voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2022-6-42-68voprecotest-3735Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSСтейблкойны как новая форма цифровых денег: эмиссия, обращение, регулирование и управление рискамиStablecoins as a new form of digital money: Emission, circulation, regulation and risk managementhttps://orcid.org/0000-0003-2620-8515АндрюшинС. А.AndryushinS. A.

Андрюшин Сергей Анатольевич, д. э. н., проф., гл. н. с.

Москва

Sergey A. Andryushin

Moscow

sandr956@gmail.comhttps://orcid.org/0000-0002-7046-1967КочергинД. А.KocherginD. A.

Кочергин Дмитрий Анатольевич, д. э. н., проф. кафедры теории кредита и финансового менеджмента. SPIN-код: 1084-1507

Санкт-Петербург

Dmitry A. Kochergin

St. Petersburg

d.kochergin@spbu.ruИнститут экономики РАНРоссияInstitute of Economics, RASRussian FederationСанкт-Петербургский государственный университетРоссияSt Petersburg State UniversityRussian Federation202208062022064268Copyright © Voprosy Ekonomiki, NP, 20222022Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/3735

Стабильность стейблкойнов как новой формы цифровых денег, в отличие от господствующих сегодня традиционных форм последних, поддерживается за счет привязки к базовым резервам (национальным валютам, товарам, цифровым активам). В основном они обращаются в развитых странах для совершения обменных операций c цифровыми валютами, повышения оборота торговли и объема кредитования. Со временем они могут стать не только надежным и инклюзивным платежным средством, которое будет активно использоваться в трансакциях на национальном и международном уровнях, но и широко применяться как средство сбережения. Однако в современную денежную и платежную системы стейблкойны могут быть интегрированы только при условии надлежащего и согласованного регулирования со стороны всех монетарных органов власти. На основе анализа экономической природы, действующих стандартов и моделей регулирования эмиссии и обращения стейблкойнов, а также существующей международной практики управления их рисками сделан вывод о необходимости отказаться от запретительного подхода к использованию в обращении данной формы цифровых денег. Банку России следовало бы обосновать и предложить модели регулирования их эмиссии и обращения, предусматривающие четкие механизмы резервного обеспечения эмиссии стейблкойнов и требования к их эмитентам, которые позволят минимизировать риски держателей и эмитентов стабильных монет.

Stablecoins as a new form of digital money, in contrast to the traditional forms of money prevailing today, maintain their stability by being tied to basic reserves (national currencies, goods or digital assets). Basically, they circulate in developed countries (primarily in the USA, EU countries or financial centers of Asia) in order to carry out exchange transactions with digital currencies or increase trade turnover and lending volumes. Over the time, they can become not only a reliable and inclusive means of payment, which will be actively used in transactions both nationally and internationally, but also widely used as a store of value. However, the integration of stablecoins with a modern monetary and payment system can only happen if there is a proper and coordinated regulation of all monetary authorities. Based on the analysis of the economic nature, the current standards and models for regulating the emission and circulation of stablecoins, as well as the existing international practice of managing their risks, it has been concluded that it is necessary to abandon the prohibitive approach to the use of this form of digital money. Instead of banning the use of stablecoins as a means of payment and savings, the Bank of Russia should justify and propose acceptable models for regulating the issue and circulation of stablecoins. Such models should provide for clear back-up mechanisms for the issue of stablecoins and requirements for their issuers to minimize the risks of both holders and issuers of stablecoins.

