{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,3]],"date-time":"2026-07-03T23:50:52Z","timestamp":1783122652474,"version":"3.54.6"},"reference-count":33,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2022,12,1]],"date-time":"2022-12-01T00:00:00Z","timestamp":1669852800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"},{"start":{"date-parts":[[2022,12,1]],"date-time":"2022-12-01T00:00:00Z","timestamp":1669852800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/legal\/tdmrep-license"},{"start":{"date-parts":[[2022,7,15]],"date-time":"2022-07-15T00:00:00Z","timestamp":1657843200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["elsevier.com","sciencedirect.com"],"crossmark-restriction":true},"short-container-title":["Research in International Business and Finance"],"published-print":{"date-parts":[[2022,12]]},"DOI":"10.1016\/j.ribaf.2022.101716","type":"journal-article","created":{"date-parts":[[2022,7,16]],"date-time":"2022-07-16T03:28:46Z","timestamp":1657942126000},"page":"101716","update-policy":"https:\/\/doi.org\/10.1016\/elsevier_cm_policy","source":"Crossref","is-referenced-by-count":51,"special_numbering":"C","title":["Systemic stablecoin and the defensive case for Central Bank Digital Currency: A critique of the Bank of England\u2019s framing"],"prefix":"10.1016","volume":"62","author":[{"given":"Jamie","family":"Morgan","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"10.1016\/j.ribaf.2022.101716_bib1","first-page":"905","article-title":"\u2018Stablecoins: risks, potential and regulation.\u2019","author":"Arner","year":"2020","journal-title":"BIS Work."},{"issue":"3","key":"10.1016\/j.ribaf.2022.101716_bib2","doi-asserted-by":"crossref","first-page":"293","DOI":"10.1080\/09692290.2018.1459780","article-title":"\u2018Macroprudential regimes and the politics of social purpose\u2019","volume":"25","author":"Baker","year":"2018","journal-title":"Rev. Int. Political Econ."},{"key":"10.1016\/j.ribaf.2022.101716_bib3","first-page":"170","article-title":"\u2018From the political economy of financial regulation and economic governance to climate change: an interview with Andrew P. Baker.\u2019","volume":"98","author":"Baker","year":"2021","journal-title":"Real. -World Econ. Rev."},{"key":"10.1016\/j.ribaf.2022.101716_bib4","unstructured":"Bank of England , 2020. Central Bank Digital Currency: opportunities challenges and design. London: Author, March."},{"key":"10.1016\/j.ribaf.2022.101716_bib5","unstructured":"Bank of England, 2021. New Forms of Digital Money. London: Author, June."},{"key":"10.1016\/j.ribaf.2022.101716_bib6","series-title":"Value(s)","author":"Carney","year":"2021"},{"key":"10.1016\/j.ribaf.2022.101716_bib7","unstructured":"Chainalysis,\u00a02021 The 2021 Geography of Cryptocurrency Report: Analysis of Geographic Trends in Cryptocurrency Adoption and Usage. Author, October.\u3008https:\/\/go.chainalysis.com\/rs\/503-FAP-074\/images\/Geography-of-Cryptocurrency-2021.pdf\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib8","unstructured":"CPMI-IOSCO,\u00a02021. Consultative report: Application of the Principles for Financial Market Infrastructures to stablecoin arrangements. Authors, October."},{"key":"10.1016\/j.ribaf.2022.101716_bib9","unstructured":"Cunliffe, J. , 2021a. \u2018Do we need public money?\u2019 Speech given at OMFIF Digital Money Institute London, May 13th. Bank of England."},{"key":"10.1016\/j.ribaf.2022.101716_bib10","unstructured":"Cunliffe, J. , 2021b. \u2018Is \u2018Crypto\u2019 a financial stability risk?\u2019 Speech given at SIBOS, October 13th. Bank of England."},{"key":"10.1016\/j.ribaf.2022.101716_bib11","unstructured":"Diem,\u00a02020. Cover Letter and White Paper V.2. Author, December."},{"issue":"2","key":"10.1016\/j.ribaf.2022.101716_bib12","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1080\/08911916.2019.1624317","article-title":"\u2018Monetary reform, central banks, and digital currencies\u2019","volume":"48","author":"Dow","year":"2019","journal-title":"Int. J. Political Econ."},{"key":"10.1016\/j.ribaf.2022.101716_bib13","series-title":"Third Report of Session 2021-22, HL Paper 131","article-title":"Central Bank Digital Currencies: A solution in search of a problem?","author":"EAC","year":"2022"},{"key":"10.1016\/j.ribaf.2022.101716_bib14","unstructured":"Eichengreen, B., Viswanath-Natraj, G. , 2020. \u2018Libra still needs more baking.\u2019 Vox Eu, 25th April, \u3008https:\/\/voxeu.org\/article\/libra-still-needs-more-baking\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib15","unstructured":"EC [European Commission], 2020. Proposal for a Regulation of the European Parliament and the Council on Markets in Cryptoassets, and amending Directive (EU) 2019\/1937. Brussels, September."},{"key":"10.1016\/j.ribaf.2022.101716_bib16","unstructured":"Federal Reserve, 2022. Money and payments: The US Dollar in the age of digital transformation. Research & Analysis, Board of Governors of the Federal reserve, January.\u3008https:\/\/www.federalreserve.gov\/publications\/files\/money-and-payments-20220120.pdf\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib17","unstructured":"FSB [Financial Stability Board] , 2022. Assessment of Risk to Financial Stability from Crypto-assets. 16th February."