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Showing 1 to 7 of 7 (0.072 seconds)Spelling suggestions: "subject:"central back digital currency"" "subject:"central band digital currency""
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E-valutor, framtidens nya betalmedel? : En empirisk och komparativ analys av Bitcoins påverkan av intresset för införandet av en nationell e-krona i Sverige samt effekterna på samhället av en sådan valutaStark, Frida, Medenica, Sandra January 2021 (has links)
Författare: Sandra Medenica & Frida Stark Handledare: Joakim Persson Bakgrund: Kontantanvändningen i Sverige idag har minskat i takt med den digitala utvecklingen vilket har skapat plats för nya betalningsmöjligheter, exempelvis kryptovalutor och e-valutor. Samtidigt håller Riksbanken på att utreda möjligheten för en e-krona som skulle medföra att Riksbanken kan reglera penningpolitiken på ett mer effektivt sätt samt bibehålla sin monopolställning som ensam utgivare av pengar på betalningsmarknaden. Syfte: Syftet med uppsatsen är att undersöka vilka effekter en e-krona skulle ha på samhället samt om det finns ett samband mellan priset på Bitcoin och länders intresse för att införa en CBDC. Metod: Uppsatsen grundar sig på litteraturstudier och ekonomiska teorier för att analysera ekonomiska effekter av en e-krona i Sverige. Utöver det genomförs en regressionsanalys för att härleda ett eventuellt potentiellt samband med data som visar Bitcoinkursen och länders intresse för ett införande av Central Bank Digital Currency, CBDC. Slutsats: En e-krona skulle medföra att Riksbanken lättare kan genomföra penningpolitiska åtgärder för att stimulera ekonomin samt att de skulle fortsätta bidra med konkurrens på betalningsmarknaden. Affärsbankerna skulle eventuellt kunna påverkas av en undanträngningseffekt i form av att bankinlåningarna minskar vilket leder till att de skulle förlora en del av sin ställning på betalningsmarknaden. Utöver det skulle de kriminella verksamheterna kunna minska när kontanterna fasas ut då de anonyma betalningsmöjligheterna blir färre. Det finns ett positivt uppskattat samband mellan Bitcoinkursen och länders intresse för ett införande av en CBDC med en korrelation på 0,52. Det innebär att när Bitcoinkursen stiger kommer även länders intresse för en CBDC öka. Detta kan vara en förklaring till ländernas intresse, men fler variabler bör tas i beaktning vid vidare analys. / Authors: Sandra Medenica & Frida Stark Supervisor: Joakim Persson Background: Today´s use of cash in Sweden has decreased along with the digital development, which has created space for new payment options, such as cryptocurrencies and e-currencies. Along with this development, the central bank of Sweden is investigating the possibility of an e-krona, which would allow the central bank of Sweden to regulate the monetary policy in a more efficient way and maintain its monopoly position as the sole issuer of money in the payment market. Purpose: The aim of this essay is to investigate what effects an e-krona would have on society and whether there is a correlation between the price of Bitcoin and countries' interest in introducing a CBDC. Completion: The essay is based on literature studies and economic theories to analyze the economic effects of an e-krona in Sweden. In addition, a regression analysis is performed to deduce a possible correlation with the data showing the Bitcoin exchange rate and countries' interest in the introduction of Central Bank Digital Currency, CBDC. Conclusions: An e-krona would mean that the Riksbank could more easily implement monetary policy measures to stimulate the economy and that they would continue to contribute to competition in the payment market. The commercial banks could possibly be affected by a crowding-out effect in the form of reduced bank deposits, which leads to them losing part of their position in the payment market. In addition, the criminal activities could decrease when the cash is phased out as the anonymous payment options become fewer. There is a positive estimated effect of the bitcoin exchange rate on countries interest of a CBDC with a correlation of 0,52. In other words, when the bitcoin exchange rate rises there is an increase in the countries interest of a CBDC. This might be an explanation for the interest, however, more variables should be considered in the analysis.
