State Control of Digital-Fiat-Electronic Currency Transmission in an Economy: The Case for a Hybrid Currency

Eke Chukwuemeka Ifegwu, Osi Uchechukwu Mary, Sule Magaji and Ibrahim Musa
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Eke Chukwuemeka Ifegwu: Department of Economics, University of Abuja, Abuja, Nigeria.
Osi Uchechukwu Mary: Department of Economics, University of Abuja, Abuja, Nigeria.
Sule Magaji: Department of Economics, University of Abuja, Abuja, Nigeria.
Ibrahim Musa: Department of Economics, University of Abuja, Abuja, Nigeria.

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Abstract: We develop a multi-currency model to depict a typical three-currency-scenario system is introduced as a fundamental financial system to study discuss how to create the necessary instruments that will allow state actors gain control of cryptocurrency and gradually introduce a hybrid version. We use a framework allows for a co-integration of fiat, electronic and cryptocurrency from which financial value emerges in an economy. The ideal system for imposing systemic controls for policy implementation and stability is obtained via a mathematical value. The objective of the paper is to outline clearly without ambiguity policy guidelines that can be put in place to enable the state control the transmission of fiat-electronic-cryptocurrency. A system of ten equations is developed to scientifically and in an unbiased format distill a sound argument for the creation of a hybrid currency. The prescriptions suggest an interesting solution for this policy challenge confronting several central banking authorities. The major policy objective would be energizing the ecosystem so as to create a hybrid currency.

Date: 2023-03-06
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Published in Asian Journal of Economics, Finance and Management , 2023, 5 (1), pp.92-96

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05132193

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