Recent technological advancements, particularly the advent of
distributed ledger, have made the development of private digital
currencies possible. This raises some important questions: Whether
private digital currencies can be considered 'money' and their
impact on monetary policy and the international monetary system;
whether central banks should issue their own digital currencies and
the impact of such actions; and the usage of the distributed ledger
technology in the financial system.In November 2018, the Asian
Bureau of Finance and Economic Research (ABFER), the Economic
Policy Group (EPG) of the Monetary Authority of Singapore (MAS),
and the National University of Singapore (NUS) Business School
co-organised a two-day workshop on Digital Currency Economics and
Policy to explore these issues. Leading academic researchers in
monetary and financial economics offered valuable stimulating
insights useful to practitioners, policymakers and academics in a
non-technical manner. This volume is a collection of their
work.This volume suggests that central banks will most likely issue
digital currencies. There are many positive considerations. A
central bank digital currency can generate useful information for
the monetary authority, can enhance the effectiveness and
flexibility of monetary policy, and may raise financial inclusion.
Central bank digital currency, however, can have a significant
impact on the banking and financial sector and could change a
central bank's role in the economy.This volume also explains
crucial differences between distributed ledger and centralized
ledger, which is the basis of currency payment systems. Continuous
innovations have made the distributed ledger technology more
resilient, auditable and scalable, giving it far-reaching
applications and potential contributions.For anyone who would like
to gain a fundamental and comprehensive understanding of the impact
of technology on our money and financial system and the future
implications, this is a must-read volume.
General
Imprint: |
World Scientific Publishing Co Pte Ltd
|
Country of origin: |
Singapore |
Release date: |
October 2020 |
First published: |
2021 |
Editors: |
Bernard Yeung
|
Dimensions: |
236 x 157 x 18mm (L x W x T) |
Format: |
Hardcover
|
Pages: |
200 |
ISBN-13: |
978-981-12-2377-8 |
Categories: |
Books
|
LSN: |
981-12-2377-7 |
Barcode: |
9789811223778 |
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