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RESEARCH ON THE PRACTICE OF DIGITAL CURRENCY IN CHINAZheng, LianFa 10 1900 (has links)
This dissertation focuses on the proper understanding of digital currencies, its impact on a country’s economy, and how to design and regulate digital currencies. First, we review the current literature on digital currency and discuss the shortcomings of existing research. Second, we focus on the development of monetary forms, digital monetary forms, and the attribution of minting power. Third, we discuss the issue of the attribution of monetary issuance power, taking into account three major factors, that is the laws of historical evolution, the political and ideological demands of the state, and the ability to perform monetary functions (the core of which is the stability of currency values). Furthermore, we conduct an empirical analysis on the impact of Central bank digital currency (CBDC) on the money policy in China. We find that the use of digital money leads to higher inflation, but the effect is not significant. Finally, we discuss the design frameworks and regulatory ideas of digital currency. On this basis, we propose a reference framework for Central bank digital currency (CBDC) design in China, identify the risks of private digital currencies, and put forward corresponding regulatory recommendations. / Business Administration/Finance
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Central Bank Digital Currencies: Towards a Chinese Approach : Design Choices of Digital Currency Electronic PaymentShi, Ye, Zhou, Shucheng January 2020 (has links)
Inspired by the digital revolution to the financial industry, the discussion around central bank digital currency also attract attention from academics and central banks. The People’s Bank of China (PBOC) is also researching on China’s CBDC: digital currency electronic payment (DCEP) and announced that DCEP would be issued as soon as possible. However, the PBOC does not systematically disclose the information of DCEP. The characteristics and mechanism design are still obscured and need to be explored deeply. This thesis analysed the classification and mechanism design choices of DCEP from the perspective of two different demands: general demand and central bank demand. Based on pragmatism philosophy, we use a mixed-methods approach that is a combination of qualitative and quantitative research. Through the interview and surveys, we identified the demands from the PBOC and the general public in China and the characteristics of DCEP from official claims. Then generate the design choices via the money flower and the pyramid of CBDC models and compare the result with the demand. The analysis shows that the DCEP belongs to type B general-purpose CB digital tokens, and it would adopt a complex multi-layer hybrid architecture design, with the support from both DLT and conventional way. In conclusion, the current mechanism design choices can meet the demands from each side to a certain extent and reached a delicate balance under the trade-off between privacy and security issues. This thesis provides an insightful view on the classification and design choices of DCEP, fulfils the lack of systematic research relating to the demand and design choices of DCEP, and reveals the public’s insufficient knowledge in DCEP.
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Les nouvelles formes de monnaie : entre encadrement des initiatives privées et renouvellement de l’offre publiqueHeraud, Laurenza 08 1900 (has links)
Depuis sa création la monnaie a été l’objet de nombreuses évolutions. Ces dernières années
ont vu l’apparition de cryptomonnaies et de projets de monnaie issus de personnes privées.
Ces évolutions ont poussé les États à réagir, se sentant alors menacés dans ce qui constitue
un élément majeur de leur pouvoir : la monnaie et son contrôle. Comment les États ont-t-ils
réagi à cette menace ? Dans ce mémoire, la monnaie officielle sera étudiée à travers les deux
unités qui la composent : l’unité de paiement et l’unité de valeur. Ces deux unités se
retrouvent dans les cryptomonnaies stables ainsi que dans les projets de monnaie numérique
de banque centrale, leur encadrement juridique sera étudié à travers le prisme de la
législation canadienne et européenne. Le projet européen de monnaie numérique de banque
centrale étant plus développé que le projet canadien, une attention particulière lui sera
portée. Les États ont utilisé leur pouvoir législatif pour faire entrer les cryptomonnaies stables
dans les systèmes préexistants, il peut s’agir du marché des valeurs mobilières ou du marché
bancaire. Les États utilisent les règles de ces marchés pour encadrer ces innovations et les
empêcher de se développer hors du sentier que le droit leur a tracé. La régulation ne permet
pas d’endiguer suffisamment le phénomène des monnaies privées car elle ne propose pas
d’alternative crédible. Les États ont donc mis en place des projets de monnaies numériques
de banques centrales afin de créer cette alternative. / Since its creation, currency has been the subject of numerous evolutions. Recent years have
seen the emergence of cryptocurrencies and currency projects from private individuals. These
developments compelled states to react, feeling threatened in what constitutes a major
element of their power: the currency and its control. How have states reacted to this threat?
