Digital currencies, decentralized ledgers and the future of central banking

Raskin, Max; Yermack, David

doi:10.4337/9781784719227.00028

Cited by 43 publications

(16 citation statements)

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“…The debate on the risk and opportunities of central banks issuing cryptocurrencies, or more broadly central bank digital currencies (CBDC), is intensifying (Borio et al 2017;Conti-Brown et al 2018;Engert and Fung 2017;Niepelt 2020). Many central banks currently conduct research on digital currency issuance (Coeuré 2018).…”

Section: Implications For Central Banks and Public Authoritiesmentioning

confidence: 99%

Global drivers of cryptocurrency infrastructure adoption

2020

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A vast digital ecosystem of entrepreneurship and exchange has sprung up with Bitcoin's digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial, and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated with low trust in banks and the financial system among inhabitants of a region, and with the occurrence of country-level inflation crises. On the other hand, our findings also suggest that active support for Bitcoin is higher in locations with well-developed banking services. Finally, we find support for the view that bitcoin adoption is also partly driven by cryptocurrencies' usefulness in engaging in illicit trade.

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Section: Implications For Central Banks and Public Authoritiesmentioning

confidence: 99%

Global drivers of cryptocurrency infrastructure adoption

2020

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“…En cierto modo, las criptomonedas han sido «creadas para competir con los bancos centrales» 44 . Se plantea entonces la cuestión de si el dinero es un monopolio estatal.…”

Section: Nuevos Productos: Criptoactivos Y Criptomonedasunclassified

Regulación y supervisión financiera en la nueva economía digital global

Paz

2023

Rev. Adm. Pública

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La economía digital global está transformando el sector financiero. Este proceso puede significar beneficios, en términos de eficiencia e innovación. No obstante, también comporta serios riesgos para un sector esencial como este. Entre ellos, la aparición de nuevos operadores y la transformación de los existentes. La economía digital implica también cambios radicales en los sistemas de pago, así como la aparición de nuevos productos, que es preciso regular adecuadamente. A ello se añade la recopilación y tratamiento de datos personales, cuya utilidad se potencia con la inteligencia artificial. La creación de monedas digitales oficiales puede ser inevitable si se quiere asegurar que el dinero siga cumpliendo su función, así como la efectividad de la política monetaria.

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“…For example, Yermack (2017) evaluated the potential impact of blockchain technology on corporate governance from the perspectives of managers, institutional investors, minority shareholders, and auditors. Raskin and Yermack (2018) believed that central banks may use this technology to launch their own digital currency. Dai and Vasarhelyi (2017) examined the operation of the blockchain to achieve a real-time, verifiable, and transparent accounting ecosystem.…”

Section: Introductionmentioning

confidence: 99%

Blockchain and Bank Lending Behavior: A Theoretical Analysis

Wang

2023

Sage Open

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The application of blockchain technology in the financial industry has become the focus of global attention; thus, the traditional credit business of commercial banks faces unprecedented opportunities and challenges. Based on the theoretical analysis, this study systematically examines the dynamic impact of blockchain on the lending behavior of commercial banks. The results indicate that, in the case of interest rate marketization, the blockchain expands bank credit through the mechanism of “reducing management costs”; in the case that interest rates have not yet been marketized, the blockchain can also increase bank lending through the channel of “correcting the price of funds” by narrowing the difference between the market equilibrium and the bank deposit interest rate. The results are of great significance for a deeper understanding of the impact and mechanism of blockchain on bank credit. JEL codes: G21; O31; O33

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Digital currencies, decentralized ledgers and the future of central banking

Cited by 43 publications

References 0 publications

Global drivers of cryptocurrency infrastructure adoption

Global drivers of cryptocurrency infrastructure adoption

Regulación y supervisión financiera en la nueva economía digital global

Blockchain and Bank Lending Behavior: A Theoretical Analysis

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