The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power?
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Conjuntura Austral |
Texto Completo: | https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/127669 |
Resumo: | China's pioneerism on creating a Central Bank Digital Currency (CBDC) leaves numerous questions regarding its implications to the global power dynamics. In this context, the goal of this paper is to analyze in what ways the digital renminbi (e-CNY) may represent a threat to the dollar’s structural power in the international system and to discuss its main limits. We resort to the conceptual framework of the dollar’s structural power for the American hegemony and highlight the political repercussions arising from this centrality. Next, we scrutinize the Chinese digitalization both from a monetary and operational perspective and from a Digital Silk Road initiative one, considering that the latter includes multiple instruments (of infrastructure, technology, digital commerce and cyberspace governance) that support the e-CNY’s dissemination. This paper argues that the e-CNY’s launch may give in the long run a new impetus towards internationalizing the renminbi to ascend in the international monetary hierarchy via its promotion on regional payments, especially on the e-commerce sector. However, this does not affect the structural position of the dollar in the short run because the limits to an expressive expansion of the e-CNY in the International Monetary System remain quite significant. |
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The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? A Moeda Digital Chinesa: : Um Confronto com o Poder Estrutural do Dólar?Chinese Digital Currency; Digital Silk Road; Dollar’s Structural Power.Moeda Digital Chinesa; Rota da Seda Digital; Poder Estrutural do Dólar.China's pioneerism on creating a Central Bank Digital Currency (CBDC) leaves numerous questions regarding its implications to the global power dynamics. In this context, the goal of this paper is to analyze in what ways the digital renminbi (e-CNY) may represent a threat to the dollar’s structural power in the international system and to discuss its main limits. We resort to the conceptual framework of the dollar’s structural power for the American hegemony and highlight the political repercussions arising from this centrality. Next, we scrutinize the Chinese digitalization both from a monetary and operational perspective and from a Digital Silk Road initiative one, considering that the latter includes multiple instruments (of infrastructure, technology, digital commerce and cyberspace governance) that support the e-CNY’s dissemination. This paper argues that the e-CNY’s launch may give in the long run a new impetus towards internationalizing the renminbi to ascend in the international monetary hierarchy via its promotion on regional payments, especially on the e-commerce sector. However, this does not affect the structural position of the dollar in the short run because the limits to an expressive expansion of the e-CNY in the International Monetary System remain quite significant.O pioneirismo da China na criação de uma moeda digital emitida pelo Banco Central (CBDC na sigla em inglês) abre inúmeras perguntas sobre suas implicações para a dinâmica de poder mundial. Neste contexto, o objetivo deste artigo é analisar de quais maneiras o renminbi digital (e-CNY) pode representar uma ameaça ao poder estrutural do dólar no sistema internacional e discutir seus principais limites. Recorremos ao arcabouço conceitual do poder estrutural do dólar para a hegemonia estadunidense e salientamos as repercussões políticas provenientes dessa centralidade. Em seguida, escrutinamos a digitalização chinesa tanto do ponto de vista monetário e operacional quanto das iniciativas em torno da Rota da Seda Digital, entendendo que esta última contempla múltiplos instrumentos (de infraestrutura, tecnologia, comércio digital e governança do ciberespaço) que sustentam a disseminação do e-CNY. Este artigo argumenta que o lançamento do e-CNY pode fornecer no longo prazo um novo ímpeto à internacionalização do renminbi para ascender na hierarquia monetária internacional via sua promoção nos pagamentos regionais, sobretudo no setor de e-commerce. No entanto, isso não afeta a posição estrutural do dólar no curto prazo porque os limites para uma expansão expressiva do e-CNY no Sistema Monetário Internacional continuam sendo muito significativos.UFRGS2023-03-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/12766910.22456/2178-8839.127669Conjuntura Austral; Vol. 14 No. 65 (2023); 7-20Conjuntura