In this dissertation, official money will be studied through the two units that compose it: the
unit of payment and the unit of value. These two units are found in stable cryptocurrencies as
well as in central bank digital currency projects, their legal framework will be studied here
through the prism of Canadian and European legislation. Since the European central bank
digital currency project is more developed than the Canadian one, a special focus will be
brought to it. States have used their legislative power to bring stable cryptocurrencies into
pre-existing systems, through the securities market or the banking market. States use the rules
of these markets to regulate these innovations and prevent them from developing outside the
path that the law has paved for them. The various digital currency projects of central banks
create an alternative to private currencies. They are the other answer to the concerns created
by these new innovations.
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En räntebärande e-krona : Makroekonomiska effekter på kort till lång sikt samt rollen som ett penningpolitiskt styrmedel / An Interest-Bearing E-krona : Macroeconomic effects on the short to long run and the role as a monetary policy instrumentAndersson, Mathias, Helgesson, Olle January 2020 (has links)
Sverige rör sig mot ett kontantlöst samhälle i en takt som uppmärksammas internationellt. Det svenska betalningsväsendet kan komma att genomgå omfattande strukturella förändringar inom snar framtid. En av dessa förändringar kan antas vara införandet av den digitala centralbanksvalutan (CBDC) e-kronan. Då språnget mot det kontantlösa samhället börjat uttrycka sig i resten av världen är olika länders centralbanker mitt uppe i att reda ut de makroekonomiska effekter som en CBDC medför. Då e-kronan är ett nytt fenomen existerar det inte någon omfattande empirisk forskning, utan förhållandesättet är fortfarande teoretiskt. Vi undersöker därför de makroekonomiska effekter som kan tänkas uppstå vid införandet av en räntebärande e-krona från kort till lång sikt, samt diskuterar möjligheten för att använda e-kronan som ett penningpolitiskt styrmedel. Vi finner utifrån en modifiering av IS-MP-PC-modellen att en räntebärande e-krona som sätts i enlighet med inflationsmålet har liknande makroekonomiska effekter som styrräntan har idag. Vidare utvidgar vi en överlappande generationsmodell och visar på en undanträngning av reala tillgångar på lång sikt vid höga räntenivåer på e-kronan relativt till räntan på reala tillgångar i ett intergenerationellt sammanhang. / Sweden is moving towards a cashless society at an internationally recognized pace. The Swedish payment system may undergo extensive structural changes in the near future. One of these changes is assumed to be the introduction of the digital central bank currency (CBDC) e-krona. As the leap towards a cashless society has begun to manifest itself in the rest of the world, various countries' central banks are in the midst of figuring out the macroeconomic effects that a CBDC brings. As the e-krona is a new phenomenon, there is no extensive empirical research and the approach is still theoretical. We therefore investigate the macroeconomic effects that may arise from the introduction of an interest-bearing e-krona from the short to the long term and discuss the possibility of using the e-krona as a monetary policy instrument. By modifying the IS-MP-PC-model we find that an interest-bearing e-krona set in accordance with the inflation target has similar macroeconomic effects as the policy rate today. Furthermore, we extend an overlapping generations model and show a crowding out effect of real assets in the long run when the interest rate on the e-krona is high relative to the interest rate on real assets in an intergenerational context.
