Digital currencies: Challenges between the United States, the European Union and Asia Pacific
In June 2019, Facebook announced its own cryptocurrency “Libra” to be used through WhatsApp and Messenger, in order for its value to remain stable thanks to the support from banks and electronic commerce companies, linking to different currencies and the support of important companies. EU antitrust...
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| Format: | Article |
| Language: | English |
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Universidad de Deusto
2022-01-01
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| Series: | Cuadernos Europeos de Deusto |
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| Online Access: | https://ced.revistas.deusto.es/article/view/2340 |
| _version_ | 1818298249594798080 |
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| author | Rosa María Ricoy-Casas |
| author_facet | Rosa María Ricoy-Casas |
| author_sort | Rosa María Ricoy-Casas |
| collection | DOAJ |
| description | In June 2019, Facebook announced its own cryptocurrency “Libra” to be used through WhatsApp and Messenger, in order for its value to remain stable thanks to the support from banks and electronic commerce companies, linking to different currencies and the support of important companies. EU antitrust regulators investigated it as a “threat to monetary sovereignty”. China is already testing its own DCEP cryptocurrency tied to state banks and major companies, with notable advantages. It will probably displace cash and be used even for world trade, which can make it an alternative to the traditional international payment system, compared to the current one led by the United States with the USD. The Belt and Road Initiative (BRI) offers “the area and the route” to extend the Yen as a global digital currency. These new developments, and their rapid and high competitiveness produced as the “art of bian lian”, have generated intense concerns in the international financial system. Will the EU, Japan or the US be able to counter the virtual yuan so quickly?
Received: 01 September 2021
Accepted: 05 November 2021 |
| first_indexed | 2024-12-13T04:32:20Z |
| format | Article |
| id | doaj.art-07a1f4f413704bed8720d39d7f2e5148 |
| institution | Directory Open Access Journal |
| issn | 1130-8354 2445-3587 |
| language | English |
| last_indexed | 2024-12-13T04:32:20Z |
| publishDate | 2022-01-01 |
| publisher | Universidad de Deusto |
| record_format | Article |
| series | Cuadernos Europeos de Deusto |
| spelling | doaj.art-07a1f4f413704bed8720d39d7f2e51482022-12-21T23:59:30ZengUniversidad de DeustoCuadernos Europeos de Deusto1130-83542445-35872022-01-010310.18543/ced-03-2022pp95-114Digital currencies: Challenges between the United States, the European Union and Asia PacificRosa María Ricoy-Casas0University of Vigo, SpainIn June 2019, Facebook announced its own cryptocurrency “Libra” to be used through WhatsApp and Messenger, in order for its value to remain stable thanks to the support from banks and electronic commerce companies, linking to different currencies and the support of important companies. EU antitrust regulators investigated it as a “threat to monetary sovereignty”. China is already testing its own DCEP cryptocurrency tied to state banks and major companies, with notable advantages. It will probably displace cash and be used even for world trade, which can make it an alternative to the traditional international payment system, compared to the current one led by the United States with the USD. The Belt and Road Initiative (BRI) offers “the area and the route” to extend the Yen as a global digital currency. These new developments, and their rapid and high competitiveness produced as the “art of bian lian”, have generated intense concerns in the international financial system. Will the EU, Japan or the US be able to counter the virtual yuan so quickly? Received: 01 September 2021 Accepted: 05 November 2021https://ced.revistas.deusto.es/article/view/2340digital currenciescryptocurrenciesmonetary systemgovernance |
| spellingShingle | Rosa María Ricoy-Casas Digital currencies: Challenges between the United States, the European Union and Asia Pacific Cuadernos Europeos de Deusto digital currencies cryptocurrencies monetary system governance |
| title | Digital currencies: Challenges between the United States, the European Union and Asia Pacific |
| title_full | Digital currencies: Challenges between the United States, the European Union and Asia Pacific |
| title_fullStr | Digital currencies: Challenges between the United States, the European Union and Asia Pacific |
| title_full_unstemmed | Digital currencies: Challenges between the United States, the European Union and Asia Pacific |
| title_short | Digital currencies: Challenges between the United States, the European Union and Asia Pacific |
| title_sort | digital currencies challenges between the united states the european union and asia pacific |
| topic | digital currencies cryptocurrencies monetary system governance |
| url | https://ced.revistas.deusto.es/article/view/2340 |
| work_keys_str_mv | AT rosamariaricoycasas digitalcurrencieschallengesbetweentheunitedstatestheeuropeanunionandasiapacific |