Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/293886 
Year of Publication: 
2020
Citation: 
[Journal:] Credit and Capital Markets – Kredit und Kapital [ISSN:] 2199-1235 [Volume:] 53 [Issue:] 2 [Year:] 2020 [Pages:] 159-185
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
Global stablecoins (GSCs) like Facebook's Libra could prove much more instable than they might appear at first sight. Not only can their exchange rates against individual fiat currencies fluctuate substantially; theoretically, they also have the potential to replace national currencies, constitute "digital currency areas" and become the basis of a two-tier banking system with one and more GSC issuers, on the one hand, and, on the other hand, commercial banks that can create GSC deposit money. Against that background, all steps taken so far by supervisors and central banks can only be the starting point of what is necessary to effectively regulate the new normal of the world of money that is emerging.
Subjects: 
Stablecoins
Libra
Crypto-Assets
Virtual Assets
Blockchain
JEL: 
E42
F65
G28
K24
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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