Financial and Monetary Stability Aspects of Global Stablecoins

Autor:	Stefan Schäfer, Oliver Read
Rok vydání:	2020
Předmět:	050208 finance 0502 economics and business 05 social sciences Economics Econometrics and Finance (miscellaneous) Economics Stability (learning theory) Business Management and Accounting (miscellaneous) Monetary economics 050207 economics Law
Zdroj:	Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 2. 53:159-185
ISSN:	2199-1235 2199-1227
DOI:	10.3790/ccm.53.2.159
Popis:	Global stablecoins (GSCs) like Facebook’s Libra could prove much more instable than they might appear at first sight. Not only can their exchange rates against individual fiat currencies fluctuate substantially; theoretically, they also have the potential to replace national currencies, constitute “digital currency areas” and become the basis of a two-tier banking system with one and more GSC issuers, on the one hand, and, on the other hand, commercial banks that can create GSC deposit money. Against that background, all steps taken so far by supervisors and central banks can only be the starting point of what is necessary to effectively regulate the new normal of the world of money that is emerging. JEL Classification: E42, F65, G28, K24
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::f7dbf581de1aa2d31066f3417b3c721e https://doi.org/10.3790/ccm.53.2.159 Zobrazit plný text záznamu