Stablecoins, Central Bank Digital Currencies and US Dollar Hegemony
Autor: | Lucio Gobbi, Luca Fantacci |
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Rok vydání: | 2021 |
Předmět: |
Cryptocurrency
Hegemony 05 social sciences Economics Econometrics and Finance (miscellaneous) Commercial law Monetary economics 0506 political science Economic sanctions Us dollar Economic warfare Central bank Accounting Digital currency 0502 economics and business 050602 political science & public administration Economics 050207 economics Law |
Zdroj: | Accounting, Economics, and Law: A Convivium. |
ISSN: | 2152-2820 2194-6051 |
DOI: | 10.1515/ael-2020-0053 |
Popis: | Stablecoins are second generation cryptocurrencies, aimed at maintaining their value stable with respect to official currencies. The most famous example is perhaps represented by libra, the cryptocurrency announced by Facebook in 2019 and yet to be issued; the most widespread is tether, with a market capitalization of almost 10 billion dollars and a daily transaction volume of almost 50 billion dollars, which makes it the most used cryptocurrency. The diffusion of stablecoins is hardly surprising. By minimizing volatility – the main flaw of first generation cryptocurrencies, including bitcoin –, stablecoins are expected to play an even more important role on a global scale within a few years. Our contribution deals not with the economic, but specifically with the geopolitical factors that could foster the use of stablecoins for strategic and military purposes. In particular, we focus on how such payment instruments, together with other alternative electronic payment systems, could be used as a means to circumvent economic sanctions and ultimately as a challenge to the hegemony of the US dollar in the international monetary system. |
Databáze: | OpenAIRE |
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