The Development of Central Bank Digital Currency in China: An Analysis

Goodell, Geoffrey; Al-Nakib, Hazem Danny

doi:10.2139/ssrn.3906358

Cited by 8 publications

(3 citation statements)

References 36 publications

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“…According to the BBC 3 , cryptocurrency transactions are forbidden in this country since 2019. Still, according to Forbes 4 , China intends to create its own digital currency that is supervised and centralized, going against the initial concept of what a cryptocurrency is (BIS, 2021;Goodell & Al-Nakib, 2021;Lee et al, 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

Flip the Coin: Heads, Tails or Cryptocurrencies?

Duarte¹,

Murta²,

Silva³

et al. 2023

Sci. Ann. Econ. Bus.

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This paper analysis and compares the volatility of seven cryptocurrencies – Bitcoin, Dogecoin, Ethereum, BitcoinCash, Ripple, Stellar and Litecoin – to the volatility of seven centralized currencies – Yuan, Yen, Canadian Dollar, Brazilian Real, Swiss Franc, Euro and British Pound. We estimate GARCH models to analyze their volatility. The results point to a considerably high volatility of cryptocurrencies when compared to that of centralized currencies. Therefore, we conclude that cryptocurrencies still fall far short of fulfilling all the requirements to be considered as a currency, specifically regarding the functions of store of value and unit of account.

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Section: Literature Reviewmentioning

confidence: 99%

Flip the Coin: Heads, Tails or Cryptocurrencies?

Duarte¹,

Murta²,

Silva³

et al. 2023

Sci. Ann. Econ. Bus.

View full text Add to dashboard Cite

show abstract

“…As China expands the use of its new digital money, further insights will certainly be gained into its operations and successes. Goodell and Nakib (2021), in their study of e-yuan's architecture, argue that while it is among the "most advanced CBDC design[s] in the world", believe it does not go far enough in terms of guaranteeing end-user privacy.…”

Section: Central Banks Leapfrog Their Cbdc Projectsmentioning

confidence: 99%

The Global Pandemic, Laboratory of the Cashless Economy?

Srouji

Torre

2022

IJFS

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The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency. This article presents the digital payments and cashless agenda before and after the pandemic, focusing on how the changing payments landscape has influenced the priorities and decisions of regulators, banks and other financial intermediaries, with regards to the future shape of payment systems. It finds that while the pandemic demonstrated the benefits associated with building an advanced, competitive and integrated digital payments eco-system, it has also brought to the forefront more fragmentation than convergence between payment systems in different regions of the world.

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“…The Chinese RMB's international currency status is extremely mismatched, with it being the world's largest trading nation and second largest economy in the world. The RMB should take more responsibility for being an international currency in the diversification of international currencies [32,33]. However, in the traditional economy, the development of RMB internationalization is faced with many internal and external difficulties [26].…”

Section: Introductionmentioning

confidence: 99%

Digital RMB, RMB Internationalization and Sustainable Development of the International Monetary System

Shen

2022

Sustainability

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The sound and sustainable development of the international monetary system is the cornerstone of the sound and stable development of the global economy. This paper takes digital currency in China as its research object and utilizes a regime-switching transition auto-regression (STAR) model and nonlinear time-varying parameter–stochastic volatility–vector auto regression (TVP-SV-VAR) model to empirically analyze the relationship between digital RMB, RMB internationalization, and the development of the international monetary system. The results show that the relationship between DC/EP and the internationalization of the RMB is time-varying, with the above relationship being significantly different in various economic situations. DC/EP can boost the internationalization of the RMB, and thereby contribute to the diversification of the international monetary system. The results have important policy implications for the sound and sustainable development of economic and financial markets.

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The Development of Central Bank Digital Currency in China: An Analysis

Cited by 8 publications

References 36 publications

Flip the Coin: Heads, Tails or Cryptocurrencies?

Flip the Coin: Heads, Tails or Cryptocurrencies?

The Global Pandemic, Laboratory of the Cashless Economy?

Digital RMB, RMB Internationalization and Sustainable Development of the International Monetary System

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