Central Bank Digital Currency: the Next Money Revolution? : Central Bank Digital Currencies in the Dimension of Geopolitics

IF 0.4 Q4 BUSINESS, FINANCE Public Finance Quarterly-Hungary Pub Date : 2022-01-01 DOI:10.35551/pfq_2022_4_2
Eszter Boros, Marcell Horváth
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Abstract

Throughout history, financial innovation was always interlinked with shifts in the word’s economic centre of gravity and the emergence of new power hubs. Nowadays, the huge interest in central bank digital currencies proves that we must have arrived at a new turning point in the development of money. Most studies, however, focus on financial issues related to CBDCs, and only few embark on discussing historical analogies and geopolitical consequences in a comprehensive way. Our study aims to deliver such an analysis. According to the results, the revolutionary effects of CBDCs might arise from re-modelling cross-border payments, i.e., achieving direct (atomic) transactions through multilateral platforms. The remarkable results of China in developing the digital yuan, and most importantly, acquiring a key role in international projects, reinforce the geopolitical trends of the last decade. Global or regional standard-setting will be a critical question, and in this regard, there is still some room for manoeuvre on the side of the U.S. which started its own CBDC development (Project Hamilton) belatedly. In the long run, it might be realistic to expect a scenario in which the global financial system is divided in two parts, a Western and an Eastern one.
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央行数字货币:下一次货币革命?地缘政治维度下的央行数字货币
纵观历史,金融创新总是与世界经济重心的转移和新权力中心的出现联系在一起。如今,人们对央行数字货币的巨大兴趣证明,我们一定已经来到了货币发展的一个新的转折点。然而,大多数研究都集中在与cbdc相关的金融问题上,只有少数研究开始全面讨论历史类比和地缘政治后果。我们的研究旨在提供这样的分析。根据研究结果,cbdc的革命性影响可能来自对跨境支付的重新建模,即通过多边平台实现直接(原子)交易。中国在发展数字人民币方面取得了显著成果,最重要的是,在国际项目中发挥了关键作用,这加强了过去十年的地缘政治趋势。全球或地区标准的制定将是一个关键问题,在这方面,美国方面仍有一些回旋余地,因为它姗姗来迟地开始了自己的CBDC开发(汉密尔顿项目)。从长远来看,全球金融体系分裂为西方和东方两部分的情景可能是现实的。
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来源期刊
CiteScore
0.90
自引率
40.00%
发文量
30
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