Global Payment Systems Reshaped by Digitalization The digital revolution is shaking up every industry, and the financial sector is no exception to this transformation. Have you ever experienced inconvenience due to slow payment processing times and high fees when buying a cup of coffee recently, or sending money to a friend overseas? Central Bank Digital Currencies (CBDCs) and other digital assets, considered game-changers to resolve these issues, are rapidly gaining attention. It is no coincidence that the Review of Finance, a globally authoritative financial academic journal, has issued a call for research papers on the theme of 'The Future of Payments.' The Review of Finance, a prominent academic journal in economics and finance, recently announced a special issue call for papers titled 'The Future of Payments—CBDC, Digital Assets and Digital Capital Markets.' This call aims to practically assist financial policymakers and regulators in setting directions to adapt to a digitized economic environment. This special issue particularly focuses on research that can characterize the financial and economic impacts of Central Bank Digital Currencies (CBDCs) and other emerging digital assets on existing payment and monetary systems, as well as capital markets. The call for papers will proceed in two stages. In the first stage, submissions are requested for proposals or early-stage working papers outlining research questions, methodologies, model frameworks (for theoretical studies), or data to be collected (for empirical studies). Selected proposals and working papers will be chosen by the scientific committee and program organizers for presentation at the first event, to be held in Milan, Italy, from September 25-26, 2025. Subsequently, selected papers will undergo formal review and be finally presented at the second conference in Milan in April 2026. However, the crucial point here is not merely the emergence of new technologies. The core questions revolve around how CBDCs and digital assets will impact existing financial systems, and how the competitive landscape in cross-border payments and the global economy will change based on these developments. Examining the research areas of particular interest to the organizers further clarifies the contours of these questions. First, research on the economic impact of CBDCs in terms of innovation, competition, and efficiency enhancement. CBDCs hold the potential to strengthen the efficiency of existing monetary systems or expand financial inclusion. They are attracting significant attention for their ability to reduce transaction costs and improve processing speeds through the modernization of payment systems. Second, research on the geopolitical implications of CBDCs, currency competition, and the reshaping of global monetary dynamics. As central banks worldwide issue digital currencies, there is a possibility of a shift in the power structure of the international monetary system. This implies a geopolitical significance beyond mere technological innovation, involving a redistribution of economic influence among nations. Third, research on CBDCs and cross-border payments, interoperability, and efficiency improvements. Currently, international remittance and payment systems involve multiple intermediaries, leading to high costs and long processing times. CBDCs are emerging as a realistic alternative, capable of improving these high costs and inefficient procedures in cross-border payments. Particularly, ensuring interoperability between different national CBDC systems is a key challenge for the global digital economy. Key Issues in CBDC and Digital Asset Research Fourth, research on CBDC user experience design through a multidisciplinary approach, including user preferences for privacy and resilience. No matter how technologically superior a system is, it cannot succeed if users do not adopt it. Therefore, user-centric design and privacy protection are critical factors for CBDC success. In conjunction with this, the organizers are also actively welcoming papers on digital assets, payment infrastructure, and capital markets. This includes several important research topics. First, research on the role of central bank money as a means of payment and a catalyst for convergence in future digital capital markets. CBDCs have the potential to transform the capital market infrastructure itself, beyond merely being a means of payment. How securities trading, clearing, and settlement processes can be innovated through CBDCs is a crucial topic that will impact the overall financial market structure. The financial stability implications of stablecoins are also an important area of research. Stablecoins are cryptocurrencies pegged to fiat currencies or other assets, an attempt to address the volatility issues of traditional cryptocurrencies. However, the rapid growth of stablecoins could introduce new risks to financial stability. Particularly, the impact of large-scale stablecoins
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