Cryptocurrencies: Regulatory Perspectives and Implications for Investors

Julapa Jagtiani, Michael Papaioannou, George Tsetsekos (), Erik Dolson and Dan Milo ()
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George Tsetsekos: Drexel University
Erik Dolson: Federal Reserve Bank of Philadelphia
Dan Milo: Rutgers University

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 161-186 from Springer

Abstract: Abstract Cryptocurrencies, such as Bitcoin and Ethereum, are part of the latest innovations in the financial system. There are more than 4000 cryptocurrencies in existence as of May 2020. We discuss whether cryptocurrencies and stablecoins could replace official central bank currencies, what a cashless financial system would look like, how monetary policy would need to adjust to remain effective, what type of regulatory changes would be needed to close the loopholes around capital controls and effective prevention of anti-money laundering, and whether central banks should create their own digital currencies. In addition, we explore the usage of distributed ledger technology (DLT), such as blockchain, in recording and transacting cryptocurrencies and the impact of initial coin offerings (ICOs), which have become a way for start-ups to raise funds, and we discuss potential implications for investors who may be interested in participating in the cryptocurrency markets.

Keywords: Cryptocurrencies; Digital currencies; Initial coin offerings (ICOs); Central bank digital currencies (CBDC); Fintech (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-65117-6_7

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