Towards Cashless Society: International Digital Money Competition and Regulatory Implication

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This paper analyses the rise of digital money and mobile payment systems across the world. Money is at the heart of any financial system. Over the past two decades, both public and private sectors have proposed to create their own digital currency for the future economy. The creation of various digital currencies showcases the breadth and depth of global Fintech revolution and its far-reaching impact on commercial transactions and legal practices. Policymakers in several countries put forward the official initiative of building a cashless society, when digital money quickly replacing banknotes, coins, and cards as the default option of making payment for consumers and businesses. Against this background, the paper discusses the operating mechanisms, benefits, and limitations of three generations of digital money: blockchain-based cryptocurrencies (e.g., Bitcoin and Ethereum), stablecoins (e.g., Tether and Diem), as well as central bank digital currencies or CBDCs (e.g., Digital Euro, Digital Yuan, and Digital Dollar). It also assesses popular mobile payment systems (e.g., Apple Pay, Android Pay, Alipay, and WeChat Pay) and identifies the legal and regulatory challenges presented by digital money. The paper will be of interests to international financial lawyers, academics, students, and policymakers who deal with Fintech and digital economy.
Original languageEnglish
Publication statusAccepted/In press - 2024


  • Fintech
  • Digital Money
  • Virtual Currency
  • Mobile Payment
  • Cashless Society
  • Cryptocurrency
  • Bitcoin
  • Stablecoin
  • Central Bank Digital Currency
  • CBDC
  • Innovation


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