The Rise Of Digital Money
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The Rise Of Digital Money
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Author : Mr.Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-18
The Rise Of Digital Money written by Mr.Tobias Adrian 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 2019-07-18 with Business & Economics categories.
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
The Rise Of Digital Money
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-29
The Rise Of Digital Money written by International Monetary Fund 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 2021-07-29 with Business & Economics categories.
Rapid technological innovation is ushering in a new era of public and private digital money, bringing about major benefits in terms of efficiency and inclusion. To reap the full benefits and manage risks, authorities around the world will have to address new policy challenges. These are widespread, complex, rapidly evolving, and have profound implications. This paper identifies the main challenges currently arising regarding consumer protection and financial integrity, domestic financial and economic stability, as well as the stability and efficiency of the international monetary system. The paper argues that many of these challenges intersect the Fund’s mandate. The Fund must therefore monitor, and advise on, this rapid and complex transition for all members. The paper ends with a broad vision of how to deliver on this mandate and serve its members, including by enhancing resources, and collaborating closely with other institutions. This is the first of two papers, the second of which lays out a more detailed operational strategy.
The Future Of Money
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Author : Eswar S. Prasad
language : en
Publisher: Harvard University Press
Release Date : 2021-09-28
The Future Of Money written by Eswar S. Prasad and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-28 with Business & Economics categories.
A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.
Money System Gone Insane
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Author : Risto the Dragon Pietilä
language : en
Publisher:
Release Date : 2020-03-12
Money System Gone Insane written by Risto the Dragon Pietilä and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-12 with categories.
What is Wrong with The World Money System? Will Cryptocurrencies such As Bitcoin Clean Up the Mess? And What Is Needed from A New Economic Platform That Will Change the Game?Risto Pietilä, also known as The Dragon, is a serial entrepreneur, economist, and self-made millionaire before the age of thirty.In the Bitcoin and cryptocurrency scene, Mr. Pietilä is best known as the prolific writer and economist whose predictions have come to pass, repeatedly.In this book, the author explains the long term consequences of depending on fiat currencies (such as the Dollar or Euro), and how they slowly strangle the economy and controls individuals. He then lays out the foundation for what he believes will be the future of money, globally.Reading this book, you will understand- What is really going on with the money system in our world- What are the different ways that money is created today- Why debt is such a powerful force (and mechanism of control and suppression)- What made Bitcoin such a great innovation in the history of money- Why cryptocurrencies scared the "power mongers" behind the banking cartel- Why Bitcoin won't solve the issues of inequality and wealth distribution globally- What is needed, technically, to have a worldwide currency that would dethrone the corrupt debt-based fiat currenciesThis book will forever change how you think about finances and the curse of debt. For novices and masters alike, this is an easy-to-read primer to the world of cryptocurrencies. In this book, the author lays the foundation of a new money system and the requirements of implementation on a global scale.Read this book, and you'll understand "how money works" and can be invested profitably (when others are taking a hit with the markets crashing).
Rise Of Digital Money
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Author : Yong Sarah Zhou
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-25
Rise Of Digital Money written by Yong Sarah Zhou 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 2024-02-25 with Business & Economics categories.
The departmental paper, "Rise of Digital Money: Implications for Pacific Island Countries," delves into the fast-evolving landscape of digital money in a diverse region of extremes in size, remoteness and dispersion, highlighting its significant macroeconomic and financial consequences. It provides an overview of the development of digital money and payment systems in Pacific Island Countries (PICs), assessing potential benefits and risks, with a focus on how they can harness digital technology to enhance financial inclusion and payment efficiency while minimizing risks. To this end, the paper also examines the prerequisites for successfully adopting various forms of digital money and proposes a strategic framework for policy decisions. The paper underscores the potential of digital money in advancing public policy goals, like financial inclusion and improved cross-border connectivity – given the specific characteristics of the region – while cautioning against the risks of rapid and inadequately regulated adoption. Accordingly, it advocates a gradual, well-informed approach, tailored to PICs' unique monetary and financial circumstances, including the presence of national currencies and the maturity of payment systems. Moreover, the paper suggests that a regional approach could help address capacity and scalability challenges in introducing new digital money forms and payment methods in PICs.
The Rise Of Public And Private Digital Money
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-29
The Rise Of Public And Private Digital Money written by International Monetary Fund 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 2021-07-29 with Business & Economics categories.
Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.
The Future Of Money
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Author : Eswar S. Prasad
language : en
Publisher: Harvard University Press
Release Date : 2021-09-21
The Future Of Money written by Eswar S. Prasad and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-21 with Business & Economics categories.
An Economist Best Book of the Year A Financial Times Best Book of the Year A Foreign Affairs Best Book of the Year A ProMarket Best Political Economy Book of the Year One of The Week’s Ten Best Business Books of the Year A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we’ve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won’t be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Meta and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.
Beyond Blockchain
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Author : Erik Townsend
language : en
Publisher:
Release Date : 2018-10-24
Beyond Blockchain written by Erik Townsend and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-24 with categories.
