Crypto-Assets: Analysis and Implications from BCCR’s Perspective

Alonso Alfaro-Ureña () and Evelyn Muñoz-Salas ()
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Alonso Alfaro-Ureña: Department of Economic Research, Central Bank of Costa Rica
Evelyn Muñoz-Salas: Department of Economic Research, Central Bank of Costa Rica

No 1901, Notas Técnicas from Banco Central de Costa Rica

Abstract: Though originally created as a way to avoid financial institutions, the development and wider use around the globe of certain type of assets called cryptocurrencies has been facilitated by an increased interest in new ways to accumulate value. New cryptographic technology, wider access to the internet, and an increase in processing capacity has contributed to this process. Some characteristics of this type of assets allow it to serve as means of exchange and store of value, which are characteristics shared with fiat currency minted by central banks. Those shared characteristics may confuse final users about potential uses and risks for personal financial decisions. The purpose of this technical note is to bring light in about the technological process involved in the creation of these assets, and the possible implications associated with its use. ***Resumen: Aunque en sus inicios surgieron por la búsqueda de un mecanismo para realizar transacciones que permitiera prescindir de las entidades del sistema financiero, el desarrollo y expansión alrededor del mundo de activos denominados criptomonedas se ha facilitado por un interés creciente por nuevas formas de acumular valor. Lo anterior se ha combinado con avances en la investigación sobre criptografía, un acceso a internet más generalizado y el aumento de la capacidad de procesamiento de los equipos computacionales. Algunas características de estos activos permiten su uso como medio de intercambio y de almacenamiento de valor, usos que tradicionalmente se le asignan al dinero hoy día emitido por los bancos centrales. Lo anterior podría ser fuente de confusión para el usuario final sobre su potencial uso y los riesgos que implica para las finanzas personales.

Keywords: Money; Central Banking; Blockchain; Dinero, Banca central, Cadena de bloques (search for similar items in EconPapers)
JEL-codes: E40 E58 O30 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2019-10
New Economics Papers: this item is included in nep-pay
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