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Towards “Sustainable Democracy” and Common Prosperity Territories: The Legal Aspects of Central Bank Digital Currency and Its Roles in Economic Inequality Elimination

In: Fintech and Green Investment Transforming Challenges into Opportunities

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  • Ge Luna Zhang

Abstract

The world is marked by an extreme disparity of economic inequality, and the widening gulf of income and wealth distribution between the “rich” and the “poor” is one of the defining challenges of our time (Dabla-Norris et al., 2015). This chapter, set under the contemporary context of cascading disparities within social hierarchies and progressive innovations in financial sectors, outlines the roles of Central Bank Digital Currencies (CBDCs) in the elimination of economic inequality and probes three potential legal obstacles likely to be encountered during the implementation of CBDCs, by studying the correlations between the issuance of a CBDC and the reduction of economic inequality. This chapter, based on the welfare analyses on the socioeconomic manifestations of economic inequality and the roles of CBDC in the elimination of economic inequality, aims to promote common prosperity from the poorest to the people in high places, in order to construct a justified and legitimate economic system and to establish a free market welfare state, departing from poverty and inequality towards sustainable democratic states and common prosperity territories.

Suggested Citation

  • Ge Luna Zhang, 2024. "Towards “Sustainable Democracy” and Common Prosperity Territories: The Legal Aspects of Central Bank Digital Currency and Its Roles in Economic Inequality Elimination," World Scientific Book Chapters, in: Cuong Nguyen & Khanh Hoang & Christopher Gan (ed.), Fintech and Green Investment Transforming Challenges into Opportunities, chapter 10, pages 283-310, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800614604_0010
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    Keywords

    Fintech; New Institutional Economics; Climate Change; Commons; Financialization; Distributed Ledger Technology; Neoliberalism; Trilemma; Securitisation; Blockchain; Sustainability; Innovation; Circular Economy; Implementation; Governance; Challenge; Security; Decentralization; Digital Currencies; Circular Economy; Environmental Accountancy; Food Loss; Food Security; Food Waste; Industrial Symbiosis; Material Flow Analysis; Waste Management; China; Green Growth; Digital Finance; Big Four; Coal; Sustainable Development; Bitcoin Mining; Proof-of-Work (PoW); Energy Consumption; Carbon; Footprint; Market Value; Investor Attention; Google Search Volume; Causality; Cardano Coin; Behavioural Finance; Green Cryptocurrencies; Proof-of-Stake (PoS); Energy Efficiency; Green Finance; DeFi; CeFi; Banking System; Financial System; Bank-based Systems; Market-based Systems; SMEs; Corporate Ownership; Cross-border Banking Flows; De Jure; De Facto Regulations; Green Banking; Environmental Risks; Green Finance Regulation; Green Finance Policies; Gender Equality; Financial Inclusion; Women; Climate Change; Environment; Inequality; Poverty; Central Bank Digital Currency (CBDC); Common Prosperity; Sustainable Democracy; Economic Inequality Elimination; COVID-19; Economic Perspectives; Interdisciplinary Study; Youth Banking; Unbanked; Underbanked; Neobank; Accessibility; Practicability; Financial Inclusion; Digital Technologies; Energy Sector; Financial Issues; Supply Chain Financing;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • G2 - Financial Economics - - Financial Institutions and Services

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