 Comments on “How do Private Digital Currencies Affect Government Policy?”Gur Huberman Chapter 13 in Digital Currency Economics and Policy, 2020, pp 116-118 from World Scientific Publishing Co. Pte. Ltd. Abstract: Prof. Gur Huberman, of Columbia Business School, commented on Prof. Yermack’s presentation. He found Prof. Yermack’s typology useful. He pointed out that the authors’ analysis is more likely to apply in corrupt regimes. A private decentralized digital currency is owned by no one, rules are fixed by a protocol and participants are price-takers. Thus, there is no issue of rent extraction. However, bitcoin is only one model of private digital currency. Others may entail a trusted party, then, there will be rent extraction. Prof. Huberman raised further important questions: Who supplies digital currency? What is the welfare implication if a private digital currency is used to evade capital control or to conduct the transfer of illegally obtained wealth? Is a digital currency, which has no underlying value, an asset? Is some flexibility in levying seigniorage desirable?… Keywords: Digital Currency; Economics and Policy; Finance; Cryptocurrency (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:wsi:wschap:9789811223785_0013 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd. |
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