Whether it be about Bitcoin surging or falling, Dogecoin going viral, or Ethereum’s volatility, the narrative surrounding digital currencies and their lack of regulation and stability usually lies with crypto. When it comes to international transactions, crypto is known for surpassing regulators given its anonymous nature. However, most international transactions occur through banks, and digital currencies are far more versatile than simply crypto. Many central banks throughout the world are looking to expand into central-bank digital currencies, meaning that countries would issue an additional form of currency that is somehow linked to the existing currency.
This post was originally published on the Cardozo International & Comparative Law Review website on October 12, 2021. The original post can be accessed via the Archived Link button above.
Oliva, Camilla, "Will SWIFT Remain Relevant in the Face of CBDCs?" (2021). CICLR Online. 25.