Austral; Vol. 14 Núm. 65 (2023); 7-20Conjuntura Austral; v. 14 n. 65 (2023); 7-202178-8839reponame:Conjuntura Australinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/127669/88269Copyright (c) 2023 Alba Boaventura, Isabela Nogueira, Bruno de Contihttps://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessBoaventura, AlbaNogueira, Isabela de Conti, Bruno2023-03-31T01:38:18Zoai:seer.ufrgs.br:article/127669Revistahttps://seer.ufrgs.br/ConjunturaAustralPUBhttps://seer.ufrgs.br/ConjunturaAustral/oaiconjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br2178-88392178-8839opendoar:https://seer.ufrgs.br/ConjunturaAustral/oaihttps://seer.ufrgs.br/ConjunturaAustral/oai2023-03-31T01:38:18Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? A Moeda Digital Chinesa: : Um Confronto com o Poder Estrutural do Dólar? |
title |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
spellingShingle |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? Boaventura, Alba Chinese Digital Currency; Digital Silk Road; Dollar’s Structural Power. Moeda Digital Chinesa; Rota da Seda Digital; Poder Estrutural do Dólar. |
title_short |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
title_full |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
title_fullStr |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
title_full_unstemmed |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
title_sort |
The Chinese Digital Currency: : A Confrontation with the Dollar's Structural Power? |
author |
Boaventura, Alba |
author_facet |
Boaventura, Alba Nogueira, Isabela de Conti, Bruno |
author_role |
author |
author2 |
Nogueira, Isabela de Conti, Bruno |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Boaventura, Alba Nogueira, Isabela de Conti, Bruno |
dc.subject.por.fl_str_mv |
Chinese Digital Currency; Digital Silk Road; Dollar’s Structural Power. Moeda Digital Chinesa; Rota da Seda Digital; Poder Estrutural do Dólar. |
topic |
Chinese Digital Currency; Digital Silk Road; Dollar’s Structural Power. Moeda Digital Chinesa; Rota da Seda Digital; Poder Estrutural do Dólar. |
description |
China's pioneerism on creating a Central Bank Digital Currency (CBDC) leaves numerous questions regarding its implications to the global power dynamics. In this context, the goal of this paper is to analyze in what ways the digital renminbi (e-CNY) may represent a threat to the dollar’s structural power in the international system and to discuss its main limits. We resort to the conceptual framework of the dollar’s structural power for the American hegemony and highlight the political repercussions arising from this centrality. Next, we scrutinize the Chinese digitalization both from a monetary and operational perspective and from a Digital Silk Road initiative one, considering that the latter includes multiple instruments (of infrastructure, technology, digital commerce and cyberspace governance) that support the e-CNY’s dissemination. This paper argues that the e-CNY’s launch may give in the long run a new impetus towards internationalizing the renminbi to ascend in the international monetary hierarchy via its promotion on regional payments, especially on the e-commerce sector. However, this does not affect the structural position of the dollar in the short run because the limits to an expressive expansion of the e-CNY in the International Monetary System remain quite significant. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-03-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/127669 10.22456/2178-8839.127669 |
url |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/127669 |
identifier_str_mv |
10.22456/2178-8839.127669 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConjunturaAustral/article/view/127669/88269 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Alba Boaventura, Isabela Nogueira, Bruno de Conti https://creativecommons.org/licenses/by-nc-sa/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Alba Boaventura, Isabela Nogueira, Bruno de Conti https://creativecommons.org/licenses/by-nc-sa/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
Conjuntura Austral; Vol. 14 No. 65 (2023); 7-20 Conjuntura Austral; Vol. 14 Núm. 65 (2023); 7-20 Conjuntura Austral; v. 14 n. 65 (2023); 7-20 2178-8839 reponame:Conjuntura Austral instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
Conjuntura Austral |
collection |
Conjuntura Austral |
repository.name.fl_str_mv |
Conjuntura Austral - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
conjunturaaustral@ufrgs.br||reisdasilva@hotmail.com||nerint@ufrgs.br||andre.reis@ufrgs.br |
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