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dc.contributor.author
Papaioannou, Lampros
en
dc.date.accessioned
2022-09-28T09:04:46Z
dc.date.available
2022-09-28T09:04:46Z
dc.date.issued
2022-09-28
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/30030
dc.rights
Default License
dc.title
Central Bank Digital Currencies (CBDCs): prospects, challenges and risks
en
heal.type
masterThesis
en_US
heal.creatorID.email
lamprospapa1998@gmail.com
heal.generalDescription
The dissertation attempts to provide a comprehensive approach to central bank digital currencies (CBDCs) being used as a digital means of payment. A CBDC is a digital payment instrument, denominated in the national unit of account, that is, like cash, a direct liability of the central bank.​ After highlighting the current landscape in payment systems worldwide, including new forms of digital payments, their benefits, problems and risks, we analyse the potential role of CBDCs in the financial system. The focus is on key design choices and their role on important public policy objectives such as user privacy, data governance, financial stability and monetary sovereignty.
en
heal.classification
Law
en
heal.classification
Regulation
en
heal.classification
Banking and finance
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heal.classification
Economics
en
heal.classification
central bank
en
heal.classification
digital currencies
en
heal.classification
electronic payments
en
heal.classification
digital economy
en
heal.dateAvailable
2022-05
heal.language
en
en_US
heal.access
free
en_US
heal.license
http://creativecommons.org/licenses/by-nc/4.0
en_US
heal.recordProvider
School of Economics, Business Administration and Legal Studies, LLM in Transnational and European Commercial Law, Banking Law, Arbitration/Mediation
en_US
heal.publicationDate
2022-01-31
heal.bibliographicCitation
Papaioannou, Lampros, "Central Bank Digital Currencies (CBDCs): prospects, challenges and risks", School of Humanities, social Sciences and Economics, Master of Laws (LL.M) in Transnational and European Commercial Law, Banking Law, Arbitration / Mediation, International Hellenic University, 2022.
en
heal.abstract
From the advent of humanity and the forming of societies, people have engaged in the exchange of good and services to satisfy their needs and desires. With the evolution of societies payments used in the sale of goods and services and the settlement of economic transactions evolved from using bartering to cowrie shells to metal coins to paper money and modern electronic money used as a medium of exchange, a common unit of account and a store of value to transfer purchasing power over time. A common principle existing in anything used as money is trust in its ability to be accepted by other people as a means of payment for economic transactions, a common unit of account and a reliable store of value which allows for the transfer of purchasing power over time. It is on this fundamental principle that central bank money and existing payment systems were established. For centuries and up to the present day, central banks provide safe and trusted money in the form of cash (bill and coins) to the general public, and in the form of (electronic) reserve and settlement accounts to banks and other financial institutions.
en
heal.tableOfContents
PREFACE ............................................................................................................................ I CONTENTS........................................................................................................................II INTRODUCTION ................................................................................................................ 1 1. CURRENT LANDSCAPE IN PAYMENT SYSTEMS AND ARRANGEMENTS...................................... 2 1.1. EXISTING PAYMENT SYSTEMS AND THE ROLE OF CENTRAL BANKS ........................................ 2 1.2. DEVELOPMENTS AND CHALLENGES ARISING FROM NEW FORMS OF DIGITAL PAYMENTS .......... 5 1.3. CROSS-BORDER PAYMENTS SYSTEMS AND ARRANGEMENTS .............................................. 9 1.4. FRICTIONS IN EXISTING CROSS-BORDER PAYMENTS ......................................................... 11 1.5. CONCLUSION: A NEED FOR FURTHER IMPROVEMENT, CHANGE AND INNOVATION .................. 13 2. FUNDAMENTAL CONCEPTS AND PRINCIPLES OF CBDCS .................................. 16 2.1. MOTIVATIONS AND KEY DRIVERS FOR CBDCS DEVELOPMENT ......................................... 16 2.2. OPERATIONAL FEATURES, TECHNOLOGY AND DESIGN CHOICES ........................................ 17 2.2.1. Wholesale CBDCs .......................................................................................... 18 2.2.2. Retail CBDCs .................................................................................................. 19 2.2.3. Technology design choices ............................................................................ 19 3. KEY FOCUS AREAS FOR CBDCS DEVELOPMENT................................................. 21 3.1. IDENTIFICATION, PRIVACY AND DATA GOVERNANCE ........................................ 21 3.1.1. User identification in CBDCs payments……………............................... 21 3.1.2. Data governance and privacy in CBDCs designs…………………………..….21 3.2. EFFECTS ON FINANCIAL INTERMEDIATION, FINANCIAL STABILITY AND MONETARY POLICY ...... 23 3.2.1. Financial intermediation in CBDCs systems…...............................................23. 3.2.2. Financial stability concerns……………………………………………...…..……24 3.2.3. Currency substitution concerns…………........................................................24 3.3. CBDCs FOR CROSS-BORDER PAYMENTS………………………………25 CONCLUSIONS ................................................................................................................ 28 BIBLIOGRAPHY ............................................................................................................... 29
en
heal.advisorName
Rodríguez de las Heras Ballell, Teresa
el
heal.advisorID
tla@der-pr.uc3m.es
en_US
heal.committeeMemberName
Kaisis, Athanasios
en
heal.committeeMemberName
Kleftouri, Nikoletta
en
heal.academicPublisher
School of Humanities, social Sciences and Economics, Master of Laws (LL.M) in Transnational and European Commercial Law, Banking Law, Arbitration / Mediation
en
heal.academicPublisherID
ihu
en_US
heal.numberOfPages
29
en_US


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