Towards Regional Monetary Unions through Blockchain Networks

Kartik Hegadekatti

MPRA Paper from University Library of Munich, Germany

Abstract: The concept of political and economic integration has not progressed beyond the concept of a Nation-state. The primary reason is the trust deficit among citizens in a supra-national entity. We can use Blockchain systems-which are trustless networks-to resolve this issue. We can float a Regional Cryptocurrency (RCC) which can bring about a successful Regional Monetary Unions (RMU) amongst a group of nations in a transparent manner. This paper deals with the idea of realizing a monetary union through Blockchain networks. Firstly I describe the basics of cryptocurrencies and RSBCs. Then we shall evaluate how RMUs have failed due trust deficit among citizens of members of RMU. We then analyse as to how Blockchain networks can be a solution to these problems. The paper concludes by summarizing the difficulties and solutions regarding successful formation of Regional Monetary Unions.

Keywords: Monetary Union; Common Currency; Trade Agreement; Euro (search for similar items in EconPapers)
JEL-codes: E42 E51 E58 F02 F15 F33 F36 F45 N15 N16 N17 (search for similar items in EconPapers)
Date: 2017-04-01, Revised 2017-04-18
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pay
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