Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162661
Authors: 
Hanl, Andreas
Michaelis, Jochen
Year of Publication: 
2017
Series/Report no.: 
Joint Discussion Paper Series in Economics 15-2017
Abstract (Translated): 
Cryptocurrencies such as Bitcoins may revolutionize the financial system by at least partially replacing intermediaries such as central banks and commercial banks. The blockchain technology enables users to transact on a peer-to-peer basis. This imposes a serious threat on the financial intermediaries as well as on monetary policy authorities. In this paper, we examine how well cryptocurrencies fulfill the functions of a fiat money and discuss the comparative advantages of cryptocurrencies. We proceed by exploring the implications of digital currencies for the concept and conduct of monetary policy.
Subjects: 
Bitcoin
Kryptowährung
Geldpolitik
JEL: 
E42
E52
Document Type: 
Working Paper

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