IDEAS home Printed from https://ideas.repec.org/h/cnb/ocpubc/geo2023-6.html

Cross-border payments at a crossroads between SWIFT and DLT

In: CNB Global Economic Outlook - June 2023

Author

Listed:
  • Alexis Derviz

Abstract

Decentralized ledger technologies (DLT) made popular by bitcoin and other crypto assets did not create new moneys. One of the things they did create was an alternative channel of cross-border value transfers independent of correspondent banks. In response, banks engaged in international payments started to experiment with blockchains themselves. In this article, I review the current cross-border payment landscape from the point of view of DLT adoption and try to assess the potential of current and emerging solutions.

Suggested Citation

  • Alexis Derviz, 2023. "Cross-border payments at a crossroads between SWIFT and DLT," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - June 2023, pages 13-17, Czech National Bank, Research and Statistics Department.
    • Handle: RePEc:cnb:ocpubc:geo2023/6
    as

    Download full text from publisher

    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2023/gev_2023_06_en.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Benigno, Pierpaolo & Schilling, Linda M. & Uhlig, Harald, 2022. "Cryptocurrencies, currency competition, and the impossible trinity," Journal of International Economics, Elsevier, vol. 136(C).
    2. Alexis Derviz, 2020. "Stablecoins - a gateway between conventional and crypto financial universes?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - March 2020, pages 12-16, Czech National Bank, Research and Statistics Department.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alexis Derviz, 2024. "Blockchain use cases outside of digital currencies," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - August 2024, pages 14-18, Czech National Bank, Research and Statistics Department.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. José Parra-Moyano & Gregor Reich & Karl Schmedders, 2024. "A Note on the Non-proportionality of Winning Probabilities in Bitcoin," Computational Economics, Springer;Society for Computational Economics, vol. 64(3), pages 1697-1714, September.
    2. Verdier, Marianne, 2024. "Digital payments and bank competition," Journal of Financial Stability, Elsevier, vol. 73(C).
    3. Stylianos Asimakopoulos & Marco Lorusso & Francesco Ravazzolo, 2023. "A Bayesian DSGE Approach to Modelling Cryptocurrency"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 1012-1035, December.
    4. Guizhou Wang & Kjell Hausken, 2021. "Governmental Taxation of Households Choosing between a National Currency and a Cryptocurrency," Games, MDPI, vol. 12(2), pages 1-24, April.
    5. Alexis Derviz, 2023. "Foreign Exchange Implications of CBDCs and Their Integration via Bridge Coins," Working Papers 2023/7, Czech National Bank, Research and Statistics Department.
    6. Ferry Syarifuddin & Toni Bakhtiar, 2022. "The Macroeconomic Effects of an Interest-Bearing CBDC: A DSGE Model," Mathematics, MDPI, vol. 10(10), pages 1-33, May.
    7. Hull, Isaiah & Sattath, Or, 2021. "Revisiting the Properties of Money," Working Paper Series 406, Sveriges Riksbank (Central Bank of Sweden).
    8. Isaiah Hull & Or Sattath, 2024. "The properties of contemporary money," Journal of Economic Surveys, Wiley Blackwell, vol. 38(4), pages 1132-1155, September.
    9. Cong, Lin William & Mayer, Simon, "undated". "The Coming Battle of Digital Currencies," Applied Economics and Policy Working Paper Series 320020, Cornell University, Department of Applied Economics and Management.
    10. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.
    11. Yokoyama, Kazuki, 2023. "Whispers of Chaos: Intervention on the Mexican Dollar Quotes in Japan, 1869-1885," MPRA Paper 118586, University Library of Munich, Germany.
    12. Jon Frost & Jean-Charles Rochet & Huyn Song Shin & Marianne Verdier, 2025. "Competing digital monies," Working Papers hal-05081338, HAL.
    13. Chen, Yi-Hsuan & Vinogradov, Dmitri V., 2021. "Coins with benefits: On existence, pricing kernel and risk premium of cryptocurrencies," IRTG 1792 Discussion Papers 2021-006, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    14. Harald Uhlig & Taojun Xie, 2026. "Parallel Digital Currencies and Sticky Prices," American Economic Journal: Macroeconomics, American Economic Association, vol. 18(1), pages 336-383, January.
    15. Radwanski, Juliusz, 2021. "The Equilibrium Value of Bitcoin," MPRA Paper 110746, University Library of Munich, Germany.
    16. Karau, Sören, 2023. "Central bank digital currency competition and the impossible trinity," Finance Research Letters, Elsevier, vol. 54(C).
    17. Graf von Luckner, Clemens & Reinhart, Carmen M. & Rogoff, Kenneth, 2023. "Decrypting new age international capital flows," Journal of Monetary Economics, Elsevier, vol. 138(C), pages 104-122.
    18. Garratt, Rodney J. & van Oordt, Maarten R.C., 2026. "The crypto multiplier," Journal of Corporate Finance, Elsevier, vol. 96(C).
    19. Anastasia Melachrinos & Christian Pfister, 2020. "Stablecoins: A Brave New World?," Working papers 757, Banque de France.
    20. Yukun Liu & Aleh Tsyvinski & Xi Wu, 2022. "Common Risk Factors in Cryptocurrency," Journal of Finance, American Finance Association, vol. 77(2), pages 1133-1177, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cnb:ocpubc:geo2023/6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tomas Karhanek (email available below). General contact details of provider: https://edirc.repec.org/data/cnbgvcz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.