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on Payment Systems and Financial Technology |
| By: | Rod Garratt; Michael Junho Lee |
| Abstract: | Following the recent passage of legislation in the U.S., payment stablecoins seem to be on the brink of wider-scale adoption and explosive growth in market capitalization. In this post, we contend that the driving factor is not their proximity to digital cash instruments, but rather how they are transferred—via global, open-access, peer-to-peer systems, or “permissionless blockchains, ” for short. |
| Keywords: | blockchains; stablecoins; tokenization; financial infrastructure; payments |
| JEL: | G23 E41 E42 |
| Date: | 2025–11–25 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fednls:102184 |
| By: | Cave, Martin; Shortall, Tony |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331257 |
| By: | Jeremy Srouji (International Institute of Social Studies, Erasmus University Rotterdam, The Netherlands; Université Côte d'Azur, CNRS, GREDEG, France); Dominique Torre (Université Côte d'Azur, CNRS, GREDEG, France); Qing Xu (ICL, Junia, Université Catholique de Lille, LITL, Lille, France) |
| Abstract: | This article examines proposals to establish a BRICS Central Bank Digital Currency (CBDC) aimed at facilitating trade flows among the members, as part of their broader discussions around reforming the international monetary and financial system. It sets these proposals within the context of global CBDC efforts, South-South convergence processes and the challenges the BRICS have faced in navigating global geo-political tensions, while aligning national CBDC efforts with groupwide initiatives. We focus on a Brazilian proposal to establish a unified BRICS cross-border payment system, seen as a first step towards a full-fledged BRICS CBDC. Our main finding is that while this cross-border digital currency can be useful for smoothing payments and reducing the trade deficits of the smaller BRICS members, it does little to redress their asymmetric position vis-à-vis the larger country, China. The implication is that sustainable convergence among the grouping through the adoption of a unified cross-border currency would require a higher level of monetary and policy coordination than that set out in the Brazilian proposal. |
| Keywords: | CBDC, BRICS, cross-border payments, international currency, international trade, stablecoins |
| JEL: | F33 F36 E12 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:gre:wpaper:2025-48 |
| By: | Damásio, Bruno; Silva, Eduardo; Mendonça, Sandro |
| Abstract: | Recent years have recorded a growth in the number of patent applications filed by digital platforms. This paper argues that by profiling these patent portfolios, we can obtain insightful patterns on platforms' business and innovation strategies. For this purpose, we build a dataset of over 380, 000 patent applications filed at least by one of ten large US and Chinese digital platforms between 1986 and 2024. A significant rise in patent activity has taken shape since 2012, largely due to an impressive number of applications filed by Chinese platforms. Platforms tend to patent alone and concentrate their patenting activity on computer technology and electric communication, with machine learning being an overarching theme. However, some platforms like Apple pursue the development of a diversified patent portfolio, while others build one more specialized and aligned with their core business. Additionally, platform applications receive a significant number of citations, despite a skewed distribution which is only slightly challenged by Apple. Finally, applications by Chinese platforms have a more limited international protection when compared to their American counterparts, as attested by their patent family sizes. |
| Keywords: | patents, digital platforms, portfolio, China |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331264 |
| By: | James W. Fuchs |
| Abstract: | An article that first appeared in The Arkansas Banker discusses stablecoins and the regulatory framework signed into law this summer that provides for their issuance and transaction. |
| Keywords: | stablecoins; payments; financial technology; regulations; Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act |
| Date: | 2025–12–02 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00001:102193 |
| By: | Pike, Susan PhD; Matute, Juan; Reginald, Monisha; Saphores, Jean-Daniel PhD |
