Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Marcelino, Sandra; Lian, Weicheng; Geng, Nan; Yakhshilikov, Yorbol; Komatsuzaki, Takuji; Appendino, Maximiliano; Беспалова, О.В.; Clevy, Jean François; Lesniak, Justin; Bhattacharya, Rabi; Villafuerte, Mauricio

doi:10.5089/9798400234804.001

Cited by 6 publications

(4 citation statements)

References 4 publications

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“…Consequently, tax evasion resulting from these operations has been studied and identified as a problem in various countries. For example, in the United States of America by Alm (2021) and Nguyen (2022), in South Korea by Jeong (2022), in Turkey (Zengin and Kocoglu 2022), in the Caribbean (Marcelino et al 2023), in Europe (Solodan 2019) and (Ferreira and Sandner 2021). All these authors agree on highlighting the problem and the need for adequate regulation.…”

Section: Taxation Of Cryptocurrencies In Spain For Individualsmentioning

confidence: 91%

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level of knowledge and compliance with tax obligations related to cryptocurrencies. The survey, in which 103 people participated, reveals the confusion and errors that prevail in perceptions of the tax obligations for cryptocurrencies, particularly in transactions such as swapping and staking in personal income tax. This results in almost half of the respondents (49.5%) not declaring any of their operations with cryptocurrencies. The reasons for this include the fact that the majority of respondents (66%) find the regulation of cryptocurrencies in Spain confusing and difficult to understand. Additionally, 87.4% believe that tax agencies should provide more information and resources on the taxation of cryptocurrencies and digital assets, and that there should be clearer and more comprehensive regulation. However, it should be noted that 41.7% also consider that tax regulation discourages investment in cryptocurrencies.

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Section: Taxation Of Cryptocurrencies In Spain For Individualsmentioning

confidence: 91%

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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“…In 2022, the Banco Centrale de la Republica Argentina (BCRA) published their position, that issuing a CBDC is not an immediate priority. Still, the BCRA stated that they will continue to research issuing a digital peso as the country´s CBDC (Marcelino et al, 2023, Mikhalev et al, 2021. This is in alignment with the bank's strategy to rely on their recent innovation, Transferencias 3.0, a new digital eco system in which users can make easy and fast digital payments with QR-codes (https://www.bcra.gob.ar/Noticias/Transferencias-3-0-puesta-en-marcha.asp).…”

Section: Cbdc In Research Phasementioning

confidence: 99%

Konference doktorandů na Vysoké škole finanční a správní 2023: Prezentace výsledků společenskovědního výzkumu s ekonomickými a finančními efekty (10. ročník) = Doctoral Student Conference at the University of Finance and Administration 2023: Results presentation of social science research with economic and financial effects (10th annual conference)

2023

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Přehled všech dosavadních konferencí, včetně elektronické verze tohoto sborníku příspěvků, naleznou naši čtenáři na internetových stránkách https://www.vsfs.cz/konferencedoktorandu/. Konference byla finančně podpořena ze zdrojů účelové podpory na specifický vysokoškolský výzkum, poskytované Ministerstvem školství, mládeže a tělovýchovy České republiky. doc. Mgr. Ondřej Roubal, Ph.D. prorektor pro výzkum a vývoj VŠFS, odborný garant konference Ondřej Roubal How did the interest rate risk influence the German real estate economy? 12

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“…In 2022, the Banco Centrale de la Republica Argentina (BCRA) published their position, that issuing a CBDC is not an immediate priority. Still, the BCRA stated that they will continue to research issuing a digital (Marcelino et al, 2023, Mikhalev et al, 2021. This is in alignment with the bank's strategy to rely on their recent innovation, Transferencias 3.0, a new digital eco system in which users can make easy and fast digital payments with QR-codes (https://www.bcra.gob.ar/Noticias/Transferencias-3-0-puesta-en-marcha.asp).…”

Section: Cbdc In Research Phasementioning

confidence: 99%

The Evolution of CBDC in G20 Economies Design, Progress and Strategy

Pirgmann

2023

Konference Doktorandů Na Vysoké Škole Finanční a Správní 2023: Prezentace Výsledků Společenskovědního Výzkumu S Ekonomickými a

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This paper aims to provide a comprehensive examination of the rapidly evolving landscape of Central Bank Digital Currencies (CBDCs) within G20 economies. It seeks to differentiate the primary use cases of retail, wholesale, and cross-country CBDCs across the four development stages: research-, development-, pilot- and live-stage. The research reveals that, except for Argentina, all G20 economies are in advanced research or proof-of-concept stages, each with unique motivations and design considerations. Also, eastern nations, notably China, India, and Russia are progressing toward the imminent launch of retail CBDCs. In contrast, predominant western economies like the USA, UK and Eurozone remain in exploratory phases, preparing for a potential future launch should CBDC integration become necessary. Also, it can be concluded that CBDC is seen as an addition to cash and not as a replacement in all portrayed economies. Furthermore, most countries are undecided regarding the underlying technology, but are certain to distribute CBDCs via intermediaries and not directly via the Central Bank to avoid disintermediation. Noticeably, most G20 economies are involved in one of twelve international projects for cross-country CBDCs which are currently underway.

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Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks

Cited by 6 publications

References 4 publications

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

The Evolution of CBDC in G20 Economies Design, Progress and Strategy

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