EconPapers    
Economics at your fingertips  
 

Sustainable development and cryptocurrencies as private money

John Vaz and Kym Brown ()
Additional contact information
John Vaz: Monash University

Economia e Politica Industriale: Journal of Industrial and Business Economics, 2020, vol. 47, issue 1, No 7, 163-184

Abstract: Abstract Cryptocurrencies were initially promoted on their ability to operate in a fair and equitable manner free from financial institutions and governments. This paper evaluates sustainability issues facing cryptocurrencies in their functions as a form of private money. Specifically, we focus on their claims around inequality and poverty reduction using the United Nations Sustainability Development Goals framework. Our findings suggest that although the technologists believed they produced suitable alternatives to traditional money, there are a number of issues in regards to the sustainability of this form of finance. The major areas of the shortfall are around an energy usage perspective, the reward system for transactors to those with access to greater computer power (inequality) and issues over loss sharing when exchanges or user nodes are hacked and digital wallets are lost.

Keywords: Cryptocurrencies; Sustainability; Inequality (search for similar items in EconPapers)
JEL-codes: E42 G23 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s40812-019-00139-5 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:epolin:v:47:y:2020:i:1:d:10.1007_s40812-019-00139-5

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/40812

DOI: 10.1007/s40812-019-00139-5

Access Statistics for this article

Economia e Politica Industriale: Journal of Industrial and Business Economics is currently edited by C. Cambini, M.G. Colombo, L. Piscitello, L. Rondi and A. Zanfei

More articles in Economia e Politica Industriale: Journal of Industrial and Business Economics from Springer, Associazione Amici di Economia e Politica Industriale
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2022-09-28
Handle: RePEc:spr:epolin:v:47:y:2020:i:1:d:10.1007_s40812-019-00139-5