Research on the Opportunity and Development of Fiat Digital Currency in Cross-Border Payment

Zhenao Huang, Jiayuan Wang, Jiahao Zhang

2024

Abstract

The rapid development of the digital economy has provided a strong impetus for the rise of cross-border e-commerce, and has also accelerated the process of global cross-border trade's transformation to digitalization. Against this background, the cross-border payment industry's growing demand for legal digital currency has become a hot topic of concern in the industry. This article will deeply analyze the development of legal digital currency in the field of cross-border payments (CBP), and explore its advantages and challenges in practical applications, in order to provide a useful reference for related research and practice. This paper concluded that central bank digital currencies (CBDC) has three different interaction modes in cross-border payment: compatible mode, interconnection mode, and single platform mode. CBP has some potential in improving payment efficiency, reducing transaction costs, enhancing process transparency and ensuring transaction security. This paper points out the technical challenges, international cooperation and governance issues, and monetary policy and financial stability challenges of CBP in cross-border payment, and makes suggestions for improvement. It is hoped that these suggestions can provide reference and inspiration for promoting innovation and development in the field CBP.

Paper Citation

in Harvard Style

Huang Z., Wang J. and Zhang J. (2024). Research on the Opportunity and Development of Fiat Digital Currency in Cross-Border Payment. In Proceedings of the 1st International Conference on E-commerce and Artificial Intelligence - Volume 1: ECAI; ISBN 978-989-758-726-9, SciTePress, pages 417-422. DOI: 10.5220/0013264500004568

in Bibtex Style

@conference{ecai24,
author={Zhenao Huang and Jiayuan Wang and Jiahao Zhang},
title={Research on the Opportunity and Development of Fiat Digital Currency in Cross-Border Payment},
booktitle={Proceedings of the 1st International Conference on E-commerce and Artificial Intelligence - Volume 1: ECAI},
year={2024},
pages={417-422},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013264500004568},
isbn={978-989-758-726-9},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on E-commerce and Artificial Intelligence - Volume 1: ECAI
TI - Research on the Opportunity and Development of Fiat Digital Currency in Cross-Border Payment
SN - 978-989-758-726-9
AU - Huang Z.
AU - Wang J.
AU - Zhang J.
PY - 2024
SP - 417
EP - 422
DO - 10.5220/0013264500004568
PB - SciTePress