
• Physical Description: 1 online resource (204 pages)

This book provides an overview of the approaches, features and implications of CBDCs. It briefly explores the current literature on CBDCs and provides concrete example of this innovation's stage of development.

Table of Contents

Cover -- Copyright information -- Table of contents -- List of Figures -- Tables -- Foreword -- Introduction -- Chapter 1: CBDCs: The (Near?) Future of a Cashless Economy -- 1.1 Payments are the economy's circulatory system -- 1.2 What is money today? -- 1.3 CBDCs: a digital 'public' currency -- References -- Chapter 2: CBDC in the Broad Context of National Payments System Development -- 2.1 CBDC in the broad context of national payments system development -- Annex 1: World Bank practical guide for retail payments stocktaking28 -- Annex 2: CPMI-IOSCO principles for financial market infrastructures29 -- General organisation -- Credit and liquidity risk management -- Settlement -- Central securities depositories and exchange-of-value settlement systems -- Default management -- General business and operational risk management -- Access -- Efficiency -- Transparency -- Responsibilities of central banks, market regulators, and other relevant authorities for financial market infrastructures -- Annex 3: General guidance for NPS development30 -- A. Banking system -- B. Planning -- C. Institutional framework -- D. Infrastructure -- Annex 4: World Bank guidelines for government payment programs (GPS)31 -- A. Governance, safety and efficiency -- B. Legal and regulatory -- C. Payment systems infrastructure -- D. Cooperation and partnerships to leverage GPS -- Annex 5: CBDC and payment services during emergencies32 -- Annex 6: World Bank guidance on developing a comprehensive retail payments strategy34 -- Annex 7: World Bank guidelines on balancing cooperation and competition35 -- Annex 8: The CPSS-World Bank general principles for international remittance services36 -- Annex 9: World Bank guidelines for successful integration of regional financial infrastructures37 -- References -- Chapter 3: Central Bank Digital Currency and the Future Financial System.

3.1 The existing financial system -- Retail payments -- Foreign exchange settlement - PvP -- Existing securities settlement -DvP -- 3.2 Digital currencies -- Transactions -- Signature locks -- Timelocks -- Hashlocks -- Digital currency generations -- 3.3 CBDC - The foundation of the new financial system -- CBDC requirements -- Vision of the new financial system -- Implications for CBDC design -- 3.4 The new financial system -- Payments -- PvP in a CBDC environment -- DvP in a CBDC environment -- Shape of the new financial system -- References -- Chapter 4: Central Bank Digital Currencies and Law -- Conclusions -- References -- Chapter 5: The Digital Euro: Challenges and Opportunities -- 5.1 Digital currencies and central banking -- 5.2 The changing retail payments landscape in Europe -- 5.3 The central bank digital euro -- Motivations -- Main features -- Anonymity and privacy -- 5.4 Main challenges -- Disintermediation of banks -- Expansion of central banks' balance sheets -- Financial instability and volatility of capital flows. -- Reputational risks -- Conclusion -- References -- Chapter 6: Digital Currency Initiatives on the African Continent -- 6.1 Background -- 6.2 Review of key aspects relating to digital currency initiatives in Sub-Saharan Africa -- Objectives behind the initiatives -- Key drivers of the initiatives -- Some key considerations for initiatives that are underway -- 6.3 Envisaged key characteristics of a successful crypto asset or CBDC -- 6.4 Anticipated possible challenges -- 6.5 Approaches that have been adopted to crypto-currencies/assets and CBDCs -- Conclusion -- References -- Chapter 7: China's New Digital Currency: Implications for Renminbi Internationalization and the US Dollar -- 7.1 China's new central bank digital currency -- Properties and functions of DCEP -- Implications of a digital currency for China.

7.2 China's renminbi internationalization -- Steps taken to internationalize the renminbi -- Limitations of renminbi internationalization -- 7.3 The potential global impact of the digital currency -- Impact on renminbi internationalization -- Implications for the global dominance of the US dollar -- 7.4 Conclusions and future outlook -- References -- Chapter 8: CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity -- 8.1 Anonymity in CBDCs and privately owned stablecoins -- 8.2 Why is anonymity not a design issue? -- 8.3 Multilateralism for (controllable) anonymity in CBDCs -- Conclusion -- References -- Chapter 9: Digital Currency: A Global Regulatory Framework is Needed -- 9.1 Requirements: interoperability and transparency -- Transparency -- Interoperability -- 9.2 Elements for an inclusive and adaptable global framework -- Capital access: financial inclusion and financial stability -- Market structure: market efficiency and antitrust -- Consumer experience: consumer welfare and data usage -- Conclusion -- References -- Conclusion -- References -- Contributors -- Abbreviations -- Series index.