Sustainable development and cryptocurrencies as private money
John Vaz and
Kym Brown ()
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John Vaz: Monash University
Economia e Politica Industriale: Journal of Industrial and Business Economics, 2020, vol. 47, issue 1, No 7, 163-184
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)
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