Gaining Momentum Results Of The 2021 Bis Survey On Central Bank Digital Currencies
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Towards Central Bank Digital Currencies In Asia And The Pacific
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Author : Mrs. Sarwat Jahan
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-28
Towards Central Bank Digital Currencies In Asia And The Pacific written by Mrs. Sarwat Jahan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-28 with Business & Economics categories.
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
Central Bank Digital Currency And Other Digital Payments In Sub Saharan Africa
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Author : Mr. Luca A Ricci
language : en
Publisher: International Monetary Fund
Release Date : 2024-03-27
Central Bank Digital Currency And Other Digital Payments In Sub Saharan Africa written by Mr. Luca A Ricci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-27 with Business & Economics categories.
This Fintech Note reports key findings from the Sub-Saharan Africa Central Bank Digital Currency (CBDC) and Digital Payments Survey, shedding light on the motivations, benefits, and challenges of CBDC adoption, as well as the developments of digital private money and crypto assets in sub-Saharan Africa. It emphasizes the pivotal role of collaboration and shared knowledge in navigating the intricate landscape of digital currencies and assets in sub-Saharan Africa. As this evolving digital frontier is explored, the experiences and aspirations of the region’s central banks, as expressed in the survey, will help harness the potential for digital currencies, assets, and payments, and foster cooperation among countries in sub-Saharan Africa. A forthcoming IMF Departmental Paper will focus on key issues for countries in sub-Saharan Africa pertaining to CBDCs, private digital payments, and crypto assets. It will provide a deeper discussion of the benefits, costs, and risks of these digital payment systems and present policy options to enhance financial digital development and inclusion, while safeguarding macroeconomic and financial stability.
Some Lessons From Asian E Money Schemes For The Adoption Of Central Bank Digital Currency
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Author : Tao Sun
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-09
Some Lessons From Asian E Money Schemes For The Adoption Of Central Bank Digital Currency written by Tao Sun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-09 with Business & Economics categories.
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
Exploring Central Bank Digital Currencies Concepts Frameworks Models And Challenges
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Author : Kaur, Guneet
language : en
Publisher: IGI Global
Release Date : 2024-03-07
Exploring Central Bank Digital Currencies Concepts Frameworks Models And Challenges written by Kaur, Guneet and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-07 with Business & Economics categories.
In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.
Insight Turkey Summer 2022 Embracing Emerging Technologies
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Author :
language : en
Publisher: SET Vakfı İktisadi İşletmesi
Release Date : 2022-11-01
Insight Turkey Summer 2022 Embracing Emerging Technologies written by and has been published by SET Vakfı İktisadi İşletmesi this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-11-01 with Political Science categories.
Historically speaking, technology has been one of the main determinants in international politics due to its impact on economic development and warfare. However, lately, its preponderancy is becoming more inclusive considering that technologies such as artificial intelligence (AI) Internet of Things (IoT), big data, blockchain, 3D printing, etc. are evolving faster than ever. From the Ukraine-Russia war and the energy crisis to the global economic and social crisis to the deepening great powers rivalry, all point to the importance of emerging technologies. Specifically, technology has become a key asset in the framework of international relations, and the so-called technopolitics –the entanglement of technology with politics– is impacting global affairs at the international and national levels. Primarily, emerging technologies have a transformative impact on the actors of the international order. While the existing Western-led international system had at its core the Westphalian principles, with states as the main actors, it is expected that in the close future this will be challenged by the tech giants who are now driving the technological revolution. Considering the state’s dependency on tech giants for the development of emerging technologies and the impact of these technologies on economic development and national security, it is understandable that the power of tech giants will increase. So, when faced with an international crisis, states and international/regional institutions will not be the only actors sitting at the table. Furthermore, the structure and hierarchy of the international system will be shaped by the evolution of technology. Seen both from the economic and military perspectives, the early adoption of these emerging technologies will provide a strategic advantage for the early users, which undoubtedly is directly reflected in the power of states and their position within the existing order. While some states become more successful than others in the production, development, and adoption of these technologies, the hierarchy between states will change as well, leading to a new global order. The ongoing great power competition –especially between the U.S. and China– can be understood within this framework as it would not be wrong to assert that technological competition is the main ground