A research report analyzing international development trends in digital currencies and their impacts on monetary policy.
This research conducts comprehensive analysis of how digital currency developments including Central Bank Digital Currencies (CBDCs), crypto assets, and stablecoins affect monetary policies, international financial systems, and financial stability of various countries. Particularly, important issues including major countries' CBDC introduction plans, regulatory trends, technical challenges, and privacy protection are examined in detail.
Regarding international CBDC trends, comparative analysis is conducted on CBDC development status and policy directions of major countries and regions including China's digital yuan, European Central Bank's digital euro, and US digital dollar consideration status, clarifying differences in design philosophies, technical specifications, and introduction schedules.
For monetary policy impacts, theoretical and empirical analysis is conducted on changes in interest rate policy transmission mechanisms, liquidity management, and financial intermediation functions from CBDC introduction, examining impacts on central bank policy tools and possibilities for new policy options.
Regarding international financial system impacts, analysis is conducted on structural changes in exchange rate systems, international payment systems, and foreign reserve systems from expanded international CBDC usage, discussing impacts on dollar-based systems and possibilities for new international monetary orders.
For privacy and security challenges, detailed analysis is conducted on technical and policy issues including anonymity assurance in CBDC design, transaction data management, and cybersecurity measures, highlighting the importance of designs balancing convenience and safety.
The article concludes that digital currency development has the potential to bring fundamental transformation to financial systems, with appropriate institutional design and international coordination being important.