Offshore e-money issuers and monetary policy

Malte Krueger


Technically, it is conceivable that banks (or even non-banks) that are based in offshore centres can issue e-money and distribute it via the Internet all over the world. Therefore, many economists see offshore e-money issuers as a severe threat to the ability of central banks to conduct monetary policy. In this paper, it is argued that offshore issuers will denominate their e-money products in terms of existing currencies. Therefore they will be affected by monetary policy measures in the same way as onshore banks.

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