Digital Platforms for Cross-Border Settlement of CBDC

Maxim I. Inozemtsev () and Artyom V. Nektov ()
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Maxim I. Inozemtsev: MGIMO-University
Artyom V. Nektov: MGIMO-University

A chapter in The Platform Economy, 2022, pp 131-145 from Springer

Abstract: Abstract Digitalization of global economic processes requires a new means of value to be created instead of traditional fiat money. Thus, the concept of central bank digital currencies has been introduced. However, the creation of new financial instruments would not ensure changes in the world economy unless special platforms for digital currency had been created. While central banks have mostly solved the problem of creating platforms for their digital national currency, the issue of operating international transactions with CBDC has not been properly faced. Currently, there are a few projects led by the World Bank and Bank for International Settlements in cooperation with central banks of different states to create digital platforms for cross-border settlement of CBDC. One of the most intriguing experiments is the Project Jura which was held in November 2021. The attempts to develop a new high-tech market for CBDC created numerous financial and legal issues. Based on the conceptual features of CBDC and following the experience of implementing digital platforms by BISBIS and World Bank, the chapter is dedicated to the analysis of legal and regulatory issues of using such instruments for cross-border operations.

Keywords: Digital platforms; CBDC; Digital currency; Central bank; Cross-border settlement; Law (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-981-19-3242-7_9

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