to all and cannot be withheld, even from people who do not pay for the resource. but unlike public goods, consumption by an individual or a group of individuals does reduce the resource's availability to others. 5 a typical example is fishery resources. overconsumption of a common - pool resource can lead to the complete and permanent destruction of the commonpool resource. this problem is known as the " tragedy of the commons. " 6 when farmers put their cows on a common pasture, each individual farmer will put as many cows on the pasture as possible, acting independently according to his own self - interest. this will eventually result in the over - exploitation and destruction of the pasture, and all farmers will be damaged. gscs could bring about a " tragedy of the commons. " central banks provide public goods ( i. e. financial and monetary stability ) through monetary and prudential policies. meanwhile, gsc is a scheme that utilizes public goods ( i. e. financial and monetary stability ), provided by central banks. if gscs are widely used with over - exploitation of public goods in such a way that gscs begin to substitute for fiat currency in each jurisdiction and gsc - denominated transactions and assets / liabilities increase, this would undermine the monetary policy transmission of central banks. when the effects of monetary policy are weakened, the while a public good satisfies both " non - rivalry " and " non - excludability, " a common - pooled resource exhibits only " non - excludability. " 6 hardin, g, " the tragedy of the commons, " science, 1968, vol. 162, 1243 – 1248. provision of public goods ( i. e. financial and monetary stability ) will be disturbed, and this would destabilize not only the value of gscs but also overall economic activities. this can be thought of as the financial version of a " tragedy of the commons. " a wide use of stablecoin on a global scale could transform financial stability from a public good into a common - pool resource. the risk of currency substitution to gscs could be higher for countries with a weak economic base and lacking effective payment infrastructures. when the effects of monetary policy are undermined by the spread of currency substitution across these countries, it would lead to instability in the real economy, the impact being transmitted to other countries. given the progress in economic globalization and stronger interdependencies among financial systems

to the other parties. that would be true if the market for cashless payment services does not scale up even with the introduction of interoperability. it would simply escalate the competition among payment service providers. however, if interoperability among payment service providers and payment platforms is ensured, benefits to users will increase, leading to an increase in the use of cashless payments, hence the expansion of the market for cashless payment services. as a result, a win - win relationship benefitting all the payment service providers can be established. many studies have indicated that network interoperability will bring a win - win relationship between related parties. 9 in fact, this has also been proved by some examples that are quite familiar to us. one of them is the interconnection of transportation ic cards, such as pasmo and suica. as this has improved convenience for users, the cumulative number of transportation ic cards issued has now surpassed 100 million. the advantage for users ( riders ) that they do not have to buy a ticket each time they travel is also an advantage for transportation companies, since they do not have to sell a ticket for each journey. the interconnection of transportation ic cards has made it possible for each transportation company to save labor costs in checking tickets, fares, and commuter passes. this has led to punctual operation ( as the result of efficient boarding ), reduction of the human workload, and optimization of human resources. there is also an interesting example regarding interoperability in the banking sector ; the cd / atm network. in 1980, city banks divided themselves into two tiers, the upper tier and the middle and lower tier, and initiated an online network alliance separately for each tier group. the division into two tiers was said to be the result of opposition by banks in the middle and lower tier. they were concerned that " if online networks are integrated into one alliance, customers will move their bank accounts to the upper tier banks, and the middle and lower tier banks will be left to serve only as providers of machines. " 10 however, the advent of a nationwide online network for postal savings, which was the banks'common and strong rival, eventually pushed these two tiers to integrate. in 1984, a new city bank cash service ( bancs ) was launched by unifying the two tiers. after that, the multi integrated cash service ( mics ) was launched by integrating the networks of city banks and regional banks. the benson