【Author】
Fantacci, Luca; Gobbi, Lucio
【Source】ACCOUNTING ECONOMICS AND LAW-A CONVIVIUM
【Abstract】Stablecoins are second generation cryptocurrencies, aimed at maintaining their value stable with respect to official currencies. The most famous example is perhaps represented by libra, the cryptocurrency announced by Facebook in 2019 and yet to be issued; the most widespread is tether, with a market capitalization of almost 10 billion dollars and a daily transaction volume of almost 50 billion dollars, which makes it the most used cryptocurrency. The diffusion of stablecoins is hardly surprising. By minimizing volatility - the main flaw of first generation cryptocurrencies, including bitcoin stablecoins are expected to play an even more important role on a global scale within a few years. Our contribution deals not with the economic, but specifically with the geopolitical factors that could foster the use of stablecoins for strategic and military purposes. In particular, we focus on how such payment instruments, together with other alternative electronic payment systems, could be used as a means to circumvent economic sanctions and ultimately as a challenge to the hegemony of the US dollar in the international monetary system.
【Keywords】stablecoins; cryptocurrencies; international monetary system; economic warfare; economic sanctions
【摘要】稳定币是第二代加密货币，旨在保持其相对于官方货币的价值稳定。最著名的例子可能是 Libra，这是 Facebook 于 2019 年宣布但尚未发行的加密货币；最普遍的是tether，市值近100亿美元，日交易量近500亿美元，是使用最广泛的加密货币。稳定币的普及并不令人意外。通过最小化波动性——包括比特币稳定币在内的第一代加密货币的主要缺陷有望在几年内在全球范围内发挥更重要的作用。我们的贡献不涉及经济，而是特别涉及可能促进稳定币用于战略和军事目的的地缘政治因素。我们特别关注如何将此类支付工具与其他替代电子支付系统一起用作规避经济制裁的手段，并最终挑战美元在国际货币体系中的霸权地位。
【关键词】稳定币；加密货币；国际货币体系；经济战；经济制裁
【文献类型】Article; Early Access
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