Effects of central bank digital currencies and blockchain on cross-border payments

de Jesús Infante Rivera L.; Gomez Bernaola K.O.; Villón Bruno S.E.; Huallpa Quispe P.M. · Revista Venezolana de Gerencia (2026) · DOI: 10.52080/rvgluz.31.116.25

Resumen

This research analyzes the impact of central bank digital currencies and blockchain technology on cross-border payments. The study was organized into five categories: monetary transformation, payment infrastructure and efficiency, financial intermediation, international monetary competition, and risks, stability, and governance. These categories were analyzed through a literature review using Atlas.ti software. The results show that CBDCs and monetary digitization have reconfigured the role of money and reinforced the transition to less cash-dependent economies. Similarly, blockchain and interoperability between systems appear as key technical conditions for reducing friction, accelerating settlement, and lowering the costs of international payments. However, this comes with a disruption to the traditional intermediation architecture, especially correspondent banking, and may alter the market power of financial institutions. Likewise, the expansion of CBDCs, stablecoins, and other digital assets intensifies international monetary competition by influencing monetary preferences and potentially leading to currency substitution. The conclusion suggests that technological innovation can improve the efficiency and transparency of cross-border payments; however, its viability will depend on prudent institutional design, effective interoperability, and governance frameworks capable of preserving the stability of the global monetary system.

Instituciones: Universidad Peruana Los Andes; Universidad Nacional de Cañete