Blockchain: Concepts, Issues, and Applications

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DOI :10.26650/B/T8SSc4.2024.041.009   IUP :10.26650/B/T8SSc4.2024.041.009    Full Text (PDF)

The Nexus of DeFi and CeFi: A Look at The Future Monetary System

Gonca Atıcı

In this study, we explore the multifaceted blockchain technology in terms of economics and finance. Detecting the literature gap in this field, we analyze the nexus of centralized finance (CeFi) and decentralized finance (DeFi). We question the relationship between DeFi and stablecoins and ask whether the next global financial crisis might be triggered by the stablecoins. We search whether DeFi and CeFi be complementaries or substitutes of one another in the following years. We review the progress of CBDCs that evolve at warp speed. Through our research, we take a look at the future monetary system, the position of central banks within this system, and the global cooperation possibilities.

Our study shed light on the literature by covering both theoretical and practical aspects of this complex issue. We believe it will be the first attempt to cover the critical dimensions of the subject with an integrated view. We conduct our study by analyzing the recent articles on the WoS database. We select the studies by applying several inclusion and exclusion criteria. Finally, we present the results and limitations of the study. 


Keywords: Blockchain, Ce-Fi, De-Fi, stablecoins, CBDCs

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