Virtual Currencies and Beyond

Abstract

DISCLAIMER: Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate. The views expressed in Staff Discussion Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

“…Each type has its advantages and disadvantages, allowing them to meet needs of various applications (He et al 2016, Buterin 2015.…”

A FinTech-innovációk ösztönzésének szabályozói eszközei: Innovation Hub és Regulatory Sandbox a nemzetközi gyakorlatban

“…Az optimális keretrendszer megalkotása az egyenlő versenyfeltételek biztosításán alapul. Lényeges továbbá a szereplők ösztönzése, hogy a rendszerkockázato-kat is figyelembe vegyék saját működésük során az egyedi kockázatok mellett (He et al 2017). A szabályozási keretrendszer kialakítását nehezítheti az új technológiákhoz szükséges szakértelem korlátozott rendelkezésre állása.…”

Beyond Bureaucracy

“…This is not an easy task since their activities cut across the responsibilities of various bodies and institutions at the national level, whereas they operate on a global scale (He et al 2016). Regulating cryptocurrencies themselves is not feasible, since it is problematic to indicate the applicable law and the authority empowered to interpret the system's rules and procedures as well as to enforce binding regulations.…”

“…Solving the problem requires the development of international guidelines regarding the most appropriate national regulatory responses to dissemination of virtual currency schemes, which could provide necessary harmonization of legal regulations to be introduced (He et al 2016). A patchwork of inconsistent national-level regulatory responses to the mentioned schemes seems to be doomed to failure.…”