목차
Foreword vii
Introduction 1
Part I: Regional perspectives
Cashless payments in India: The UPI story 13
The future financial system: Brazil’s experience 19
Strengthening digital payments in sub‑Saharan Africa: An overview 27
The tokenised US dollar ecosystem 39
Central bank electronic cash and monetary sovereignty 49
Transforming the digital euro proposal from a threat into an opportunity for privacy 63
Bank deposit outflows and the digital euro holding limit 73
Part II: Stablecoins
Stablecoins: How research can inform policy 85
Banking on blockchain 97
Are stablecoins really the future of payments? 105
Tether and the fragility of unregulated dollar substitutes 115
Multi-issuer stablecoins: A threat to financial stability 125
Stablecoins, central bank digital currencies, and policy 133
Part III: Monetary singleness
Singleness of money: Towards a nuanced debate 141
Programmability and uniformity: Rethinking the trade-off in digital currency design 153
Part IV: Tokenisation, platforms, credit, and decentralised finance
Tokenisation: The promise and the perils 161
The rise of tokenised money: Building the digital future of financial infrastructure 171
BigTechs, credit, and digital money 179
Trading and lending in decentralised finance 191
Retail trading in the era of digital finance: Risks, opportunities, and the need for policy innovation 197
