Digital currencies: Challenges between the United States, the European Union and Asia Pacific

  • Rosa María Ricoy-Casas University of Vigo, Spain
DOI: https://doi.org/10.18543/ced-03-2022pp95-114
Keywords: digital currencies, cryptocurrencies, monetary system, governance

Abstract

In June 2019, Facebook announced its own cryptocurrency “Libra” to be used through WhatsApp and Messenger, in order for its value to remain stable thanks to the support from banks and electronic commerce companies, linking to different currencies and the support of important companies. EU antitrust regulators investigated it as a “threat to monetary sovereignty”. China is already testing its own DCEP cryptocurrency tied to state banks and major companies, with notable advantages. It will probably displace cash and be used even for world trade, which can make it an alternative to the traditional international payment system, compared to the current one led by the United States with the USD. The Belt and Road Initiative (BRI) offers “the area and the route” to extend the Yen as a global digital currency. These new developments, and their rapid and high competitiveness produced as the “art of bian lian”, have generated intense concerns in the international financial system. Will the EU, Japan or the US be able to counter the virtual yuan so quickly?

Received: 01 September 2021
Accepted: 05 November 2021

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Author Biography

Rosa María Ricoy-Casas, University of Vigo, Spain

Lecturer of Political Science at the University of Vigo (Uvigo) and Teacher with Venia Docendi at the UNED of Lugo. PhD in Law and History from the Uvigo and Degree in Political Science. She was Vice-Dean of Economic Affairs and Infrastructures and Coordinator-Director of the Degree in Public Management and Administration from 2015 to 2018, and Secretary of the Court of Guarantees (Uvigo) from 2011 to 2014. He has taught and lectured at various Universities and Public Entities (INAP, EGAP, FEGAMP, Sorbonne, King’s College, Corvinus Budapest, Kielce Poland, Firenze, Sao Paulo, Mar del Plata, etc.) and at outstanding Congresses in Political Science (IPSA, AECPA, APCP, CEISAL, GIGAPP, REPS, etc.). He has received several awards from entities such as the Galician Bar Council, the Alternativas Foundation, USC, or the Spanish Association of Political Science. She is currently Secretary of the Doctorate in Creativity and Social and Sustainable Innovation (CREA) and Coordinator of the Teaching Innovation Group “ODS Cities and Citizenship”, and teaches several subjects of Degree, Master and Doctorate related to Political Science, International Relations, Philosophy and Theory of Law, Urban Law, and Underwater Cultural Heritage.

Published
2022-01-28
How to Cite
Ricoy-Casas, Rosa María. 2022. “Digital Currencies: Challenges Between the United States, the European Union and Asia Pacific”. Deusto Journal of European Studies, no. 03 (January), 95-114. https://doi.org/10.18543/ced-03-2022pp95-114.
Issue
No. 03 (2022): SPECIAL ISSUE. European Union-Asia Pacific dialogue: Fostering synergies on global challenges
Section
Articles

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