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    政大機構典藏 > 國際事務學院 > 期刊論文 >  Item 140.119/140338


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    題名: Policy Responses to Cross-border Central Bank Digital Currencies – Assessing the Transborder Effects of Digital Yuan
    作者: 陳秉逵
    Chen, Ping-Kuei
    Tsang, Cheng-Yun
    臧正運
    貢獻者: 國際事務學院
    關鍵詞: CBDC;Central Bank Digitial Currency;Digital Yuan;BRI;cross-border CDBC;mCBDC;spillover effects
    日期: 2022-04
    上傳時間: 2022-06-23 09:48:39 (UTC+8)
    摘要: Current literature on central bank digital currencies (CBDCs) generally focuses on regulatory issues in the domestic context. This paper discusses the challenges when a CBDC circulates across national borders. It addresses three cross-border spillover effects of the CBDC: the crowding out effect on local currency; challenges to capital control for regulators; and infringement of user privacy. The paper posits the Digital Yuan as the sample on which spillover effects can be assessed as it is circulated beyond its borders. It is estimated that the major fund receivers of the Belt and Road Initiative (BRI), and China’s neighbors, are most likely to be affected by the Digital Yuan. These countries will benefit from convenient, efficient, and secure transactions as the Digital Yuan circulates. But they may face problems when the Digital Yuan becomes widely used in local markets. They will find it difficult to control or monitor the flow of the Digital Yuan, and will have to take measures to protect the privacy of their domestic users. The authors therefore propose unilateral, bilateral, and multilateral strategies to cope with the corresponding spillover effects. The paper’s analysis suggests that the adverse effects of the cross-border uses of CBDCs canCurrent literature on central bank digital currencies (CBDCs) generally focuses on regulatory issues in the domestic context. This paper discusses the challenges when a CBDC circulates across national borders. It addresses three cross-border spillover effects of the CBDC: the crowding out effect on local currency; challenges to capital control for regulators; and infringement of user privacy. The paper posits the Digital Yuan as the sample on which spillover effects can be assessed as it is circulated beyond its borders. It is estimated that the major fund receivers of the Belt and Road Initiative (BRI), and China’s neighbors, are most likely to be affected by the Digital Yuan. These countries will benefit from convenient, efficient, and secure transactions as the Digital Yuan circulates. But they may face problems when the Digital Yuan becomes widely used in local markets. They will find it difficult to control or monitor the flow of the Digital Yuan, and will have to take measures to protect the privacy of their domestic users. The authors therefore propose unilateral, bilateral, and multilateral strategies to cope with the corresponding spillover effects. The paper’s analysis suggests that the adverse effects of the cross-border uses of CBDCs can be addressed and mitigated by adequate institutional design, and by multilateral coordination efforts.
    關聯: Capital Markets Law Journal, Vol.17, No.2, pp.237-261
    資料類型: article
    DOI 連結: https://doi.org/10.1093/cmlj/kmac004
    DOI: 10.1093/cmlj/kmac004
    顯示於類別:[國際事務學院] 期刊論文
    [法學院] 期刊論文

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