SpringerLink
Log in

The Realization Path of CryptoSDRs Monetization

  • Chapter
  • First Online:
A Study on the Creation, Impact and Legal Issues of Crypto Special Drawing Rights

Part of the book series: Modern China and International Economic Law ((CIEL))

  • 29 Accesses

Abstract

After analyzing the previous chapter, it is evident that the birth of cryptoSDRs, which serve as a prototype for a unified global currency, offers an opportunity to address the inherent flaws and various drawbacks of the current international monetary system. Therefore, how will cryptoSDRs be created? What technological and legal paths need to be followed for their creation? Does the creation of the euro offer any inspiration or lessons for the creation of cryptoSDRs?

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution

Subscribe and save

Springer+ Basic
EUR 32.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or Ebook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 129.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 169.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free ship** worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    Li Yang, Huang **lao. Research on Dollarization Issues. Financial Research, 1999(9), pp. 56–62 + 81.

  2. 2.

    ROBERT A. MUNDELL. A Theory of Optimum Currency Areas [J]. American Economic Review, 1961(4), pp. 657–665.

  3. 3.

    PAUL R. KRUGMAN. A Model of Balance of Payment Crisis [J]. Journal of Money Cridet and Banking, 1979(11), pp. 311–325.

  4. 4.

    FRANKEL, ROSE. The Endogeneity of The Optimum currency Area Criteria [J]. The Economic Journal, 1998(108), pp. 1009–1025.

  5. 5.

    MARKUS BRUNNERMEIER, HAROLD JAMES, JEAN-PIERRE LANDAU. The Digitalization Of Money [EB/OL]. https://www.nber.org/papers/w26300. Accessed 6 May 2022.

  6. 6.

    Li ** countries in the ACP region and 9 countries in the European Economic Community have gathered in Lomé, the capital of Togo, to sign a 5-year trade and economic agreement. The convention officially came into effect on April 1, 1976, and has since been renewed several times.

  7. 20.

    MENZIE CHIN, JEFFREY FRANKEL. Why the Euro Will Rival the Dollar [J]. International Finance, 2008(1), pp. 49–73.

  8. 21.

    See footnote 20.

  9. 22.

    BORDO. Exchange Rate Regime Choice in Historical Perspective [N]. NBER Working Paper, NO. 9654, 2003.

  10. 23.

    See footnote 8.

  11. 24.

    The committee was established during the June 1988 European Community Summit, with the main task of researching and drafting specific plans to establish an economic and monetary union.

  12. 25.

    COHEN, BENJAMINJ. The Geography of Money [M]. Cornell: Cornell University Press, 1998, pp. 27–47.

  13. 26.

    See footnote 8.

  14. 27.

    See footnote 6.

  15. 28.

    DUTTA M. Theory of Optimum Currency Area Revisited: Lessons From the Euro/Dollar Competitive Currency Regimes [J]. Journal of Asian Economics, 2005(16), pp. 352–375.

  16. 29.

    Qiao Yide, Xu Mingqi. Strengthening the Status and Role of the SDR in the International Monetary System [J]. International Economic Review, 2011(1), pp. 52–65 + 4.

  17. 30.

    See footnote 6.

  18. 31.

    See footnote 6.

  19. 32.

    INTERNATIONAL MONETARY FUND. International Monies, IMF Executive Board Concludes the Meeting on Enhancing International Monetary Stability—A Role for the SDR? Washington D.C.: Prepared by the Strategy, Policy, and Review Department, 2011 [EB/OL]. https://www.imf.org/en/News/Articles/2015/09/28/04/53/pn1122. Accessed 6 May 2022.

  20. 33.

    ROBERT ZOELLICK. The IMS Must be Reformed [EB/OL]. http://www.finance.sina.com.cn/roll/20101227/00053560431.shtml. Accessed 6 May 2022.

  21. 34.

    IMF, 2021 General SDR Allocation [EB/OL]. https://www.imf.org/en/Topics/special-drawing-right/2021-SDR-Allocation. Accessed 6 May 2022.

  22. 35.

    See footnote 33.

  23. 36.

    Stiglitz, Joseph E. Global Financial Regulation and Financial Structure Reform: Research Report of the International Commission on Reform of the International Financial and Economic System. Shanghai Economic Review, 2010(Z1), pp. 26–27.

  24. 37.

    JOHN WILLIAMSON. The Future of the Reserve System [J]. Journal of Globalization and Development, 2010(2), Article 15.

  25. 38.

    See footnote 29.

  26. 39.

    JOSE ANTONIO OCAMPO. Building an SDR-Based Global Reserve System [J]. Journal of Globalization and Development, 2010(2), pp. 11–12.

  27. 40.

    Li Renzhen, **. Analysis of Legal Paths to Strengthen the Role of SDR. Journal of Wuhan University (Philosophy & Social Sciences Edition), 2012(3), pp. 59–64.

  28. 41.

    See footnote 37.

  29. 42.

    Stiglitz, Joseph E. Global Financial Regulation and Financial Structure Reform: Research Report of the International Commission on Reform of the International Financial and Economic System. Shanghai Economic Review, 2010(Z1), pp. 26–27; JOSE ANTONIO OCAMPO. Building an SDR-Based Global Reserve System [J]. Journal of Globalization and Development, 2010(2), pp. 11–12.

  30. 43.