of rivalry. Both states consider technological development as the main asset to achieve their national goal, for the U.S. it is to maintain its leadership in the existing system; while China aims to leapfrog the U.S. and become a superpower. As technology shapes and changes the relations among states, so will other aspects of politics be affected, such as diplomacy and warfare. While the creation and advancement of the Metaverse are considered to revolutionize diplomacy, the application of artificial intelligence in the military is indeed revolutionizing warfare. As mentioned previously the proper and quick adoption of these emerging technologies in the political agenda is directly related to the reflection of a state’s power in the international system. In this context, lagging in this technological revolution would be detrimental to a state. Türkiye is one of the few states that is not only aware of the benefits of the early adoption of the new technologies but has also taken important steps in this regard. Becoming official in 2019, Türkiye has announced its policies called “National Technology Initiative” and “Digital Türkiye.” Both policies are impacting every sector of life in Türkiye –i.e., industry, health, education, defense, etc.– and aim to transform the state’s technological future by using its local capacities to produce high-tech products. As a result, Türkiye will gain more economic and technological independence which will place Türkiye among the most technologically developed states in the future. To illustrate this point, Türkiye’s defense industry has been revolutionized within the concept of the National Technology Initiative. Henceforth, today Türkiye has become one of the leading global actors in terms of the production and use of Unmanned Aerial Vehicles (UAVs). The impact of the emerging technologies in every aspect of human life is unequivocal, however, this special issue of Insight Turkey will focus mainly on how technopolitics is shaping the states’ policies, with a special focus on Türkiye. Within this context, this issue includes 8 research papers and 5 commentaries, all of which offer a novel perspective on the subjects they address. Our commentary section features two on-topic and three off-topic pieces. In his inquisitive commentary, Richard A. Bitzinger seeks to illustrate how the technologies incorporated into the upcoming 4th industrial revolution, and AI in particular, promise to represent a radical paradigm shift in the form and conduct of combat in the future. Bitzinger’s analysis makes it clear that these technologies will probably also have a significant influence on international rivalries between large powers, aspirational regional actors, or governments who view technology as a vital force multiplier. This analysis, we believe, will shed light on how new and emerging critical technologies are challenging the traditional warfighting paradigm, as well as how militaries can access and leverage these innovations. In our second on-topic commentary Bruno Maçães challenges readers to consider climate change and its impact on global politics bravely and originally. According to Maçães, we cannot refer to climate change as a byproduct of the Anthropocene, the world that humans have created. Because of our limited potential to influence natural processes and consequent inability to control the unintended effects of our activities and decisions, climate change is still fundamentally a natural phenomenon that humans have only just begun to cause. Intriguingly, Maçães contends that joining the Anthropocene for the first time, as opposed to leaving it, is the solution to the climate problem. Our research articles cover a wide range of topics that are all important to the relationship between technological advancements and global politics. In the first paper of the line, Erman Akıllı launches a stimulating conversation about the future success of the Metaverse, which depends, according to the author, on the creation of universes that are founded on global organizations or regional integrations rather than monopolization. Instead of offering quick fixes, Akıllı poses some tough questions. For instance, he raises our attention to unanswered questions regarding state sovereignty in general and the issue of how a state can exercise its sovereign authority in the Metaverse. The author also emphasizes the vast prospects that the metaverse offers for nations to engage in cultural diplomacy. In line with this, the author describes efforts to build the Turkoverse, a metaverse based on the Turkic world, which would allow for unrestricted movement of people and goods inside the Turkic World while eliminating the physical gap between member states’ capitals. In the upcoming article, Javadbay Khalilzade describes how UAVs, or combat drones have proliferated and how this has changed and shaped modern warfare. The article looks at Türkiye as a manufacturer and active user of UAVs in wars in Africa and the Middle East. The case study in the article also looks at Azerbaijan, a third-tier small state that depends on drone exports but is ambitious enough to use drones to make its presence felt in the region and liberate its lands. The article makes the case that drones give militaries a tactical edge, improve combat precision, and broaden the arsenals available for fighting insurgencies; yet drone proliferation also makes states more prone to conflict and compromises regional peace and security. In the following research article, Nezir Akyeşilmen investigates the documents, policies, strategies, measures, and organizational structures of Türkiye’s national cybersecurity strategy. Is Türkiye’s cybersecurity strategy properly designed to deal with the new security environment in the hyper-anarchic world of cyberspace? Following a thorough examination of Türkiye’s cybersecurity