The cryptocurrency trend of the past few years has continued to grow despite widespread predictions that it would just be a flash in the pan. Blockchain is suddenly everyone's favorite buzzword. But what if there's more to this story than meets the eye? What if Digital Currency is about to change the world in ways beyond our imagination? And what if geopolitical forces our politicians don't even understand have already inspired China and Russia to use Digital Currency to attack the U.S. Dollar's dominance over the global financial system?The Dollar has served as the world's reserve currency since 1944, and the fringe benefits have allowed the U.S. Government to borrow and spend beyond its means and run massive trade deficits for decades. Now China and Russia suddenly have a new lever to use which could upset the global balance of power. Who would have guessed that technology breakthroughs conceived by the inventors of cryptocurrency would hand China and Russia just the weapon they needed to attack the Dollar's rule over the global economy? The invention of digital cash enables government-issued digital currency systems that could completely modernize the global monetary system. The potential benefits to society are so great that it's hard to grasp their full magnitude. But a digital currency system introduced by China and Russia could upstage the Dollar and replace it as global reserve currency, causing devastating consequences for the U.S. economy. Which country wins the new digital currency Space Race could change the course of human history.There's plenty of evidence that China and Russia are already hard at work. The Chinese central bank is aggressively hiring Blockchain engineers, but has been suspiciously quiet about what they're working on. Sergei Glaziev, economic advisor to Russian President Vladimir Putin is giving keynote speeches to Blockchain conferences. The Chinese central bank filed more digital currency patents than anyone else in 2017. This book explains why China and Russia are suddenly so interested in Digital Currency technology, and more importantly, what they plan to do with it. Time is short for the U.S. Government to wake up and recognize the threat that now looms over the U.S. Dollar's dominance at the center of the global financial system, and why Digital Currency technology is likely to be the challengers' weapon of choice to defeat the Dollar.Author Erik Townsend is uniquely qualified to sort this puzzle out and tell the entire fascinating story. In his first career, Townsend was a distributed systems architect - an expert in all the technologies used to create cryptocurrencies. In his second career, he was a hedge fund manager who studied reserve currency status extensively. Townsend first gives readers an introduction to both conventional money and digital currency, then gives a detailed introduction to relevant monetary history subjects, and finally ties it all together and explains how a state-sponsored digital currency system could steal the title of global reserve currency from the U.S. Dollar and change the balance of world power.
The Rise Of Digital Currencies
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Author : Andreas Svoboda
language : en
Publisher:
Release Date : 2023-08-24
The Rise Of Digital Currencies written by Andreas Svoboda and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-24 with Business & Economics categories.
Dive into the captivating realm of digital currencies with "The Rise of Digital Currencies," an all-encompassing exploration that navigates through the landscape of cryptocurrencies, their origins, technological foundations, and the profound impact they are poised to have on the global financial landscape. Starting by delving into the historical evolution of money, this book chronicles the revolutionary ascent of Bitcoin, the pioneering digital currency that heralded the dawn of the blockchain era. Through meticulous research, it then unravels the intricate development of cryptocurrencies, unveiling the transformative potential of blockchain technology to reshape industries, particularly the realm of banking. Journeying beyond the inception of Bitcoin, this book spotlights Ethereum and its groundbreaking innovations. Within these pages, readers will uncover the introduction of decentralized applications (D-Apps) and smart contracts, propelling blockchain's utility beyond mere virtual transactions. Complex concepts underpinning blockchain technology are demystified, accompanied by comprehensive insights into its mechanics and the ongoing discourse between proof-of-work and proof-of-stake consensus methodologies. From foundational principles to intricate workings, this book ensures readers grasp the technical underpinnings supporting digital currencies. Embarking on an exploration of the economic ramifications of cryptocurrencies, Chapter 4 casts light on their transformative impact on the financial sector and the intricacies they bring to established institutions. Chapter 5 magnifies the global adoption challenges, delving into security and regulatory complexities that punctuate this nascent era. Moreover, "The Rise of Digital Currencies" dissects the potential repercussions of these currencies on the global financial ecosystem and scrutinizes their role in shaping the future of finance. It delves into the responses of traditional banks, assessing their stance on embracing digital currencies, while also examining the burgeoning interest exhibited by central banks worldwide. As the final chapter unfolds, readers are equipped with a valuable crypto initiation toolkit and guided towards reputable platforms and resources, facilitating their foray into the world of virtual currency. Concluding on a thought-provoking note, this book contemplates the revolutionary prospects of cryptocurrencies and underscores the paramount importance of crypto literacy for all pioneers venturing into this uncharted financial frontier. For those intrigued by the ongoing financial revolution instigated by digital currencies and blockchain technology, "The Rise of Digital Currencies" stands as an indispensable read, offering profound insights into a future that is already being shaped by these innovative forces.
Digital Currencies And The New Global Financial System
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Author : Ranjan Aneja
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-13
Digital Currencies And The New Global Financial System written by Ranjan Aneja and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-13 with Business & Economics categories.
This book analyses the current debate around Central Bank Digital Currencies (CBDC) and the future of New Global Financial System. It offers deep insight into the global monetary policy in the context of digital and cryptocurrencies and examines both the opportunities and challenges to come. The book draws a clear distinction between digital and cryptocurrencies and answers several research questions, such as what the consequences of forming Central Bank Digital Currencies and their impact on the financial markets, in both advanced and developing economies, might be. Another question refers to whether the role of monetary policy easing has led to the rise of the virtual currency market, while still others relate to the impact of the pandemic on international settlements. The book also discusses the issue of investment in cryptocurrencies, and the related risks, whether or not this is a profitable investment vehicle, and how the digital banking system evaluates such investments. Further, the book also highlights the post-pandemic challenges for central banks, such as future monetary policy. It includes a complex review of the literature and presents elaborate econometric models of digital currencies and cryptocurrencies. The book has a wide geographic focus, examining these aspects from the perspective of several countries including China, India and the US. The primary audience for the book is researchers, scholars and students of international finance and economics but it will also appeal to practitioners concerned with the digitalisation of financial systems, policymakers and regulatory agencies. Note: Prof. Shalini Talwar's affiliation is published incorrectly. Her correct affiliation, which may be considered for referencing and records is: Shalini Talwar, Associate Professor, S. P. Jain Institute of Management and Research, Mumbai, India.