Банк Россиицентральные банкикоммерческие банкираспределенный реестрстейблкойнцифровые валютыэлектронные деньгиBank of Russiacentral bankscommercial banksdistributed ledgersstablecoinsdigital currencieselectronic moneyСтатья подготовлена при финансовой поддержке РФФИ и БРФФИ в рамках научного проекта № 20-510-00009 Бел_а.ReferencesАндрюшин С. А. (2019). Денежно-кредитные системы: от истоков до криптовалюты. М.: Сам Полиграфист.Andryushin S. A. (2019). Monetary systems: From origins to cryptocurrency. Moscow: Sam Poligrafist. (In Russian).Андрюшин С. А. (2020a). Деньги — это творение государства или рынка? (О «современной денежной теории», изложенной в учебнике У. Митчелла, Л. Р. Рея и М. Уоттса «Макроэкономика») // Вопросы экономики. № 6. С. 121—134. https://doi.org/10.32609/0042-8736-2020-6-121-134Andryushin S. A. (2020a). Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”). Voprosy Ekonomiki, No. 6, pp. 121—134. (In Russian). https://doi.org/10.32609/0042-8736-2020-6-121-134Андрюшин С. А. (2020b). Криптовалюты: выпуск, обращение и проблемы регулирования // Актуальные проблемы экономики и права. Т. 14, № 3. С. 455—468. https://doi.org/10.21202/1993-047X.14.2020.3.455-468Andryushin S. A. (2020b). Cryptocurrencies: Issue, circulation and problems of regulation. Actual Problems of Economics and Law, Vol. 14, No. 3, pp. 455—468. (In Russian). https://doi.org/10.21202/1993-047X.14.2020.3.455-468Банк России (2017). Обзор по криптовалютам, ICO (Initial Coin Offering) и подходам к их регулированию. М.: Банк России. Декабрь.Bank of Russia (2017). Overview of cryptocurrencies, ICO (Initial Coin Offering) and approaches to their regulation. Moscow, December. (In Russian).Банк России (2020). Цифровой рубль. Доклад для общественных консультаций. М.: Банк России. Октябрь.Bank of Russia (2020). A digital ruble. Consultation paper. Moscow, October. (In Russian).Банк России (2021a). Концепция цифрового рубля. М.: Банк России. Апрель.Bank of Russia (2021a). Digital ruble concept. Moscow, April. (In Russian).Банк России (2021b). Экосистемы: подходы к регулированию. Доклад для общественных консультаций. М.: Банк России. Апрель.Bank of Russia (2021b). Ecosystems: Approaches to regulation. Consultation paper. Moscow, April. (In Russian).Грищенко В. О. (2019). Фиатные деньги. Аналитическая записка. М.: Банк России. Август.Grishchenko V. O. (2019). Fiat money. Bank of Russia Analytical Note, August. (In Russian).Киселев А. (2019). Есть ли будущее у цифровых валют центральных банков? Аналитическая записка. Апрель. М.: Банк России.Kiselev A. (2019). Is there a future for central bank digital currencies? Bank of Russia Analytical Note, April. (In Russian).Кочергин Д. А. (2011). Электронные деньги. М.: Маркет ДС; Центр исследований платежных систем и расчетов.Kochergin D. A. (2011). Electronic money. Moscow: Market DS; Center for Research of Payment Systems and Settlements. (In Russian).Кочергин Д. А. (2017). Место и роль виртуальных валют в современной платежной системе // Вестник Санкт-Петербургского университета. Сер. 5. Экономика. Т. 33, Вып. 1. С. 119—140. https://doi.org/10.21638/11701/spbu05.2017.107Kochergin D. A. (2017). The roles of virtual currencies in the modern payment system. St Petersburg University Journal of Economic Studies, Vol. 33, No. 1, pp. 119—140. (In Russian). https://doi.org/10.21638/11701/spbu05.2017.107Кочергин Д. А. (2020). Экономическая природа и классификация стейблкойнов // Финансы: теория и практика. № 6. С. 140—160. https://doi.org/10.26794/2587-5671-2020-24-6-140-160Kochergin D. A. (2020). Economic nature and classification of stablecoins. Finance: Theory and Practice, No. 6, pp. 140—160. (In Russian). https://doi.org/10.26794/2587-5671-2020-24-6-140-160Кочергин Д. А. (2021). Цифровые валюты центральных банков: мировой опыт // Мировая экономика и международные отношения. № 5. C. 68—77. https://doi.org/10.20542/0131-2227-2021-65-5-68-77Kochergin D. A. (2021). Central