strengths and weaknesses, Akyeşilmen responds prudently to this question: Türkiye’s technical performance is relatively weaker than its legal performance, necessitating the development and implementation of a centralized cybersecurity strategy by a large and powerful institution. Following Akyeşilmen’s insightful criticism, Ali Burak Darıcılı evaluates the Turkish National Intelligence Organization’s (Millî İstihbarat Teşkilatı, MİT) increasing operational capacity in the context of high-technology products. Darıcılı concludes that MİT’s domestic technology capabilities have made a significant contribution to Türkiye’s counter-terrorism activities, achievement of regional foreign policy goals, deployment of hard power in the field when necessary, and efforts to become a proactive actor in the region. Then, Cenay Babaoğlu questions how the pandemic process has affected the increasing digitalization of public administrations with the rising use of technology in administrative functions as our focus shifts from security to public administration. The author recalls that, with support from both supply and demand, the COVID-19 pandemic has been a driving force in government digitalization. As the author explains, following this trend, and particularly with the transition to the Presidential Government System in 2018, the Presidency Digital Transformation Office, which was established as the coordinator of digital transformation, played an important role in Türkiye during the pandemic. In what follows, Narmina Mamishova examines Türkiye’s vaccine diplomacy and its role in the country’s efforts to maintain and expand its stakes in the global power configuration. Highlighting how, since the outbreak of the coronavirus pandemic, public health has emerged as a key issue of discourse among states, the authors show how Türkiye has managed to consolidate its strength in the international arena through both skillful balancing in terms of vaccine deals and well-packaged humanitarian efforts. The author argues that Türkiye has been successful in achieving this through persevering in the pursuit of a proactive, comprehensive policy, in which the sole standard for a move’s legitimacy would be its alignment with the nation’s national interests. As we shine a spotlight on the economy in the post-COVID-19 era, Bilal Bagis focuses on the ways a new instrument, central bank digital currency, is projected to improve contemporary payment systems, strengthen the effectiveness of the monetary policy, and assure financial stability in the new period. Following the 2008 Crisis and the 2020 Pandemic, as well as innovations such as the all-new cryptocurrencies and stable coins, many central banks have expressed an interest in introducing their own digital money, according to the paper. Anticipating that physical currencies will inevitably be digitalized, one way or the other, the author poses a valid question: “why not embrace the trend and the new technology, regulate and then make sure digital currencies satisfy all the functions of a regular conventional physical currency?” In a similar spirit, in our final research paper, Mehmet Rıda Tür makes the prediction that AI will soon overtake humans as the primary decision-makers in the energy sector. For the author, making the energy system more flexible and establishing a smart supply system with domestic and renewable energy resources at its core is necessary to prevent any bottlenecks in satisfying the energy demand of all countries including Türkiye. From our off-topic pieces, Mahmut Özer, the Minister of National Education of Türkiye, elaborates on the process of universalization from elementary to higher education in Türkiye, describing how it gave priority to areas with comparatively lower rates of schooling by making large investments and carrying out large initiatives. Özer explains how, because of recent changes the nation has undergone in the education sector, Türkiye’s educational system has been able to overcome the difficulties it had inherited from the past and has strengthened its capacity to become even more effective and equitable for all pupils. In the following off-topic commentary, Nurşin Ateşoğlu Güney focused on the most recent achievement of Türkiye in bringing the warring sides of Ukraine and Russia to an agreement on the transfer of grain from Ukraine’s ports. Güney contends that this is a result of Ankara’s long-standing sensible approach of maintaining communication with both capitals despite hostilities to maintain access to both. She concludes that the prospect of growing food scarcity conditions and subsequently the projected worldwide crisis appears to have been avoided for the time being thanks to Türkiye’s effective mediating performance, which will also be conducive to alleviating the negative conditions caused by the likelihood of food shortages in locations like Egypt, Lebanon, and elsewhere. The political and strategic repercussions of Russia’s war against Ukraine are examined by Sabrina P. Ramet and Aleksander Zdravkovski in the final commentary. The authors claim that because of the war in Ukraine, Serbia may now see an opportunity to conclude some unfinished business. Serbia has recently been buying weapons from China and Russia for this purpose, and it has also tried to buy 12 fighter jets from France. The recent armaments buildup by Serbia is unlikely to be for defensive purposes, as the writers draw our attention to the fact that none of Serbia’s neighbors or any other states for that matter pose a threat to Serbia. All things considered, we endeavored to explore as many facets as possible of the interplay between new technology advancements and Turkish technopolitics in the Summer 2022 issue of Insight Turkey. We hope and believe that the insightful and stimulating debates raised on the issue will be helpful to our readers.
