Cryptocurrencies, Evolution of Means of Payments and Validity of Monetary Principles
Credit and Capital Markets, 2021, vol. 54, issue 3, 469-498
The paper explores the role, evolution and ruling principles of the concept of â€œmoneyâ€ in the 21st Century. In this continuously evolving context, cryptocurrencies and Blockchain technology are widely considered the most relevant monetary innovations of the last decades. By means of a macro-founded logical-analytical approach combined with statistical evidence, the paper provides arguments: 1. dismissing the â€œinnovation mythâ€ behind cryptocurrencies because of de facto representing a comeback of the private issue of means of payments and, more problematically, seigniorage at its best; 2. confirming that crypto-tokens do not comply with basic, still ruling monetary principles; 3. suggesting that excess liquidity is already invested in crypto-markets (which are themselves â€œinflationaryâ€ , namely not backed by real value (i. e. GDP). The concrete risk is, once again in economic history, represented by facing a financial bubble.
JEL-codes: E44 E51 E58 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kuk:journl:v:54:y:2021:i:3:p:469-498
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