Cryptocurrencies and Digital Fiat Currencies
2018; Wiley; Volume: 51; Issue: 4 Linguagem: Inglês
10.1111/1467-8462.12307
ISSN1467-8462
Autores Tópico(s)Economic Theory and Policy
ResumoAbstract Current generations of cryptocurrencies are not money, but future ones may be. While Bitcoin performs poorly as a store of value, it is actually on par with the Venezuelan bolívar over the last decade, and the Argentinian peso over the decade from 1986. I evaluate arguments in favour of central banks issuing digital fiat currency—intended to replace cash—and digital fiat money—intended to replace money more broadly. Digital fiat currency appears a natural step forward, but digital fiat money would be a bad idea as it makes the central bank responsible for the entire money supply.
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