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Performance of Digital Currency and Improvements : An analysis of current implementations and the future of digital currency / Prestanda av digital valuta och förbättrningarJohannesson, Tobias January 2022 (has links)
Currency has changed a lot, and the introduction of the Internet sped up the evolution of the currency. Digital currency introduced many benefits compared to physical currencies. Ideas such as cryptocurrencies work as an option for other means of payment. During the recent pandemic, interest in new digital currencies has increased, leading to more research on digital currency. With the introduction of new currencies and their increased popularity, many central banks have started looking into the idea of innovating currency. All this new research has coined the term central bank digital currency. As of today, there is no single idea on how a digital currency should work or be implemented. With many variations, the future is still unclear. There seem to be vulnerabilities to solve and many potential ways to improve current systems. When building this new currency it is crucial to know what different use cases could demand from the implementation. In conclusion, the results show that digital currency is still in early development, with central bank digital currency research showing promise. It is theoretically possible to create a better transaction solution contra traditional currencies. More research is needed on the topic of digital currency, but there could be incremental improvements to today’s currency leading to better future solutions. / Valuta har förändrats genom tiderna och introductionen av internet skyndade på denna utveckling. Digital valuta har introducerat många fördelar jämfört med fysiska valutor. Fler idéer som till exempel kryptovalutor har introducerats som alternativa betalmedel. Under den senaste pandemin så har intresset för nya digitala valutor ökat, vilket har lett till mer forskning inom området av digitala valutor. På grund av växande popularitet och nya digitala valutor så har många central banker börjat testa idéen om att nyskapa valuta, och med detta så har termen centralbanks valuta skapats. Det finns inte idag en enda lösning på hur digitala valutor ska fungera eller bli implementerade. Med många varianter så är framtiden fortfarande oklar. Det verkar finnas problem att lösa och många möjliga sätt att förbättra existerande system. Vid byggandet av denna nya valuta så är det extremt viktigt att veta vad som är viktigt och hur det kan finnas olika krav beroende på hur valutan ska användas. Enligt resultaten så är digital valuta fortfarande tidigt i sin utveckling och forsking gällande centralbanks styrda digitala valutor verkar lovande. Mer forsking kommer att behövas inom området digital valuta, men det kan komma många små förbättringar på dagens valuta som leder till bättre framtida lösningar.
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Cash is [no longer] king: is an e-krona the answer? : - a de lege ferenda investigation of the Swedish Riksbank's issuing mandate and other legal callenges in relation to economic effects on the payment marketImamovic, Arnela January 2019 (has links)
For the past decades, the Swedish public’s payment habits have changed, where the majority of the public has abandoned the old way of making payments, using cash, and instead opted for more modern payment solutions, digital money. The difference between cash and digital money is that cash is physical and only issued by the Riksbank, whereas digital money is created by and stored on accounts at commercial banks. The question of what role the state should have on the payment market is an important point of discussion. But it is not categorically a new question; the Swedish government is tackling essentially the same problem today as it has been doing many times before. Today’s problem is to some extent however manifested in a different way. During the 20th century, discussions were held whether or not the Riksbank should have the exclusive right to issue banknotes. It was considered unnecessary, inappropriate and dangerous. The idea that the Riksbank could cover the entire economy’s need for banknotes was, according to the commercial banks, unreasonable. Nonetheless, in 1904 the exclusive right became fait accompli; the government intervened and gave the Riksbank the banknote monopoly. We are now finding ourselves facing a similar situation, where there is a difference of opinion regarding the Riksbank’s role on the payment market. It is therefore nothing new, but rather an expected task for the government, and thus the central bank, to analyze major changes and draw conclusions from them. The problem is essentially about cash being phased out by digital means of payment. In order to therefore solve the problem, the Riksbank has started a project to investigate whether or not the Riksbank should issue digital cash to the Swedish public, what the Riksbank calls an e-krona. To introduce an e-krona would be a major step, but for the public to not have access to a government alternative, seeing as cash usage is declining, is also a major step. No decision has been made yet regarding whether the e-krona will be introduced on the market or not. A decision that however has been made, is that the Riksbank is now working on building an e-krona to develop and assess the technique. Nonetheless, an introduction would undoubtedly have consequences for both the Riksbank and the commercial banks, which ultimately means it would have effects on the economy as a whole. What about regulatory aspects; is the Riksbank even allowed to issue an e-krona under current legislation? The answer is affirmative, to a certain extent. There are furthermore many other uncertainties regarding how an e-krona would affect the economy; the Riksbank does not fully answer many of the system issues in its project reports. The question of whether or not it even is up to the Riksbank to make a decision on the matter of an introduction is also questioned by the author in the thesis.
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