| Abstract: | Open-loop payments systems allow riders to pay fares using general-purpose payment methods like credit cards, debit cards, or mobile wallets (Apple Pay, Google Pay), rather than being limited to a single transit agency’s own payment system. Broad adoption of open-loop payments offers major benefits for public transit, including lower costs, greater convenience for riders, and improved operational efficiency. The California Integrated Travel Project (Cal-ITP) has helped pave the way for transit agencies interested in this technology by providing resources, guidance, and hands-on support. Cal-ITP works directly with transit agencies to address known challenges and identify solutions to emerging barriers. Understanding how agencies decide whether to adopt open-loop and other technologies is key to ensuring the effectiveness of programs like Cal-ITP. To explore this, we surveyed transit agencies in California to identify the factors that influence adoption of open-loop payments. |
| Keywords: | Engineering |
| Date: | 2025–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt0xk7v8g8 |
| By: | Wilhelm Breuer; Carolina Klingbeil |
| Abstract: | The paper deals with the state of acceptance of blockchain within the real estate industry, the opportunities and risks for different market participants, and which obstacles play a role in implementation and how these could be eliminated. The paper therefore asks especially the following questions: 1. What opportunities and risks does the use of blockchain harbour? 2. What obstacles play a role in the implementation and how far has the acceptance of blockchain advanced? In order to investigate these questions, a quantitative method in the form of a survey is used, as this shows the current mood based on a representative sample size, which is intended to reflect the real estate industry. This allows causal relationships between the acceptance of blockchain by companies and factors that influence its use in the property industry to be uncovered. |
| Keywords: | blockchain; Germany |
| JEL: | R3 |
| Date: | 2025–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2025_105 |
| By: | Quan-Hoang Vuong; Viet Phuong La; Minh Hoang Nguyen |
| Abstract: | This study explores Bitcoin’s value formation through the Granular Interaction Thinking Theory–Value Theory (GITT–VT). Rather than stemming from material utility or cash flows, Bitcoin’s value arises from informational attributes and interactions of multiple factors, including cryptographic order, decentralization-enabled autonomy, trust embedded in the consensus mechanism, and socio-narrative coherence that reduce entropy within decentralized value-exchange processes. To empirically assess this perspective, a Bayesian linear model was estimated using daily data from 2022 to 2025, operationalizing four informational value dimensions: Store-of-Value (SOV), Autonomy (AUT), Social-Signal Value (SSV), and Hedonic-Sentiment Value (HSV). Results indicate that only SSV exerts a highly credible positive effect on next-day returns, highlighting the dominant role of high-entropy social information in short-term pricing dynamics. In contrast, SOV and AUT show moderately reliable positive associations, reflecting their roles as low-entropy structural anchors of long-term value. HSV displays no credible predictive effect. The study advances interdisciplinary value theory and demonstrates Bitcoin as a dual-layer entropy-regulating socio-technological ecosystem. The findings offer implications for digital asset valuation, investment education, and future research on entropy dynamics across non-cash-flow digital assets. |
| Keywords: | Bitcoin valuation; Informational entropy; decentralized socio-technological systems; non-cash-flow digital assets; entropy reduction |
| JEL: | G12 G13 G41 |
| Date: | 2025–11–30 |
| URL: | https://d.repec.org/n?u=RePEc:sol:wpaper:2013/397326 |
| By: | Quan-Hoang Vuong; Viet-Phuong La; Minh-Hoang Nguyen |
| Abstract: | This study explores Bitcoin's value formation through the Granular Interaction Thinking Theory-Value Theory (GITT-VT). Rather than stemming from material utility or cash flows, Bitcoin's value arises from informational attributes and interactions of multiple factors, including cryptographic order, decentralization-enabled autonomy, trust embedded in the consensus mechanism, and socio-narrative coherence that reduce entropy within decentralized value-exchange processes. To empirically assess this perspective, a Bayesian linear model was estimated using daily data from 2022 to 2025, operationalizing four informational value dimensions: Store-of-Value (SOV), Autonomy (AUT), Social-Signal Value (SSV), and Hedonic-Sentiment Value (HSV). Results indicate that only SSV exerts a highly credible positive effect on next-day returns, highlighting the dominant role of high-entropy social information in short-term pricing dynamics. In contrast, SOV and AUT show moderately reliable positive associations, reflecting their roles as low-entropy structural anchors of long-term value. HSV displays no credible predictive effect. The study advances interdisciplinary value theory and demonstrates Bitcoin as a dual-layer entropy-regulating socio-technological ecosystem. The findings offer implications for digital asset valuation, investment education, and future research on entropy dynamics across non-cash-flow digital assets. |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2511.17646 |
