This article investigates the impact of the internationalization of emerging market currencies on original sin, which is the inability for emerging countries to borrow abroad in local currencies. The objective is to assess the role of direct (metrics of international currency functions fulfillment) and indirect measures (drivers) of internationalization on the currency structure of the debt for a set of emerging market countries. Using two different measures of original sin (local currency external debt as a share of total external debt; and total amount issued in local currencies in international markets) over the period 2005-2016 and panel data empirical analysis, we show a favorable impact of the internationalization process on original sin. The main determinants are the FX turnover of the currencies, the economic size of the issuing country and the VIX. Moreover, we highlight network effects between the functions ‘store of value' and ‘means of payment'. The tests enhance also the existence of inertia in the use of a currency for financial transactions. Lastly, some results give evidence of the role of derivatives instruments to support the use of emerging market currencies in bond markets.