Digital currencies: Challenges between the United States, the European Union and Asia Pacific
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
Downloads
Last update: 26/10/2026
The authors are advised to read their rights carefully. We believe this approach ensures a fair agreement for both parties. These instructions should be read in conjunction with the Ethical Guidelines and the Open Access Policy, Licensing Terms and Copyright of the journal "Deusto Journal of European Studies (DJES)".
1. Authorship and Ethics
By submitting their manuscripts to Deusto Journal of European Studies (DJES), the authors accept and undertake to comply with the conditions of publication without the need to sign an additional transfer agreement with the Publisher (University of Deusto). In doing so, they guarantee that their work is unpublished in any form, original, and does not breach DJES’s Ethical Guidelines or the rights of third parties, and that no licences have been or will be granted that are incompatible with the rights granted to the Publisher.
The authors assume full and exclusive responsibility for the content of the study and formally declare that they have no conflicts of interest that affect the integrity of the research.
2. Publisher’s Rights
By submitting the manuscript, the authors agree to its publication under the Creative Commons CC BY-NC-ND 4.0 licence. Consequently, they grant the Publisher the exclusive, royalty-free and worldwide right of first publication, editing, layout and exploitation of the article. This grant authorises the Publisher to distribute, sub-license and index the work in any format, medium, database or institutional repository, for the purposes of promotion and scientific dissemination.
3. Copyright
The authors retain the intellectual property rights to their article and retain the right to distribute and use their work for teaching purposes, future research or personal archiving, provided that the original publication in the Journal is cited. They are also permitted to republish in other media, provided that a (foot)note is included with the full reference to DJES (including the DOI, where available) and no explicit endorsement of the Journal and/or Publisher is implied.
4. Open access
DJES is an open-access journal; this means that it is freely and fully accessible in its entirety immediately upon publication of its content. However, in accordance with the licence mentioned above, the authors of the articles must always be properly cited; and both commercial use and any modification intended for distribution will require the express prior written permission of the rights holder.
More details are available under the section “Open Access Policy, Licensing Terms and Copyright”.
3.jpg)
2.jpg)
2.jpg)
2.jpg)
2.jpg)
2.jpg)
