Digital Currencies and Cryptoassets
Perspectives and Questions
Macroeconomic and Societal Stakes
Financial History Chronicle
Finance and Literature
Under the joint direction of Pierre Lahbabi (Sopra Steria) and Christian Pfister (Paris Institute of Political Studies), issue 149 of the Revue d’économie financière (REF) focuses on digital currencies.
This term is understood as referring to central bank digital currencies (CBDCs) issued by the public sector and stablecoins, issued by the private sector but which aim to maintain a fixed exchange rate with a reference currency. At the beginning of 2023, 91 central banks were reported to be studying the creation of CBDCs, while stablecoins were valued at about $140 billion, indicating the importance of these digital currencies.
After an initial diagnosis of how cryptoasset markets function, the first section proposes to review the current situation. It highlights the contribution of the French and European “crypto” industry, provides an economic analysis of different categories of stablecoins, puts the studies of central banks on this subject into historical and geographical perspective, and presents the technologies underlying digital currencies.
The articles in the second section of the review address the perspectives of these new forms of money and the interrogations they are raising. These articles discuss the legal conditions for the issuance of the digital euro, the respective roles of the public and private sectors, and the extent to which they complement cash, as well as the role of banks in this ecosystem and the regulation of stablecoins (how their reserves are managed and how this money is used to make payments).
The macroeconomic and societal issues are analyzed in a third section from the perspective of financial stability, monetary policy, the international monetary system, and protecting privacy.
- Uploaded on Cairn-int.info on 06/04/2023
- ISBN 9782376470816