Cryptocurrencies, China's sovereign digital currency (DCEP) and the US dollar system

Peters, Michael A.; Green, Ben; Yang, Haiyang

doi:10.1080/00131857.2020.1801146

Cited by 33 publications

(21 citation statements)

References 8 publications

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“…PBOC has built multiple payment systems for various scenarios to increase the transparency of information, monitor the flow of money more effectively, enhance regulation and strengthen the efficiency of payments in a multi-tiered environment (Qian, 2019). DCEP is also being tested on WeChat Pay and Alipay (Peters and Green, 2020). According to Shi and Zhou (2020), the DCEP is a general-purpose digital token that adopts a complex multi-layer hybrid architecture design.…”

Section: 2mentioning

confidence: 99%

Household acceptance of central bank digital currency: the role of institutional trust

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Benhayoun

2021

IJBM

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PurposeThe authors investigate household acceptance of central bank digital currencies (CBDCs) by drawing on the unified theory of acceptance and use of technology and institutional trust theory.Design/methodology/approachThe authors build a research model including six hypotheses and quantitatively analyze it using partial least squares structural equation modeling (PLS-SEM) and importance–performance map analysis (IPMA) based on 282 answers to a survey questionnaire.FindingsThe continuous adoption of CBDCs by households is highly probable and is fostered by its expected high performance, the social recommendations and the existence of facilitating conditions. Nevertheless, institutions' efforts to propose a flexible and understandable currency can benefit its adoption only if these institutions also strive to build households' trust in the currency's system.Originality/valueThe authors provide a full review of the emerging literature on CBDCs and suggest that digital currency offerings can be divided into centralized, semi-centralized and de-centralized control in a meaningful taxonomy. The authors also complement extant studies on CBDCs that mostly apprehend its operational challenges by focusing on the customer side and provide implications to the launching of CBDCs by uncovering the customer-specific determinants of their adoption.

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Section: 2mentioning

confidence: 99%

Household acceptance of central bank digital currency: the role of institutional trust

Søilen

Benhayoun

2021

IJBM

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“…The efforts by the Chinese government to internationalize its currency trace back to 2009, when the global economy faced setbacks due to the financial crisis. Therefore, development of the DCEP is less a product of the growing importance of cryptocurrency than of China's efforts toward RMB internationalization (Peters, Green, & Yang, 2020). The PBOC issued a white paper on the subject, highlighting the country's progress, and looked optimistically to a future in which its currency would attain global status.…”

Section: Is the Digital Yuan A Threat To The Us Dollar?mentioning

confidence: 99%

China’s Transition to a Digital Currency: Does It Threaten Dollarization?

Aysan

Kayani²

2021

SSRN Journal

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“…On the other hand, the business of China's existing mobile payment giants, including Alibaba and Tencent, may be threatened by DCEP. In 2019, mobile payment transactions accounted for fourfifths of China's total payments [19]. Whereas people only pay digital cash in their bank accounts through Alipay and WeChat.…”

Section: Future Developmentmentioning

confidence: 99%

“…In the 2020 report, the World Bank Group pointed out that one-fifth of the world's banks will introduce the DCEP system in the next five years. Some experts believe that financial technology will improve the speed of transactions and investments and bring the world's digital financial system to a new level [19]. More importantly, for China, DCEP will promote the internationalization of RMB that China has always expected.…”

Section: Future Developmentmentioning

confidence: 99%

“…Because of the shortage of dollars caused by COVID-19, the process of RMB internationalization can avoid the "dollar trap". In the future, the success of RMB internationalization may break the US dollar-centered world financial system established since World War II [19]. Multiple currency payments will provide better security and stability for world finance and reduce the impact of the possible financial crisis.…”

Section: Future Developmentmentioning

confidence: 99%

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The Progress of Digital Currency Electronic Payment

Liu¹,

Liu²,

Shan³

et al. 2021

Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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Developed and issued by the People's Bank of China, the Digital Currency Electronic Payment has the same legal status as the physical RMB. This essay will describe the basic information, development, and advantages of the DCEP and the challenges and risks that may be encountered in the development, distribution, and use of the DCEP. According to the existing social information, the blueprint and future development of the DCEP is forecasted. Overall, DCEP will help improve the convenience of daily payment for Chinese residents, reduce the cost of the central bank's management of RMB, accelerate the development of the digital economy, and promote social and technological progress.

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Cryptocurrencies, China's sovereign digital currency (DCEP) and the US dollar system

Cited by 33 publications

References 8 publications

Household acceptance of central bank digital currency: the role of institutional trust

Household acceptance of central bank digital currency: the role of institutional trust

China’s Transition to a Digital Currency: Does It Threaten Dollarization?

The Progress of Digital Currency Electronic Payment

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