    Stiglitz, Joseph E. Global Financial Regulation and Financial Structure Reform: Research Report of the International Commission on Reform of the International Financial and Economic System. Shanghai Economic Review, 2010(Z1), pp. 26–27; United Nations, Toward a New International Financial Architecture [R]. New York: Report of the Task Force of the Executive Committee on Economic and Social Affairs of the United Nations, 2001: 2–14. JOSEANTONIO OCAMPO. Recasting the International Financial Agenda//International Capital Markets: Systems in Transition [M]. New York: Oxford University Press, 2002.

  31. 44.

    See footnote 42.

  32. 45.

    See footnote 37.

  33. 46.

    See footnote 40.

  34. 47.

    Huang Meibo, **, Huang Shengbin. Alternative Accounts and International Monetary System Reform. International Trade Issues, 2011(1), p. 130.

  35. 52.

    Fred Bergsten. We should Listen to Bei**g’s Currency Idea [EB/OL]. [2022-09-27]. https://www.ft.com/content/7372bbd0-2470-11de-9a01-00144feabdc0. Accessed 6 May 2022.

  36. 53.

    Zhang Ming. International Monetary System Reform: Background, Reasons, Measures and China’s Participation. International Economic Review, 2010(1), pp. 114–137.

  37. 54.

    PETER B. KENEN. The Substitution Account as a First Step Toward Reform of the International Monetary System [J]. Peterson Institute for International Economics, 2010, pp. 5–10.

  38. 55.

    See footnote 40.

  39. 56.

    Shi **g. SDR and the Reform of the International Monetary System [J]. Economic Research Guide, 2012(33), pp. 56–58 + 134.

  40. 57.

    PETER B. KENEN. Use of SDR to Supplement or Substitute for Other Means of Finance [J]. International Money and Credit: The Policy Roles, 1984, ch. 7.

  41. 58.

    See footnote 29.

  42. 59.

    See footnote 39.

  43. 60.

    See footnote 40.

  44. 61.

    See footnote 29.

  45. 62.

    Li Jun. Technology and Law: Dual Tracks of Blockchain Financial Development [J]. Journal of Shanghai Lixin Accounting and Finance College, 2017(3), pp. 54–59.

  46. 63.

    Zhang Rui. Traditional Finance Innovation and Reform Based on Blockchain. Southwest Finance, 2016(10), pp. 18–23.

  47. 64.

    See footnote 62.

  48. 65.

    Lin **. Theory, Practice, and Impact of Bitcoin [J]. International Financial Research, 2013(12), pp. 14–25.

  49. 82.

    See footnote 56.

  50. 83.

    SSAAIYA, An International Monetary Fund Currency to Rival the Dollar? [M]. Washington DC: Cato Institute 2009(10), pp. 1–15.

  51. 84.

    P. ALESSANDRINI, M. FRATIANNI. International Monies, Special Drawing Rights and Supranational Money [M]. Rome: Prepared for the 2009 Pre-G8 Summit Conference on “Global Financial Crises: National Economic Solutions, Geopolitical Impacts”, 2009.

  52. 85.

    P. B. CLARK, J. J. POLAK. International Liquidity and the Role of the SDR in the International Monetary System [R]. IMF Staff Position Note, 2002WP/02/217.

  53. 86.

    See footnote 56.

  54. 87.

    BARRY EICHENGREEN. The Dollar Dilemma: The World’s Top Currency Faces Competition [J]. Foreign Affairs, 2009(5), pp. 47–49.

  55. 88.

    HUMPAGE O. F. Will Special Drawing Rights Supplant the Dollar? [EB/OL]. https://wallstreetpit.com/4204-will-special-drawing-rights-supplant-the-dollar/. Accessed 6 May 2022.

  56. 89.

    RICHARD N. COOPER. Necessary reform? The IMF and international financial architecture [J]. Harvard International Review, 2009(04), pp. 52–55.

  57. 90.

    Li Lingyun. Formation and Influence of the “Dual Standard” International Monetary System [D]. Tian**: Nankai University, 2010, pp. 186–189.

  58. 91.

    J. A. ROSENSWEIG. Single Reserve Currency: An Analysis Of The Benefits And Challenges With Implementing A Single Reserve Currency [J]. Global Macroseconomic Perspectives, 2009, pp. 25–86.

  59. 92.

    Website of the China State Council Information Office. Signing of the Strategic Cooperation Framework Agreement for the “Maritime Silk Road” Fund [EB/OL]. http://www.scio.gov.cn/ztk/wh/slxy/htws/Document/1379029/1379029.htm. Accessed 6 May 2022.

Author information

Authors and Affiliations

  1. Delta, BC, Canada

    Leo Zeng

Authors
  1. Leo Zeng
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

© 2024 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Zeng, L. (2024). The Realization Path of CryptoSDRs Monetization. In: A Study on the Creation, Impact and Legal Issues of Crypto Special Drawing Rights. Modern China and International Economic Law. Springer, Singapore. https://doi.org/10.1007/978-981-99-9975-0_2

Download citation

  • DOI: https://doi.org/10.1007/978-981-99-9975-0_2

  • Published:

  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-99-9974-3

  • Online ISBN: 978-981-99-9975-0

  • eBook Packages: Law and CriminologyLaw and Criminology (R0)

Publish with us

Policies and ethics

Search

Navigation