banks digital currencies: World experience. World Economy and International Relations, No. 5, pp. 68—77. (In Russian). https://doi.org/10.20542/0131-2227-2021-65-5-68-77Кочергин Д. А., Иванова А. И. (2022). Стейблкойны: классификация, функциональные особенности и перспективы развития // Журнал Новой экономической ассоциации. № 1. С. 100—120. https://doi.org/10.31737/2221-2264-2022-53-1-5Kochergin D. A., Ivanova A. I. (2022). Stablecoins: Classification, functional features and development prospects. Journal of the New Economic Association, No. 1, pp. 100—120. (In Russian). https://doi.org/10.31737/2221-2264-2022-53-1-5Корищенко К. Н. (2021). Вопросы эмиссии и обращения цифрового рубля // Актуальные проблемы экономики и права. Т. 15, № 2. С. 280—293. https://doi.org/10.21202/1993-047X.15.2021.2.280-293Korishchenko K. N. (2021). Issues of emission and circulation of a digital ruble. Actual Problems of Economics and Law, Vol. 15, No. 2, pp. 280—293. (In Russian). https://doi.org/10.21202/1993-047X.15.2021.2.280-293Михайлишин А. Ю. (2021). Предпосылки появления и мировой опыт внедрения цифровых валют центральных банков // Актуальные проблемы экономики и права. Т. 15, № 2. С. 294—307. https://doi.org/10.21202/1993-047X.15.2021.2.294-307Mikhaylishin A. Y. (2021). Prerequisites for the emergence and world experience in the introduction of digital currencies of central banks. Actual Problems of Economics and Law, Vol. 15, No. 2, pp. 294—307. (In Russian). https://doi.org/10.21202/1993-047X.15.2021.2.294-307Перцева С. (2021). Стейблкоины: риски и возможности для мировой финансовой системы // Российский совет по международным делам, 28 июня. https://russiancouncil.ru/analytics-and-comments/analytics/steyblkoiny-riski-i-vozmozhnosti-dlya-mirovoy-finansovoy-sistemy/Pertseva S. (2021). Stablecoins: Risks and opportunities for the global financial system. Russian International Affairs Council, June 28. (In Russian). https://russiancouncil.ru/analytics-and-comments/analytics/steyblkoiny-riski-i-vozmozhnosti-dlya-mirovoy-finansovoy-sistemy/Попов А. (2021). В «Сбере» рассказали о работе токенизированного безналичного рубля — он позволит определить, на что можно тратить деньги // Forbes, 3 июня. https://www.forbes.ru/newsroom/finansy-i-investicii/431289-v-sbere-rasskazali-princip-raboty-tokenizirovannogoPopov A. (2021). In Sberbank they talked about the work of the tokenized non-cash ruble — it will allow you to determine what you can spend money on. Forbes, June 3. (In Russian). https://www.forbes.ru/newsroom/finansy-i-investicii/431289-v-sbere-rasskazali-princip-raboty-tokenizirovannogoПринцев Р. А., Горнин Э. Л. (2020). Стейблкоин: концепция и перспективы применения металлургическими компаниями // Экономика, предпринимательство и право. Т. 10, № 10. С. 2555—2564. https://doi.org/10.18334/epp.10.10.110955Printsev R. A., Gornin E. L. (2020). Stablecoin: Concept and prospects of application by metallurgical companies. Ekonomika, Predprinimatelstvo i Pravo, Vol. 10, No. 10, pp. 2555—2564. (In Russian.) https://doi.org/10.18334/epp.10.10.110955Симановский А. Ю. (2018). К вопросу об экономической природе криптовалюты // Вопросы экономики. № 9. С. 132—142. https://doi.org/10.32609/0042-8736-2018-9-132-142Simanovskiy A. Y. (2018). On the issue of crypto-currency economic nature. Voprosy Ekonomiki, No. 9, pp. 132—142. (In Russian). https://doi.org/10.32609/0042-8736-2018-9-132-142Синельникова-Мурылева Е. В. (2020). Цифровые валюты центральных банков: потенциальные риски и выгоды // Вопросы экономики. № 4. С. 147—159. https://doi.org/10.32609/0042-8736-2020-4-147-159Sinelnikova-Muryleva E. V. (2020). Central bank digital currencies: Potential risks and benefits. Voprosy Ekonomiki, No. 4, pp. 147—159. (In Russian). https://doi.org/10.32609/0042-8736-2020-4-147-159Столбов М. И. (2019). К десятилетию рынка криптовалют: текущее состояние и перспективы // Вопросы экономики. № 5. С. 136—148. https://doi.org/10.32609/0042-8736-2019-5-136-148Stolbov M. I. (2019). The 10th anniversary of the cryptocurrency market: Its current state and prospects. Voprosy Ekonomiki, No. 5, pp. 136—148. (In Russian). https://doi.org/10.32609/0042-8736-2019-5-136-148Федотов А. (2021). Международный опыт регулирования токенизации активов. Часть 1 // Цифра. 