},{"key":"10.1016\/j.ribaf.2022.101716_bib18","unstructured":"FSB [Financial Stability Board]\u00a0, 2020. Addressing the regulatory, supervisory and oversight challenges raised by \u201cglobal stablecoin\u201d arrangements. 14th April."},{"key":"10.1016\/j.ribaf.2022.101716_bib19","unstructured":"FSOC [Financial Stability Oversight Council] 2021, 2021 Annual Report. Washington DC: Author.\u3008https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2021AnnualReport.pdf\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib20","unstructured":"G7 WGS [Working Group on Stablecoins] , 2019. Investigating the impact of global stablecoins. October."},{"key":"10.1016\/j.ribaf.2022.101716_bib21","unstructured":"HM Treasury , 2021. UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence. London: Author, January."},{"key":"10.1016\/j.ribaf.2022.101716_bib22","unstructured":"IMF, 2021. Global Financial Stability Report [Chapter 2: The Crypto Ecosystem and Financial Stability Challenges]. Washington DC: Author, October."},{"key":"10.1016\/j.ribaf.2022.101716_bib23","series-title":"The Nature of Money","author":"Ingham","year":"2004"},{"key":"10.1016\/j.ribaf.2022.101716_bib24","unstructured":"Kharif, O. , 2022. \u2018Meta-backed Diem Association confirms asset sale to Silvergate.\u2019 Bloomberg 31st January \u3008https:\/\/www.bloomberg.com\/news\/articles\/2022\u201301-31\/meta-backed-diem-association-confirms-asset-sale-to-silvergate\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib25","doi-asserted-by":"crossref","unstructured":"Kumhof, M. and Noone, C. 2018. Central bank digital currencies \u2014 design principles and balance sheet implications. Bank of England Staff Working Paper No. 725, May.","DOI":"10.2139\/ssrn.3180713"},{"issue":"2","key":"10.1016\/j.ribaf.2022.101716_bib26","doi-asserted-by":"crossref","first-page":"201","DOI":"10.1080\/14767430.2021.1914904","article-title":"Cambridge social ontology, the philosophical critique of modern economics and social positioning theory: an interview with Tony Lawson, part 2","volume":"20","author":"Lawson","year":"2021","journal-title":"J. Crit. Realism"},{"key":"10.1016\/j.ribaf.2022.101716_bib27","first-page":"14","article-title":"\u2018Money creation in the modern economy\u2019","volume":"Q1","author":"McLeay","year":"2014","journal-title":"Bank Engl. Q. Bull."},{"issue":"167","key":"10.1016\/j.ribaf.2022.101716_bib28","doi-asserted-by":"crossref","first-page":"1","DOI":"10.3167\/th.2021.6816701","article-title":"\u2018The myth of the fourth industrial revolution.\u2019","volume":"68","author":"Moll","year":"2021","journal-title":"Theoria"},{"issue":"3","key":"10.1016\/j.ribaf.2022.101716_bib29","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1080\/03085147.2019.1620027","article-title":"\u2018Will we work in twenty-first century capitalism? A critique of the fourth industrial revolution literature.\u2019","volume":"48","author":"Morgan","year":"2019","journal-title":"Econ. Soc."},{"key":"10.1016\/j.ribaf.2022.101716_bib30","series-title":"The Future of Money","author":"Prasad","year":"2021"},{"key":"10.1016\/j.ribaf.2022.101716_bib31","unstructured":"PWG [Presidential Working Group on Financial Markets, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency], 2021. Report on Stablecoins. Washington DC: Author, November. \u3008https:\/\/home.treasury.gov\/system\/files\/136\/StableCoinReport_Nov1_508.pdf\u3009."},{"key":"10.1016\/j.ribaf.2022.101716_bib32","unstructured":"Segal-Knowles, C. , 2021. \u2018Stablecoins: What is old is new again.\u2019 Speech given at the Westminster eForum Policy Conference, June 10th. Bank of England."},{"key":"10.1016\/j.ribaf.2022.101716_bib33","doi-asserted-by":"crossref","unstructured":"Wang, H. , 2022. \u2018China\u2019s approach to Central Bank Digital Currency\u2019 SSRN, 16th February.\u3008https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4036466\u3009.","DOI":"10.2139\/ssrn.4036466"}],"container-title":["Research in International Business and Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0275531922001040?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0275531922001040?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T12:55:13Z","timestamp":1759496113000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0275531922001040"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,12]]},"references-count":33,"alternative-id":["S0275531922001040"],"URL":"https:\/\/doi.org\/10.1016\/j.ribaf.2022.101716","relation":{},"ISSN":["0275-5319"],"issn-type":[{"value":"0275-5319","type":"print"}],"subject":[],"published":{"date-parts":[[2022,12]]},"assertion":[{"value":"Elsevier","name":"publisher","label":"This article is maintained by"},{"value":"Systemic stablecoin and the defensive case for Central Bank Digital Currency: A critique of the Bank of England\u2019s framing","name":"articletitle","label":"Article Title"},{"value":"Research in International Business and Finance","name":"journaltitle","label":"Journal Title"},{"value":"https:\/\/doi.org\/10.1016\/j.ribaf.2022.101716","name":"articlelink","label":"CrossRef DOI link to publisher maintained version"},{"value":"article","name":"content_type","label":"Content Type"},{"value":"\u00a9 2022 The Author. Published by Elsevier B.V.","name":"copyright","label":"Copyright"}],"article-number":"101716"}}