Disruption, digital currencies and distributed ledger technology
Digital currencies are disruptive, but they also have power to enhance efficiency of payment systems
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Recent developments in financial technology spurred a scholarly interest in digital currencies and their impact on finance and the economy. Digital currencies are disruptive, as they are redefining our understanding of money and finance, exposing the financial system to risks, presenting challenges to regulators, and promising opportunities for enhancing efficiency of payment systems. However, these risks, challenges and opportunities are being perceived/addressed inconsistently across countries. As trends and practices are gradually emerging, it is important to learn, from cross-country experiences, the nature of issues identified globally and the appropriate response being adopted locally.
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