Cryptocurrencies: technology, initiatives of banks and central banks, and regulatory challenges

Abstract

This paper analyses the impacts of the innovation known as distributed ledger technology (DLT) on the monetary system and on financial activities. Private cryptocurrencies, such as Bitcoin, are permissionless means of payment, based on blockchain, a form of DLT. Evaluations suggested that these private cryptocurrencies could compete with the banks payment systems and even supplant state currency. The development of these technologies has the potential to modify profoundly monetary and financial practices, but there are no indications that they may threaten the centrality of state money and the banking system in the contemporary monetary order. Major international banks have developed cryptocurrencies for settlement systems and for interbank transactions, including the so-called stablecoins, issued by highly technological companies with on par conversion into state money. Some central banks are studying the launch of state cryptocurrencies that could coexist with their fiduciary state currency and even replace their paper currency. The use of this technology results in new challenges for regulation, including the fact that cryptocurrencies can be used for money laundering and by organized crime.

Monedas digitales emitidas por los bancos centrales y criptomonedas. Un análisis de teoría de los juegos

“…No obstante, teniendo en cuenta que las criptomonedas son protocolos digitales residentes en millones de ordenadores distribuidos por todo el mundo, su prohibición o eliminación total es virtualmente imposible y, en todo caso, extremadamente costosa, intrusiva y limitadora de actividades ajenas a las mismas. Por estas razones, las propuestas regulatorias suelen descartar la prohibición total y se basan en formas indirectas de regulación mediante la supervisión y colaboración de los IF (Nabilou y Prüm, 2019;Carvalho et al, 2021). Esta regulación menos extrema es más probable que tenga éxito, sustentando con mayor verosimilitud el régimen 1 del modelo (emisión de MDBC y tratamiento de las criptomonedas como «oro digital»).…”

Segurança E Privacidade No Contexto Da Internet Das Coisas

“…Blockchain ou cadeia de bloco é a estrutura de banco de dados ou livro razão (Figura 1), essa tecnologia está por trás da criptomoeda Bitcoin (NAKAMOTO, 2017). Segundo Carvalho et al (2021) a criptomoeda é uma forma de pagamento que usa blockchain para proteger os dados transmitidos e armazenados. Além da criptomoeda, blockchain pode ser usada em diferentes campos, fornecendo suporte confiável e seguro para realizar transações entre participantes descentralizados em uma rede peer-to-peer -P2P 1 ) (NAKAMOTO, 2017).…”