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Digital money

Paul Pichler (), Alexander Schierlinger-Brandmayr () and Martin Summer ()
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Paul Pichler: Economic Studies Division, Oesterreichische Nationalbank, Austria
Alexander Schierlinger-Brandmayr: Department of Economics, University of Vienna

Monetary Policy & the Economy, 2018, issue Q3/18, 23-35

Abstract: We provide a brief overview of the most popular forms of money available to the general public today, with a particular emphasis on digital money. We contrast current monetary arrangements with privately issued crypto coins, such as Bitcoin, and argue why the latter will likely never be able to perform the economic functions of money well. We relate our discussion to the current international debate on the potential introduction of central bank-issued digital currencies as a new form of digital money.

Keywords: digital money; Bitcoin; blockchain; digitalization (search for similar items in EconPapers)
JEL-codes: E5 E58 E50 E59 (search for similar items in EconPapers)
Date: 2018
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