المؤلفون: Nadia Pocher, Andreas Veneris

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Cryptocurrency, business.industry, media_common.quotation_subject, Fiat money, ComputingMilieux_LEGALASPECTSOFCOMPUTING, Accounting, Transparency (behavior), Cash, Digital currency, Accountability, Business, Risk management, media_common, Anonymity

الوصف: Central banks and governments all over the world are increasingly exploring digital versions of fiat money, known as retail Central Bank Digital Currencies (CBDCs). Most initiatives rely on Distributed Ledger Technologies and are presented as alternatives to physical cash. Consequently, anonymity-related regulatory questions arise in terms of Anti-Money Laundering and Counter-Terrorist Financing compliance. Against this backdrop, this paper provides a techno-legal taxonomy of approaches to balance privacy and transparency in CBDCs without thwarting accountability, but it also underlines cross-sectoral impacts. The contribution heeds regulation-by-design as its core methodological foundation, with Privacy-Enhancing Technologies as the relevant use case. Thus, it highlights that not only technology aids legal purposes, but also that some regulatory requirements ought to be designed into technology for one to reach agreed upon results and/or standards.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::eed519bdd23b0059fe0d28223073cd46Test
https://doi.org/10.2139/ssrn.3759144Test

المؤلفون: Kartik Hegadekatti

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Cryptocurrency, Civilization, Intrinsic value (finance), media_common.quotation_subject, Fiat money, Economics, Hyperinflation, Evolutionary economics, Neoclassical economics, Sociocultural evolution, Recession, media_common

الوصف: Since its inception, money has been on the lookout for a credible intrinsic value. In the quest for Intrinsic value, money has been pegged to cattle, gold, other precious metals and so on. But the pegs haven’t held for long. Presently we are in that phase of economic evolution, where money is imposed by fiat i.e Fiat Money. But Fiat Money has its own pitfalls. Among others, Fiat Money has been unable to solve problems like economic inequality, risk of Hyperinflation, recession cycles etc. Fiat Money also does not have a solution for mankind’s aspiration for the stars. What kind of Money will be used in Extraterrestrial Settlements? In what manner will intra-planetary or inter-stellar trade be conducted? It is therefore evident that mankind’s rapid technological and cultural evolution cannot be fulfilled by existing money systems. To eliminate the downsides of Fiat Money or gold standard money, and also in the quest for money with ‘Future-enabling’ properties, we shall look into Kardashev Tokens. Firstly we will discuss the reasons why present money regimes lack the wherewithal to support rapid human advancements in technology, and culture. Secondly, the concept of a Kardashev Civilization is examined keeping in mind its economic ramifications. Based on this principle, the notion of Kardashev Tokens is derived. Next, we discuss the various aspects of Kardashev Tokens. Finally we shall conclude by summarizing the salient features of Kardashev Tokens.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::abb60986e625c8758986e9098e034681Test
https://doi.org/10.2139/ssrn.3762415Test

المؤلفون: Georgios (George) C. Bitros

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: History, Cryptocurrency, Polymers and Plastics, Fiat money, Silver standard, Unit of account, Industrial and Manufacturing Engineering, Competition (economics), Market economy, Currency, Private money, Business, Business and International Management, Commodity (Marxism)

الوصف: Currently numerous market-driven cryptocurrencies challenge to dethrone the state-controlled supply of fiat money. The outcome hinges on the old question of whether privately produced money with or without government is possible. This paper revisits the issue by looking for insights in the successful precedent of classical Athens. It is found that in this case the government defined a unit of account (Attic drachma), linked it to a commodity (silver), and used it in its domestic and foreign transactions. Βy drawing on its share of silver from the Laurion mines and other sources, the government acted as a major supplier of the said currency; and lastly, it enacted and enforced rules and regulations that aimed at safeguarding the integrity of the currency while leaving private markets free to co-determine the supply of the currency and credit, and the drachma to circulate in competition with all other foreign currencies within its borders. On this account and the evidence that the Attic drachma dominated for three centuries in the wider Mediterranean region, it is concluded that the application of the silver standard in classical Athens provides a most suitable framework of free banking after which to pattern the emerging regime of a privately produced bitcoin-based digital standard with amicable state sponsorship and enforcement.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::1039f2997ae1a6ae312adb3d3be6806dTest
https://doi.org/10.2139/ssrn.3836037Test

