A New Dimension in the World Economy - Fiat Digital Currencies: A Review

Ruixiang You

doi:10.54691/bcpbm.v30i.2520

Authors

Ruixiang You

DOI:

https://doi.org/10.54691/bcpbm.v30i.2520

Keywords:

Digital Currency, Fiat, Finance.

Abstract

In an international economic situation in a hyperinflationary environment, the competition for international digital currencies is becoming increasingly intense. The Federal Reserve released its first study on the US central bank's digital currency in early 2022 and China's digital RMB pilot has expanded to 23 regions in 15 provinces and cities... In today's highly digitalized world, the development of a legal digital currency will have a profound impact on national monetary systems, the development of international standards for central bank digital currencies and even the global monetary landscape and is worthy of focused attention and in-depth study. This paper summarizes the development and application of legal digital currency and its limitations at the present stage by combing and analyzing the legal digital currency research literature from CNKI, with a view to providing reference for legal digital currency to better support the innovative development of digital economy, finding a new direction for better development of digital currency and providing a prospect for the internationalization of legal digital currency.

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