| By: | International Monetary Fund |
| Abstract: | The financial market infrastructure (FMI) landscape in Switzerland is efficient and reflective of the advanced nature of the country’s financial market. The country hosts three domestic, systemically important FMIs which are owned by a single group (SIX Group): a CCP (SIX x-clear Ltd.), a CSD (SIX SIS Ltd.), and the country’s RTGS Payment System (SIC). Three foreign FMIs providing services to the country’s financial sector are also considered to be of systemic importance by the Swiss authorities: two CCPs (LCH Ltd and Eurex Clearing AG) and a foreign exchange Payment System (CLS). Additionally, a range of both domestic and non-domestic FMIs, including FMIs making use of newer technologies such as DLT, are present on the Swiss market, completing the country’s competitive FMI ecosystem. |
| Date: | 2025–11–24 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfscr:2025/310 |
| By: | Dwivedi, Ashutosh Dhar; Tadayoni, Reza |
| Abstract: | The global transition towards a circular economy demands the creation of advanced digital tools that enable transparency, trust, and sustainability across product lifecycles. Decentralized Digital Product Passports (DPP) are emerging as a transformative solution to address these challenges. This paper investigates digital product passports based on distributed ledger and Internet of Things (IoT) technologies. The framework aims to securely record, store, and share product-related data, such as material composition, environmental impact, and usage history, in a tamper-proof and decentralized manner. Using the immutable nature of distributed ledgers and integrating real-time IoT data collection, the DPP framework aligns stakeholder actions with circular economy objectives, including improved resource efficiency, increased product reuse, and optimized recycling processes. |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itse25:331267 |
| By: | Bulut, Mehmet; Korkut, Cem |
| Abstract: | This chapter explores the evolution of Islamic finance in Türkiye within the context of global economic challenges, highlighting its emergence as a key player in the international Islamic finance community. Türkiye has effectively leveraged its strategic geographical position and historical ties to Islamic culture to strengthen its influence. A robust regulatory framework has been crucial in supporting the growth of Sharia-based financial institutions, ensuring equitable competition between Islamic and conventional finance sectors. The government’s proactive policies have facilitated the development of participation banks and innovative financial products, bolstering Türkiye’s reputation in the global market. Türkiye’s commitment to innovation and product diversification has established it as a hub for advanced Islamic financial products. The country has pioneered the development of Sharia-based instruments, such as sukuk and takaful, catering to a broad spectrum of domestic and international investors. These innovations, coupled with the integration of fintech solutions, have broadened ethical investment options and attracted a diverse clientele seeking alternatives to conventional finance. Furthermore, Türkiye has engaged in strategic international partnerships, collaborating with countries like Malaysia and the United Arab Emirates to enhance its capabilities and incorporate advanced financial practices. These collaborations have amplified Türkiye’s influence in the global market and attracted significant foreign investment. Türkiye’s strategic location and infrastructure facilitate efficient capital flow and expertise exchange between Eastern and Western markets, positioning it as a pivotal link in global financial networks. As the demand for ethical and socially responsible financial products continues to rise globally, Türkiye is well-positioned to lead in developing solutions that meet these evolving investor needs. By maintaining a supportive regulatory environment and fostering international collaboration, Türkiye reinforces its status as a leader in the Islamic finance sector. Its strategic initiatives not only ensure its resilience and sustainability but also contribute significantly to the industry’s growth and diversification on a global scale. This proactive approach underscores Türkiye’s potential to shape the future of Islamic finance, setting benchmarks for innovation and ethical investment practices worldwide. |
| Keywords: | Islamic Finance, Sharia-Based Institutions, Sharia-Based Instruments, Regulatory Framework, Innovation and Diversification, International Collaboration |
| JEL: | G10 P40 P48 Z12 |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:126575 |