المؤلفون: Michael Peneder

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Economics and Econometrics, Cryptocurrency, Fiat money, 05 social sciences, 020207 software engineering, 02 engineering and technology, Neoclassical economics, Unit of account, General Business, Management and Accounting, Competition (economics), Market economy, Social technology, Store of value, Digital currency, 0502 economics and business, 0202 electrical engineering, electronic engineering, information engineering, Economics, 050207 economics, Medium of exchange, Spontaneous order

الوصف: Throughout the history of monetary thought, economists have predominantly emphasised the function of money as a medium of exchange along with the intrinsic properties that enhance its salability and credibility as the most liquid store of value. But the social institution of money co-evolves with technology. It is significant that the advent of digital crypto-currencies was initiated by computer scientists and has taken economists completely by surprise. As a consequence, it also forces our profession to rethink the basic phenomenology of money. In accordance with the views of Wieser and Schumpeter, digitization brings to the fore the immaterial function of money as a standard of value and social technology of account, which increasingly absorbs its function as a medium of exchange. The potential impact of this on economic policy is huge. The variety of different crypto coins has proven the technical feasibility of competing private currencies as proposed by Hayek. In the long term, however, there is reason to doubt the persistence of intense competition. One must fear that major digital platforms will extend their current dominance in multisided virtual market places to include digital payments and money. Central banks are increasingly anxious to preserve public sovereignty over the common unit of account and are considering issuing their own digital fiat money. After the current era of intense creative experimentation, the potentially new spontaneous order of private crypto-currencies is likely to be supplanted by central bank digital currencies (CBDCs), the design of which will depend on deliberate public choices and policies.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::faf0a0458a1b6f38b7135eb2efc12ab3Test
https://doi.org/10.2139/ssrn.3771459Test

المؤلفون: William J. Luther, Joshua R. Hendrickson

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Cryptocurrency, Currency, Fiat money, Value (economics), Economics, Economic agents, Demand for money, Monetary economics

الوصف: The emergence of bitcoin poses an important question for monetary theorists: can bitcoin compete with or even replace existing fiat monies? To answer this question, one must be able to determine what gives intrinsically useless monies their value, what determines the coexistence of alternative monies, and under what conditions economic agents would prefer to hold one money relative to another. We attempt to answer these questions in light of the emergence of bitcoin. In particular, we outline a theoretical model in which an intrinsically useless money is essential.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::2907407be217589ae8a94ef37aa241a3Test
https://doi.org/10.2139/ssrn.3845800Test

المؤلفون: Tianxi Wang

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Steady state (electronics), Bullion, Fiat money, Nominal rigidity, Monetary policy, Economics, Fraction (mathematics), Monetary economics, Neutrality, Liquidity constraint

الوصف: This paper shows that monetary policy produces real effects in the steady state by impacting banks' liquidity constraint, in the absence of frictions that have been used to generate non-neutrality, such as nominal rigidity and search frictions. Moreover, the effects for different types of banks are different, even opposite. In the model, each bank sees a fraction of money that it lends out circulates into other banks. This fraction defines its type. The greater the outflow fraction, the tighter the liquidity constraint. Lastly, if technological advancement eliminates depositor withdrawals, fiat money stops circulating and a bullion standard probably returns.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::00378f7f8ec6ba0553970dd12d454d7eTest
https://doi.org/10.2139/ssrn.3857062Test

المؤلفون: Austin Murphy

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Government spending, Goods and services, Depression (economics), Fiat money, International scale, Short paper, Production (economics), Hyperinflation, Monetary economics, Business, health care economics and organizations