2 марта. https://digit.nsd.ru/articles/mezhdunarodnyy-opyt-regulirovaniya-tokenizatsii-aktivov-chast-1/Fedotov A. (2021). International experience in regulating asset tokenization. Part 1. Digit, March 2. (In Russian). https://digit.nsd.ru/articles/mezhdunarodnyy-opyt-regulirovaniya-tokenizatsii-aktivov-chast-1/Adachi M., Cominetta M., Kaufmann C. et al. (2020). A regulatory and financial stability perspective on global stablecoins. ECB Macroprudential Bulletin, No. 10.Adachi M., Cominetta M., Kaufmann C. et al. (2020). A regulatory and financial stability perspective on global stablecoins. ECB Macroprudential Bulletin, No. 10.Adrian T., Mancini-Griffoli T. (2021). Public and private money can coexist in the digital age. IMFBlog, February 18. https://blogs.imf.org/2021/02/18/public-and-private-money-can-coexist-in-the-digital-age/Adrian T., Mancini-Griffoli T. (2021). Public and private money can coexist in the digital age. IMFBlog, February 18. https://blogs.imf.org/2021/02/18/public-and-private-money-can-coexist-in-the-digital-age/Arner D., Auer R., Frost J. (2020). Stablecoins: Risks, potential and regulation / Bank for International Settlements (BIS). Monetary and Economic Department Working Papers, No. 905. https://doi.org/10.2139/ssrn.3979495Arner D., Auer R., Frost J. (2020). Stablecoins: Risks, potential and regulation / Bank for International Settlements (BIS). Monetary and Economic Department Working Papers, No. 905. https://doi.org/10.2139/ssrn.3979495Bank of England (2019). Financial stability report. Financial Policy Committee Record and Stress Testing Results — December 2019. https://www.bankofengland.co.uk/financial-stability-report/2019/december-2019Bank of England (2019). Financial stability report. Financial Policy Committee Record and Stress Testing Results — December 2019. https://www.bankofengland.co.uk/financial-stability-report/2019/december-2019Bank of England (2020). Central bank digital currency opportunities, challenges and design. Bank of England Discussion Paper, March.Bank of England (2020). Central bank digital currency opportunities, challenges and design. Bank of England Discussion Paper, March.Bank of England (2021a). A millennium of macroeconomic data. Part V. https://www.bankofengland.co.uk/statistics/research-datasetsBank of England (2021a). A millennium of macroeconomic data. Part V. https://www.bankofengland.co.uk/statistics/research-datasetsBank of England (2021b). New forms of digital money. Discussion Paper, June.Bank of England (2021b). New forms of digital money. Discussion Paper, June.Bech M., Garratt R. (2017). Central Bank cryptocurrencies. BIS Quarterly Review, September, pp. 55—70.Bech M., Garratt R. (2017). Central Bank cryptocurrencies. BIS Quarterly Review, September, pp. 55—70.BIS (2012). Principles for financial market infrastructures. CPMI Papers, April 16. Committee on Payment and Settlement Systems.BIS (2012). Principles for financial market infrastructures. CPMI Papers, April 16. Committee on Payment and Settlement Systems.BIS (2019a). Designing a prudential treatment for crypto-assets. Basel Committee on Banking Supervision, December.BIS (2019a). Designing a prudential treatment for crypto-assets. Basel Committee on Banking Supervision, December.BIS (2019b). Investigating the impact of global stablecoins. G7 Working Group on stablecoins. Committee on Payments and Market Infrastructures, October.BIS (2019b). Investigating the impact of global stablecoins. G7 Working Group on stablecoins. Committee on Payments and Market Infrastructures, October.BIS (2020). Enhancing