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On Possible Measures and Processes to Issue Digital Common Currency in ASEAN + 3 Including Challenges and Opportunities

Author

Listed:
  • Taiji Inui

    (Japan International Cooperation Agency (JICA) advisor for Central Bank of Myanmar and Asian Development Bank (ADB) consultant for Cross-border Settlement Infrastructure Forum (CSIF))

  • Wataru Takahashi

    (Faculty of Economics, Osaka University of Economics and Research Fellow, Research Fellow, Research Institute for Economics and Business Administration, Kobe University, JAPAN)

  • Mamoru Ishida

    (Itochu Corporation, JAPAN)

Abstract

Following the previous paper by Inui, Takahashi, and Ishida (2020), this paper discusses possible measures and processes of Asia (ASEAN+3) digital common currency (ADCC) issued by central banks in ASEAN+3 countries/economies backed by the ADCC denominated bonds issued by an international organization (such as AMRO). This paper also tries to explain authors' views on some possible challenges which need to be solved from practical perspective such as anonymity, counterfeit, AML/CFT, etc. as well as weight of local currencies for the basket currency ACU which could be used as a currency unit for ADCC (AMRO coin for example). In recent years, central banks in many countries are interested in developing the individual digital currencies as their legal tenders. Also, considering the trend of borderless economy, a borderless (cross-border) currency will naturally be focused on sooner or later to meet such an economic trend. Because of the development of digital technologies, it is getting easier to issue and circulate such a borderless currency in a digital form. This paper is trying to propose an idea to meet such a trend.

Suggested Citation

  • Taiji Inui & Wataru Takahashi & Mamoru Ishida, 2020. "On Possible Measures and Processes to Issue Digital Common Currency in ASEAN + 3 Including Challenges and Opportunities," Discussion Paper Series DP2020-27, Research Institute for Economics & Business Administration, Kobe University, revised Sep 2020.
    • Handle: RePEc:kob:dpaper:dp2020-27
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    File URL: https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2020-27.pdf
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    More about this item

    Keywords

    Digital currency; Asia common currency; Anonymity; AML/CFT;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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