الوصف: This short paper indicates how the massive fiscal deficits financed by creation of fiat money by central banks worldwide (undertaken in response to the 2020 coronavirus pandemic) may lead to an inflationary depression. In particular, the supply disruptions caused by the pandemic inhibit the production of real goods and services necessary to absorb the extensive money printing to fund the large amounts of government spending could lead to an increase in the prices of real goods and services that is comparable to that occurring during the hyperinflation in Germany in 1923 except on a broad international scale.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::c141c4a2c71c4dca5c0d1d4cb6db7e73Test
https://doi.org/10.2139/ssrn.3585905Test

المؤلفون: G. V. Mahesh Nath

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Cryptocurrency, Information privacy, business.industry, Fiat money, Internet privacy, ComputingMilieux_LEGALASPECTSOFCOMPUTING, Currency, General Data Protection Regulation, media_common.cataloged_instance, Data Protection Act 1998, European union, business, Register of data controllers, media_common

الوصف: The dynamic technology junction of Cryptocurrency and Privacy pose several implications to the existing economic and legal regulations. The present work intends to take up an economic analysis of the laws relating to Cryptocurrency in the context of Privacy. The concept of money and development of fiat currency with role of banking industry leads one to understand the background of Cryptocurrency basis, therefore a segment on the historic perspective of money, development of fiat money and role of banking industry as an intermediary are added in the present work. The technology of Blockchain used in Cryptocurrency transaction transmits the existing monetary regulations across the globe thereby challenging the financial systems. The economics of Cryptocurrency has generated sufficient interest and the present work surveys such interest. The most comprehensive regulation on Privacy and Data protection having a global impact is the European Union’s General Data Protection Regulation (EUGDP), which took effect in May 2018. The EUGDP Regulations by giving much needed importance and protection to the individual’s data privacy and security have altered the functionality of the Data driven companies such as Facebook, Google and others. The work takes a brief note of issues such as data controller and data processor identification, territorial and cross-border data transfer issues, legitimate bases for processing personal data and individual’s privacy rights as some of necessary compliance under the EUGDP Regulations that interact with the blockchain technology used under Cryptocurrency transactions. The conclusion suggests the need for economic analysis of laws relating to Cryptocurrency and Privacy for their intrinsic economic value.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::5a3518245b24c3ffa2deda00fa5130c7Test
https://doi.org/10.2139/ssrn.3661287Test

المؤلفون: Tianxi Wang

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Bond, Fiat money, Monetary policy, Economics, Price level, Circulation (currency), Monetary economics, Liquidity constraint, Liquidity risk, Market liquidity

الوصف: This paper studies non-neutrality of monetary policy incorporating three facts: The majority of media of exchange is not fiat money but bank liability; fiat money is largely used by banks to meet liquidity demand; and banks extensively use government bonds for liquidity management. It finds that monetary policy produces real effects by changing the tightness of banks' liquidity constraint; its effect for liquidity unconstrained banks is the opposite of that for the maximally constrained; expansion of digital ways of payment increases price levels by reducing the withdrawal probability; and if this probability becomes zero fiat money stops circulation.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::a1e4e79078967490efa6f93ff64b50d2Test
https://doi.org/10.2139/ssrn.3728803Test

المؤلفون: Valentino Cattelan

المصدر: SSRN Electronic Journal.

مصطلحات موضوعية: Inflation, Politics, Depression (economics), media_common.quotation_subject, Political economy, Fiat money, Economics, media_common.cataloged_instance, European union, Morality, Medium of exchange, Recession, media_common

الوصف: Far from being a neutral medium of exchange, money affects the daily practice of our economic dealings while being intrinsically connected to the whole of legal, social, and political interactions of the community to which we belong. In this light money enjoys its own morality, where voluntary customary usage (‘moral’ from the Latin mos, ‘manner, custom’) is backed by the subsistence of a normative order, a nomos: the former and the latter being collectively practiced, shared and endorsed in a certain social group. Hence, sovereign power (the beholder of the law) can hardly posit the use of ‘fiat money’ by decree when mechanisms of inflation, mistrust, recession or even depression are in action.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::ff3af697addedbad9a69681b1f46ed80Test
https://doi.org/10.2139/ssrn.3592382Test