Central Banking and Bitcoin: Not yet a threat

Niepelt, Dirk (19 October 2016). Central Banking and Bitcoin: Not yet a threat. Vox CEPR’s policy portal - research-based policy analysis and commentary from leading economists VoxEU.org

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The blockchain technology underlying Bitcoin and other cryptocurrencies is attracting growing interest. This column argues that if transactions facilitated by this technology become per-vasive, it will have implications for the conduct (and success) of central bank monetary policy. Central banks should embrace the technologies that underpin cryptocurrencies, or risk being cut out from intermediation and surveillance and also risk payment service providers moving to other currency areas with an institutional environment that is more appealing for buyers and sellers.

Item Type:	Newspaper or Magazine Article
Division/Institute:	03 Faculty of Business, Economics and Social Sciences > Department of Economics
UniBE Contributor:	Niepelt, Dirk
Subjects:	300 Social sciences, sociology & anthropology > 330 Economics
Publisher:	VoxEU.org
Language:	English
Submitter:	Dino Collalti
Date Deposited:	28 Jun 2017 11:34
Last Modified:	05 Dec 2022 15:01
Additional Information:	Also published in LSE Business Review (Bitcoin May Have Implications for Monetary Policy) and World Economic Forum (Blockchain, Cryptocurrencies, and Central Banks: Opportunity or Threat?) (21.10.2016)
Uncontrolled Keywords:	financial markets; monetary policy; bitcoin; blockchain; monetary policy; Central Banks
URI:	https://boris.unibe.ch/id/eprint/93680