cross-border payments. Building blocks of a global roadmap. Committee on Payments and Market Infrastructures, July.BIS (2020). Enhancing cross-border payments. Building blocks of a global roadmap. Committee on Payments and Market Infrastructures, July.BIS (2021). CBDCs: An opportunity for the monetary system. In: BIS Annual economic report 2021, pp. 65—91.BIS (2021). CBDCs: An opportunity for the monetary system. In: BIS Annual economic report 2021, pp. 65—91.Brainard L. (2021). Private money and central bank money as payments go digital: An update on CBDCs. Remarks at Consensus by CoinDesk Conference, May 24. Boards of Governors of the Federal Reserve System.Brainard L. (2021). Private money and central bank money as payments go digital: An update on CBDCs. Remarks at Consensus by CoinDesk Conference, May 24. Boards of Governors of the Federal Reserve System.Brunnermeier M., James H., Landau J. (2021). The digitalization of money. Monetary and Economic Department Working Papers, No. 941. Bank for International Settlements.Brunnermeier M., James H., Landau J. (2021). The digitalization of money. Monetary and Economic Department Working Papers, No. 941. Bank for International Settlements.Bullmann D., Klemm J., Pinna A. (2019). In search for stability in crypto-assets: Are stablecoins the solution? ECB Occasional Paper Series, No. 230.Bullmann D., Klemm J., Pinna A. (2019). In search for stability in crypto-assets: Are stablecoins the solution? ECB Occasional Paper Series, No. 230.Carney M. (2018). The future of money. Speech to the Inaugural Scottish Economics Conference. Edinburgh University, March 2.Carney M. (2018). The future of money. Speech to the Inaugural Scottish Economics Conference. Edinburgh University, March 2.Caswell E., Hewkin M., Learmonth D. et al. (2020). Cash in the time of Covid. Bank of England Quarterly Bulletin, Q4.Caswell E., Hewkin M., Learmonth D. et al. (2020). Cash in the time of Covid. Bank of England Quarterly Bulletin, Q4.ECB (2019). Stablecoins — no coins, but are they stable? In Focus, No. 3, November.ECB (2019). Stablecoins — no coins, but are they stable? In Focus, No. 3, November.ECB (2020a). Report on a digital euro. Frankfurt am Main: European Central Bank, October.ECB (2020a). Report on a digital euro. Frankfurt am Main: European Central Bank, October.ECB (2020b). Stablecoins: Implications for monetary policy, financial stability, market infrastructure and payments, and banking supervision in the euro area. ECB Occasional Paper Series, No. 247. ECB Crypto-Assets Task Force.ECB (2020b). Stablecoins: Implications for monetary policy, financial stability, market infrastructure and payments, and banking supervision in the euro area. ECB Occasional Paper Series, No. 247. ECB Crypto-Assets Task Force.ECB (2021). Opinion of the European Central Bank on a proposal for a regulation on markets in crypto-assets and Amending Directive (EU) 2019/1937 (CON/2021/4)). February. Official Journal of the European Union, Vol. 64, pp. 1—9.ECB (2021). Opinion of the European Central Bank on a proposal for a regulation on markets in crypto-assets and Amending Directive (EU) 2019/1937 (CON/2021/4)). February. Official Journal of the European Union, Vol. 64, pp. 1—9.European Commission (2020). Proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets, and Amending Directive (EU) 2019/1937. Brussels.European Commission (2020). Proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets, and Amending Directive (EU) 2019/1937. Brussels.FATF (2020). Report to the G20 Finance Ministers and Central Bank Governors on so-called stablecoins, June. Paris: The Financial Action Task Force.FATF (2020). Report to the G20 Finance Ministers and Central Bank Governors on so-called stablecoins, June. Paris: The Financial Action Task Force.FATF (2021). Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers. March. Paris: The Financial Action Task Force.FATF (2021). Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers. March. Paris: The Financial Action Task Force.Feyen E., Frost J., Natarajan H., Rice T. (2021). What does digital money mean for emerging market and developing economies? BIS Working Papers, No. 973. October.Feyen E., Frost J., Natarajan H., Rice T. (2021). What does digital money mean for emerging market and developing economies? BIS Working Papers, No. 973. October.FRS (2021). The semiannual monetary policy report to the Congress. U.S. Senate, Committee on Banking, Housing, and Urban Affairs, February 23. Washington, DC: U.S. Government Publishing Office.FRS (2021). The semiannual monetary policy report to the Congress. U.S. Senate, Committee on Banking, Housing, and Urban Affairs, February 23. Washington, DC: U.S. Government Publishing Office.FSB (2020a). Addressing the regulatory, supervisory and oversight challenges raised by “Global Stablecoin” arrangements. Consultative Document, Financial Stability Board, April 14.FSB (2020a). Addressing the regulatory, supervisory and oversight challenges raised by “Global Stablecoin” arrangements. Consultative Document, Financial Stability Board, April 14.FSB (2020b). Enhancing cross-border payments. Stage 3 Roadmap, Financial Stability Board, October 13.FSB (2020b). Enhancing cross-border payments. Stage 3 Roadmap, Financial Stability Board, October 13.FSB (2021). Regulation, supervision and oversight of “Global Stablecoin” arrangements. Progress Report on the implementation of the FSB High-Level Recommendations. Financial Stability Board, October 7.FSB (2021). Regulation, supervision and oversight of “Global Stablecoin” arrangements. Progress Report on the implementation of the FSB High-Level Recommendations. Financial Stability Board, October 7.Griffin J. M., Shams A. (2020). Is Bitcoin really untethered? Journal of Finance, Vol. 75, No. 4, pp. 1913—1964. https://doi.org/10.1111/jofi.12903Griffin J. M., Shams A. (2020). Is Bitcoin really untethered? Journal of Finance, Vol. 75, No. 4, pp. 1913—1964. https://doi.org/10.1111/jofi.12903HM Treasury (2021). UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence. January 7.HM Treasury (2021). UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence. January 7.Houben R., Snyers A. (2020). Crypto-assets: Key developments, regulatory concerns and responses. Luxembourg: The European Parliament.Houben R., Snyers A. (2020). Crypto-assets: Key developments, regulatory concerns and responses. Luxembourg: The European Parliament.Huber J. (2017). Sovereign money. Beyond reserve banking. London: Palgrave Macmillan.Huber J. (2017). Sovereign money. Beyond reserve banking. London: Palgrave Macmillan.Li Y., Mayer S. (2021). Money creation in decentralized finance: A dynamic model of stablecoin and crypto shadow banking. CESifo Working Paper Series, No. 9260. https://doi.org/10.2139/ssrn.3912369Li Y., Mayer S. (2021). Money creation in decentralized finance: A dynamic model of stablecoin and crypto shadow banking. CESifo Working Paper Series, No. 9260. https://doi.org/10.2139/ssrn.3912369Lennart A., Fiedler I., Strehle E. (2020). The influence of stablecoin issuances on cryptocurrency markets. Finance Research Letters, Vol. 41, article 101867. https://doi.org/10.1016/j.frl.2020.101867Lennart A., Fiedler I., Strehle E. (2020). The influence of stablecoin issuances on cryptocurrency markets. Finance Research Letters, Vol. 41, article 101867. https://doi.org/10.1016/j.frl.2020.101867Lennart A., Fiedler I., Strehle E. (2021). The impact of transparent money flows: Effects of stablecoin transfers on the returns and trading volume of Bitcoin. Technological Forecasting and Social Change, Vol. 170, No. C, article 120851. https://doi.org/10.1016/j.techfore.2021.120851Lennart A., Fiedler I., Strehle E. (2021). The impact of transparent money flows: Effects of stablecoin transfers on the returns and trading volume of Bitcoin. Technological Forecasting and