Towards the Holy Grail of Cross-Border Payments

Bindseil, Ulrich; Pantelopoulos, George

doi:10.2139/ssrn.4178863

Cited by 3 publications

(4 citation statements)

References 5 publications

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“…17. A detailed account of how digital currencies can be used for international transactions can be found in Bindseil and Pantelopoulos (2022). 18.…”

Section: International Concerns With Stablecoins: Dollarization and A...mentioning

confidence: 99%

Central Bank Digital Currencies: a proper reaction to private digital money?

Cesaratto,

Febrero

2023

Review of Keynesian Economics

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The emergence of private digital currencies poses a threat to payment systems and monetary policy because they challenge all functions of money as we know them. In this paper, we focus mainly on the banking and monetary policy issues raised by stablecoins and Central Bank Digital Currencies (CBDCs). We begin by describing the current working of bank-centered payment systems. We next touch upon cryptoassets and focus on the domestic and international impact of stablecoins. We identify two problems with stablecoins: their role in the breakup of uniform currency, and as a source of financial instability due to the lack of a monetary backstop in the event of a run to withdraw funds in adverse situations. We then deal with the pros and cons of CBDCs, whether they are an adequate response to the challenges raised by stablecoins, their possible impact on monetary and banking policy, and some open economy issues. While we do not see major advantages in private digital currencies as a payment system or as an investment, we also do not find any robust motivation for the introduction of CBDCs beyond geopolitical reasons and the oversight of a technological area.

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“…17. A detailed account of how digital currencies can be used for international transactions can be found in Bindseil and Pantelopoulos (2022). 18.…”

Section: International Concerns With Stablecoins: Dollarization and A...mentioning

confidence: 99%

Central Bank Digital Currencies: a proper reaction to private digital money?

Cesaratto,

Febrero

2023

Review of Keynesian Economics

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“…Building blocks 6 to 8 also aim at improving the efficiency of compliance checks. See Bindseil and Pantelopoulos (2022) for a discussion on the relevance of this agenda.…”

Section: 2: Sharing Identities and Information Across Jurisdictionsmentioning

confidence: 99%

“…88 As a result of this, most of the new proposed solutions for cross-border payments rely either on FX prices from legacy markets or intermediaries posting quotes. Bindseil and Pantelopoulos (2022) 89 See, for example, Bindseil and Pantelopoulos (2022).…”

Section: Market Design: a Centralized Multi-currency Marketmentioning

confidence: 99%

“…In the formalization, allocations that cannot be blocked in this way, which is denoted a core allocation, shrink to the Walrasian allocation as the number of participant clients gets large. 99 Bindseil and Pantelopoulos (2022) propose a similar solution for an FX conversion layer for interlinking domestic payment systems. 100 These posted prices would be available to all participants.…”

Section: Centralized Dealers' Marketsmentioning

confidence: 99%

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A Multi-Currency Exchange and Contracting Platform

Townsend¹,

Griffoli²,

Adrian³

et al. 2022

IMF Working Papers

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Comment les stablecoins et les MNBC peuvent rebattre les cartes dans les services financiers et les paiements

Martz¹

2023

Revue d'Économie Financière

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La technologie des blockchains rend possible une nouvelle économie dite « économie tokenisée », avec des actifs numériques d'un nouveau type. Mais le monde « tokenisé » est encore peu mature dans ses dimensions technologiques, légales, réglementaires, et aussi ses usages, avec des enjeux encore nombreux : cybersécurité, partage et protection des données, sujets technologiques d'interopérabilité et de mise à l'échelle (scalabilité), tentations de forte recentralisation par certains acteurs publics ou privés, impacts systémiques mondiaux (financiers, environnementaux, sociaux), besoin d'éducation et d'accompagnement de l'évolution des compétences. Si le champ d'application des blockchains est très large, les premiers cas d'usages se développent dans les services financiers et les paiements, où les technologies décentralisées semblent présenter un fort potentiel. Les banques ont des places à y prendre pour construire les fondamentaux de cette nouvelle économie ; elles sont légitimes et peuvent y assurer la sécurité, la confiance et l'interopérabilité entre solutions nouvelles et traditionnelles. En dépit des incertitudes réglementaires et d'un manque de maturité technologique, elles doivent commencer à expérimenter et prendre place, car pour elles comme pour les autres acteurs économiques, ne rien faire n'est pas une option. Classification JEL : E42, G21, O33.

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Towards the Holy Grail of Cross-Border Payments

Cited by 3 publications

References 5 publications

Central Bank Digital Currencies: a proper reaction to private digital money?

Central Bank Digital Currencies: a proper reaction to private digital money?

A Multi-Currency Exchange and Contracting Platform

Comment les stablecoins et les MNBC peuvent rebattre les cartes dans les services financiers et les paiements

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