The Use of New Payment Platforms in International Trade: Projects Based on Central Bank Digital Currencies and Project of Nexus

Year 2024, Volume: 4 Issue: 2, 609 - 631, 31.12.2024

Selin Soğukoğlu Korkmaz , Ömer Faruk Korkmaz

https://doi.org/10.71138/turkav.1593478

Abstract

In recent years, rapid changes in the IT sector have affected the international trade ecosystem as in many other areas, and the emerging technological innovations have paved the way for the emergence of different opportunities. At this point, the issue of reshaping payment sys-tems, which are vital for the effective and efficient functioning of international trade, has come to the fore. Studies and reports show that CBDC-based payment systems in internatio-nal trade can offer the potential for improvement in terms of cost, speed and transparency compared to traditional payment systems. However, possible CBDC is seen as a new instru-ment for today's world. In this framework, the aim of this study is to examine the projects based on central bank digital currency and the next generation technology-based payment system project based on the traditional monetary system for cross-border payment systems. Especially in foreign trade, both transaction volumes and operational burden are increasing. New technologies will provide serious benefits compared to traditional tools in recording and storing data that grows day by day. However, in such a digitized ecosystem, there is a risk of cyber-attacks on the data collected. For this reason, efforts to keep data secure are also im-portant. Considering that the universe is a common living space, the existence of a payments ecosystem that reduces energy consumption and is designed using more sustainable technolo-gies will contribute to the efforts for a sustainable world. In conclusion, whether a payment platform based on new instruments such as central bank digital money or a platform based on today's monetary system covered with different technologies is used, it is seen that cross-border payment systems have reached a crossroads. Therefore, it is necessary to be prepared for the incorporation of different payment platforms into daily life. A more digital payment ecosystem equipped with new technologies awaits humanity in the future.

Keywords

International Trade, Cross-Border Payments, Central Bank Digital Currency, CBDC, NEXUS

Uluslararası Ticarette Yeni Ödeme Platformlarının Kullanımı: Merkez Bankası Dijital Para Projeleri ve Nexus

Abstract

Son yıllarda bilişim sektöründe yaşanan hızlı değişimler birçok alanda olduğu gibi uluslararası ticaret ekosistemini de etkilemiş ve ortaya çıkan teknolojik yenilikler farklı fırsatların doğmasına zemin hazırlamıştır. Bu noktada özellikle uluslararası ticaretin etkin ve verimli bir şekilde işlemesinde hayati önemi olan ödeme sistemlerinin yeniden şekillendirilebilmesi hususu gündeme gelmiştir. Bu çerçeve de çalışmanın amacı sınır ötesi ödeme sistemlerine yönelik yürütülen merkez bankası dijital parası temelli projeler ile geleneksel para sistemine dayalı yeni nesil teknoloji temelli ödeme sistem projesinin incelenmesidir. Sonuç olarak ister merkez bankası dijital parası gibi yeni bir enstrümana dayalı ödeme platformu kullanılsın ister farklı teknolojilerle örtülü günümüz para sistemine dayalı bir platform kullanılsın sınır ötesi ödeme sistemlerinde bir yol ayrımına gelindiği dolayısıyla gelecekte farklı ödeme platformlarının da gündelik yaşantımıza dâhil edilmesine hazırlıklı olunması gerekliliği ortaya konulmaktadır.

Keywords

Uluslararası Ticaret, Sınır Ötesi Ödemeler, Merkez Bankası Dijital Parası, MBDP, NEXUS

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