The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. This paper...

Central bank digital currencies (CBDCs) could ease current frictions in cross-border payments - and particularly so if central banks factor an international dimension into CBDC design from the outset. Based on a survey of 50 central banks in the first quarter of 2021, this paper explores initial...

We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking. We document endogenous heterogeneity and inefficiency in adoption outcomes and explain why higher usage may correspond to lower...

The aim of this paper is to prove that the Blockchain technology could be used to streamline transaction lifecycle, especially the clearing phase. The hypothesis made is that the potential changes induced by this disruptive technology are huge, but that a huge change in the process will not...

Project mBridge is a collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People's Bank of China and the Central Bank of the United Arab Emirates. After experimenting with different technology...

"For central bank digital currencies (CBDCs) to improve cross-border payments, central banks must make fundamental decisions on foreign access and how CBDCs connect across jurisdictions. These decisions must be made at an early stage and international cooperation and coordination are...