Cryptocurrencies and Business Ethics

【Author】 Dierksmeier, Claus; Seele, Peter

【Source】JOURNAL OF BUSINESS ETHICS

【影响因子】6.331

【Abstract】Cryptocurrencies such as Bitcoin, SETLcoin, Ether, Solar Coin, or Liberty Reserve exist since 2009. Because of their decentralized control, they are often considered a threat or alternative to the conventional centralized banking system. While the technological implication of some such currencies, especially of Bitcoin, has attracted much attention, so far there is little discussion about the entire field of cryptocurrencies and very little academic literature addressing its ethical significance. In this article, we thus address the impact of blockchain technology on the nature of financial transactions from a business ethics perspective. We begin with a survey on relevant literature from neighboring disciplines. Next, we work towards a 3x3 framework for current debates on the ethics of cryptocurrencies (see Table1): we combine the micro, meso, and macro levels of business and society with assessments of the potential ethical impact of cryptocurrencies as morally beneficial, detrimental, and ambiguous. In addition, we highlight possible avenues for future research, such as the changing roles of the miners and regulators, the prosocial use of cryptocurrencies, the antisocial use for shadow banking and transactions in the dark net' and cryptocurrencies' effect on inflation and deflation.

【Keywords】Cryptocurrencies; Blockchain; Business ethics; Financial system; Social business; Trust; Bitcoin; Darknet; Shadow banking

【发表时间】2018 SEP

【收录时间】2022-01-02

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