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International Use of CBDC and Monetary Cooperation in East Asia

  • Journal of Asia-Pacific Studies
  • Abbr : JAPS
  • 2021, 28(1), pp.39-67
  • DOI : 10.18107/japs.2021.28.1.002
  • Publisher : Institute of Global Affairs
  • Research Area : Social Science > Social Science in general
  • Received : February 8, 2021
  • Accepted : March 8, 2021
  • Published : March 30, 2021

CHAI HEE YUL 1

1경기대학교

Accredited

ABSTRACT

Central bank interest in CBDC is increasing. It is unclear whether central banks in the future will compete with each other over the introduction of CBDC or will take a mutually cooperative stance. However, international cooperation is inevitable if CBDC is to be used for the purpose of improving the efficiency of international payments and settlements. Currently, international payments made in various ways have significant costs and technical problems. This article attempts to analyze these costs and problems and whether CBDC can attenuate these problems. In addition, it will examine whether East Asian countries can achieve meaningful results through cooperation in the issuance and circulation of the CBDC. In East Asia, there is a high possibility that, based on the experience of financial cooperation accumulated over the past 20 years, the institutional framework for international use of CBDC in the region can be conceived to increase the efficiency of regional payments and settlements, and to enhance monetary sovereignty of countries in the region. Of course, East Asian cooperation surrounding the CBDC has complex political and economic implications because it has the potential to lead to a change in the international monetary order centered on the US dollar. In addition, higher exchange rate volatility due to international capital movements, and in some countries, currency dependency problems may arise with a generalized international use of CBDC. However, in spite of these costs associated with the introduction of CBDC in many East Asian countries, the benefits that the CBDC can open are likely to be greater. It will be necessary to set cooperation on the new agenda in the ASEAN+3 Finance Ministers and Central Bank Governors Meeting or RCEP.

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