Investigator: Sangita Gazi

Abstract:
The world is moving towards a future where private and public currencies will compete on a national and international level, and consumers will have the ability to choose the currency that aligns best with their preferences. Fintech and big tech companies are using big data, artificial intelligence, and machine learning to provide financial services to underbanked populations, causing governments to face increased competition from the private sector in a digital monetary system. The proposed research will compare the legal and regulatory frameworks for digital currencies, specifically stablecoins, and Central Bank Digital Currencies, within the EU, the UK, and the US and explore how the digitalization of monetary and payment systems may spark a new era of global currency competition, requiring standardization and harmonization in digital currency laws.