Taiji Inui, Wataru Takahashi and Mamoru Ishida in this voxeu piece: Central bank digital currencies are currently being considered by many central banks around the world. This column advocates the introduction of an Asian digital common currency as a multilateral synthetic currency comparable to the euro. It argues that the benefits it would bring – such as a deepening cooperation within multilateral frameworks and the protection of the rights of small and medium-sized countries – are greater than the disadvantages of inefficiencies in multilateral frameworks. Some bit of history: East Asia has a history of common currencies. One example is the wide circulation of Chinese coins throughout East Asia during the Middle Ages. At that time, trade in the sea flourished around China.
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Taiji Inui, Wataru Takahashi and Mamoru Ishida in this voxeu piece: