Money in the time of crypto

【Author】 Bibi, Samuele

【Source】RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE

【影响因子】6.143

【Abstract】This paper investigates the evolution of cryptocurrencies. By nature and essence, Bitcoin chal-lenged and implicitly threatened central bank money and its role in the monetary system. Meanwhile, central banks have been studying cryptocurrencies and launched pilot projects on their own digital currency, the Central Bank Digital Currency. Until recently, most economists considered Bitcoin merely as a speculative asset; however, the El Salvador decision in 2021 to establish it as a legal tender (through the Bitcoin Law) questions the status quo perception of Bitcoin. Given El Salvador's legal obligation by law of their acceptance, allowing tax payments to the government and debts to be settled using Bitcoin, the Bitcoin Law challenges the boundaries of money. In light of the El Salvador experience, we consider different perspectives on the nature of money, allowing us to reject or include Bitcoin inside the money spectrum.

【Keywords】Cryptocurrencies; CBDC; Nature of money; Theories of money; El salvador

【发表时间】2023 APR

【收录时间】2023-06-01

【文献类型】观点阐述

【主题类别】

区块链应用-虚拟经济-CBDC