Fintech
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Author : Jelena Madir
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-05-02
Fintech written by Jelena Madir and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-05-02 with Law categories.
This fully revised and updated third edition provides a practical examination of legal and regulatory issues in FinTech, a sector whose rapid rise in recent years has produced opportunities for innovation but has also raised new challenges. Featuring insights from over 40 experts from 10 countries, this book analyses the statutory aspects of technology-enabled developments in banking and considers the impact these changes will have on the legal profession.
Kingdom Of Bahrain
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-18
Kingdom Of Bahrain written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-18 with Business & Economics categories.
Interest in CBDC is growing globally including in Bahrain, which has made considerable strides in the areas of payment service digitalization and fintech. While a CBDC could bring about various benefits, it may also imply risks. The analysis presented in this paper aims to assess some of these benefits and risks for Bahrain. It will quantify the potential impact of introducing a CBDC on the financial system and monetary policy transmission using a model specifically calibrated and estimated for Bahrain. It finds that a CBDC's perceived utility by the population is key for wide adoption. While high adoption and remuneration can help enhance monetary policy transmission, they may imply a drag on banking system profitability. A careful and analytically informed design could enhance adoption while limiting risks to financial stability.
Imf Approach To Central Bank Digital Currency Capacity Development
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-04-11
Imf Approach To Central Bank Digital Currency Capacity Development written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-11 with Business & Economics categories.
The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability. Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD). Current IMF CBDC CD efforts have focused on facilitating peer learning and developing analytical underpinnings for staff advice to member countries. CD missions have aimed at helping country authorities answer questions about how to think about CBDCs. With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.
Recent Central Bank Digital Currency Developments In Asia And Their Implications
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-08-01
Recent Central Bank Digital Currency Developments In Asia And Their Implications written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-01 with Computers categories.
This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.
Central Bank Digital Currency
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Author : Leo Kriese
language : en
Publisher: Springer Nature
Release Date : 2023-12-02
Central Bank Digital Currency written by Leo Kriese and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-02 with Law categories.
This book offers a deeper understanding of digitisation and innovative technologies in the financial sector. It focuses on a digital version of sovereignly created money that is accessible to the broad public. This central bank digital currency (CBDC) raises several questions. Will CBDC lead to public surveillance of the citizens? What is digital money in the legal sense? And what is the difference to already existing forms of digital money? This book addresses main questions associated with central bank digital currency by providing background information as well as in-depth analyses. The book introduces a basic understanding of innovative technologies such as the distributed ledger technology. It shows how a system of money can be created and what roles each participant has. Taking an economic point of view, the book demonstrates the monetary policy in the euro area and examines how a digital version of public money could affect the transmission mechanism as well as the financial stability. Could CBDC lead to a "digital bank run"? Could it replace the established financial intermediaries such as banks? What would that mean to the economy? Mainly, the book focuses on the legal issues of CBDC. Which is the competent institution for establishing digital public money? Will digital money change the way of how we handle financial data? Also, the book examines the legal usability of CBDC in the economy. How can digital money based on innovative technologies be transferred in accordance with the law? Can a debtor of a monetary claim flee into the digital currency? This book addresses the public and private sector participants as well as the legislators on how to handle CBDC. Most important, the book addresses everyone interested in digitisation and innovative financial technology who wants to gain a deeper understanding of the next big evolvement of money.