Social Change, Vol. 170, No. C, article 120851. https://doi.org/10.1016/j.techfore.2021.120851McLeay M., Radia A., Thomas R. (2014). Money creation in the modern economy. Bank of England Quarterly Bulletin, No. 1, pp. 14—27.McLeay M., Radia A., Thomas R. (2014). Money creation in the modern economy. Bank of England Quarterly Bulletin, No. 1, pp. 14—27.Mitchell W., Wray L. R., Watts W. (2019). Macroeconomics. London: Red Globe Press.Mitchell W., Wray L. R., Watts W. (2019). Macroeconomics. London: Red Globe Press.OICU—IOSCO (2020). Global stablecoin initiatives. The Board of the International Organization of Securities Commissions. Public Report, No. OR01/2020.OICU—IOSCO (2020). Global stablecoin initiatives. The Board of the International Organization of Securities Commissions. Public Report, No. OR01/2020.OMFIF (2019). Retail CBDCs. The next payments frontier. Official Monetary and Financial Institutions Forum and IBM.OMFIF (2019). Retail CBDCs. The next payments frontier. Official Monetary and Financial Institutions Forum and IBM.People’s Bank of China (2021). Progress of research & development of E-CNY in China. Working Group on E-CNY Research and Development of the People’s Bank of China, July.People’s Bank of China (2021). Progress of research & development of E-CNY in China. Working Group on E-CNY Research and Development of the People’s Bank of China, July.Powell J. (2021). Semiannual monetary policy report to the Congress. Testimony of Federal Reserve Chairman before the Committee on Financial Services, U.S. House of Representatives, Washington, DC, July 14.Powell J. (2021). Semiannual monetary policy report to the Congress. Testimony of Federal Reserve Chairman before the Committee on Financial Services, U.S. House of Representatives, Washington, DC, July 14.PWG (2021). Report on stablecoins. President’s Working Group on Financial Market (PWG), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC). November 1. https://www.debevoise.com/insights/publications/2021/11/presidents-working-group-onPWG (2021). Report on stablecoins. President’s Working Group on Financial Market (PWG), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC). November 1. https://www.debevoise.com/insights/publications/2021/11/presidents-working-group-onSams R. A. (2015). Note on cryptocurrency stabilization: Seigniorage shares. Unpublished manuscript, April 28. https://blog.bitmex.com/wp-content/uploads/2018/06/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdfSams R. A. (2015). Note on cryptocurrency stabilization: Seigniorage shares. Unpublished manuscript, April 28. https://blog.bitmex.com/wp-content/uploads/2018/06/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdfScorer S. (2019). Building blocks: The useful elements of blockchain. Bank Underground, May 16. https://bankunderground.co.uk/2019/05/16/building-blocks-the-usefule-lements-of-blockchain/Scorer S. (2019). Building blocks: The useful elements of blockchain. Bank Underground, May 16. https://bankunderground.co.uk/2019/05/16/building-blocks-the-usefule-lements-of-blockchain/U.S. Department of The Treasury (2020). G7 Finance Ministers and Central Bank Governors’ statement on digital payments. October 13. https://home.treasury.gov/news/press-releases/sm1152U.S. Department of The Treasury (2020). G7 Finance Ministers and Central Bank Governors’ statement on digital payments. October 13. https://home.treasury.gov/news/press-releases/sm1152Zetzsche D., Arner D., Buckley R. (2019). Regulating Libra: The transformative potential of Facebook’s cryptocurrency and possible regulatory responses. European Banking Institute Working Paper Series, No. 44.Zetzsche D., Arner D., Buckley R. (2019). Regulating Libra: The transformative potential of Facebook’s cryptocurrency and possible regulatory responses. European Banking Institute Working Paper Series, No. 44.

The authors declare that there are no conflicts of interest present.