Potential of decentralized interbank settlements using blockchain

Digital currency became a relevant topic lately, with the central banks contemplating the idea of issuing their own virtual currencies. Central banks may issue their virtual currencies to simplify interbank cross-border settlements and make them cheaper. In order to achieve this, both commercial and...

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Main Authors:	V. L. Dostov, P. M. Shust, A. A. Khorkova
Format:	article
Language:	RU
Published:	Real Economics Publishing House 2018
Subjects:	central bank virtual currency cryptocurrency blockchain distributed ledger technology banks interbank payments cross-border payments Risk in industry. Risk management HD61
Online Access:	https://doaj.org/article/56428db2bd3845fb974b7efb16f2d4ed
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id	oai:doaj.org-article:56428db2bd3845fb974b7efb16f2d4ed
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spelling	oai:doaj.org-article:56428db2bd3845fb974b7efb16f2d4ed2021-11-19T10:42:00ZPotential of decentralized interbank settlements using blockchain2618-947X2618-998410.17747/2078-8886-2018-2-22-25https://doaj.org/article/56428db2bd3845fb974b7efb16f2d4ed2018-07-01T00:00:00Zhttps://www.jsdrm.ru/jour/article/view/768https://doaj.org/toc/2618-947Xhttps://doaj.org/toc/2618-9984Digital currency became a relevant topic lately, with the central banks contemplating the idea of issuing their own virtual currencies. Central banks may issue their virtual currencies to simplify interbank cross-border settlements and make them cheaper. In order to achieve this, both commercial and central banks recognize these virtual currencies as means of payments. In these projects blockchain could be used to store information about the digital currencies, instead of fiat money. We have identified the risks associated with the virtual currencies issued by the central banks: conversion and volatility risks. We have looked at different approaches to the distributed ledger, principles for decentralized virtual currencies, possibility of these technologies being used by the central banks, various risks and their mitigation strategies. We also formulated the technological and legal principles that may guide the issuance of the digital currency by the central banks. And reviewed the practicability of issuing virtual currencies by the central banks, based on exogenous and endogenous factors.V. L. DostovP. M. ShustA. A. KhorkovaReal Economics Publishing House articlecentral bankvirtual currencycryptocurrencyblockchaindistributed ledger technologybanksinterbank paymentscross-border paymentsRisk in industry. Risk managementHD61RU Strategičeskie Rešeniâ i Risk-Menedžment, Vol 0, Iss 2, Pp 22-25 (2018)
institution	DOAJ
collection	DOAJ
language	RU
topic	central bank virtual currency cryptocurrency blockchain distributed ledger technology banks interbank payments cross-border payments Risk in industry. Risk management HD61
spellingShingle	central bank virtual currency cryptocurrency blockchain distributed ledger technology banks interbank payments cross-border payments Risk in industry. Risk management HD61 V. L. Dostov P. M. Shust A. A. Khorkova Potential of decentralized interbank settlements using blockchain
description	Digital currency became a relevant topic lately, with the central banks contemplating the idea of issuing their own virtual currencies. Central banks may issue their virtual currencies to simplify interbank cross-border settlements and make them cheaper. In order to achieve this, both commercial and central banks recognize these virtual currencies as means of payments. In these projects blockchain could be used to store information about the digital currencies, instead of fiat money. We have identified the risks associated with the virtual currencies issued by the central banks: conversion and volatility risks. We have looked at different approaches to the distributed ledger, principles for decentralized virtual currencies, possibility of these technologies being used by the central banks, various risks and their mitigation strategies. We also formulated the technological and legal principles that may guide the issuance of the digital currency by the central banks. And reviewed the practicability of issuing virtual currencies by the central banks, based on exogenous and endogenous factors.
format	article
author	V. L. Dostov P. M. Shust A. A. Khorkova
author_facet	V. L. Dostov P. M. Shust A. A. Khorkova
author_sort	V. L. Dostov
title	Potential of decentralized interbank settlements using blockchain
title_short	Potential of decentralized interbank settlements using blockchain
title_full	Potential of decentralized interbank settlements using blockchain
title_fullStr	Potential of decentralized interbank settlements using blockchain
title_full_unstemmed	Potential of decentralized interbank settlements using blockchain
title_sort	potential of decentralized interbank settlements using blockchain
publisher	Real Economics Publishing House
publishDate	2018
url	https://doaj.org/article/56428db2bd3845fb974b7efb16f2d4ed
work_keys_str_mv	AT vldostov potentialofdecentralizedinterbanksettlementsusingblockchain AT pmshust potentialofdecentralizedinterbanksettlementsusingblockchain AT aakhorkova potentialofdecentralizedinterbanksettlementsusingblockchain
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Potential of decentralized interbank settlements using blockchain

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