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  1. Impact of digital innovation on the processing of electronic payments and contracting
    an overview of legal risks
    Author: Athanassiou, Phoebus
    Published: 2017$nOctober 2017
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Digital innovations in finance have in recent years attracted strong interest from public authorities, financial sector stakeholders and academics alike, inter alia on account of their promise to reduce, or to altogether eliminate, the inefficiencies... more

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    Digital innovations in finance have in recent years attracted strong interest from public authorities, financial sector stakeholders and academics alike, inter alia on account of their promise to reduce, or to altogether eliminate, the inefficiencies surrounding the execution and settlement of retail payments, including those linked to remote consumer transactions. For all the promises they hold, and their transformative potential, technological innovations also present challenges, some of which are of a legal nature. With technological innovation still at a formative stage, it is essential to identify and evaluate those challenges, so as to better understand which of their payment-specific applications to encourage (and how), and mitigate the risk of technological innovation destabilising the safety and efficiency of payments. This paper seeks to explore the key legal issues that policy makers may wish to take into account in assessing the merits and risks of digital innovation, with an emphasis on its application to retail payments, and to contribute to an understanding of how technological advances are likely to affect both payment transactions and, no less importantly, the legal relationships between the parties to them. The scope of this paper is limited to an examination of the legal implications of technological innovation for payments associated with consumer transactions, including those entered into online, and settled otherwise than by way of cash. Consequently, this paper will not examine the legal implications of technological innovation for the processing of transactions relating to transferable securities, for financial stability, for the conduct, by central banks, of their monetary policy operations, for the micro-prudential supervision of payment service providers, for competition among established payment service providers and new entrants, and for financial inclusion, issues of great legal and practical significance that merit (and, no doubt, will receive, going forward) specialized attention.

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289930154
    Other identifier:
    hdl: 10419/194014
    Series: Legal working paper series / European Central Bank ; no 16
    Subjects: digital technology; innovation; payment; electronic money; impact of information technology; contract; information technology; FinTech; distributed ledgers; distributed ledger technologies; blockchain; virtual currencies; bitcoin; retail payments; smart contracts
    Scope: 1 Online-Ressource (55 Seiten)
  2. A high-frequency analysis of Bitcoin markets
    Author: Brauneis, Alexander; Mestel, Roland; Riordan, Ryan; Theissen, Erik
    Published: October 25, 2018
    Publisher:  Karl-Franzens-University Graz, Faculty of Social and Economic Sciences, [Graz]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: October 24, 2018
    Series: Working paper / Faculty of Social and Economic Sciences, Karl-Franzens-University Graz ; 2018, 06
    Subjects: bitcoin; cryptocurrencies; liquidity; bid-ask spread
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. Bursting the bitcoin bubble
    assessing the fundamental value and social costs of bitcoin
    Author: Podhorsky, Andrea
    Published: [2019]
    Publisher:  Asian Development Bank Institute, Tokyo, Japan

    This paper develops a microeconomic model of bitcoin production to analyze the economic effects of the Bitcoin protocol. I view the bitcoin as a tradable commodity that is produced by miners and whose supply is managed by the protocol. The findings... more

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    This paper develops a microeconomic model of bitcoin production to analyze the economic effects of the Bitcoin protocol. I view the bitcoin as a tradable commodity that is produced by miners and whose supply is managed by the protocol. The findings show that bitcoin's volatile price path and inefficiency are related, and that both are a consequence of the protocol's system of supply management. I characterize the fundamental value of a bitcoin and demonstrate that the return on bitcoin appreciates proportionally to the rate of increase in the level of difficulty. In the model, where the price of a bitcoin is based on marginal production costs, successive positive demand shocks result in a rapidly increasing price path that may be mistaken for a bubble. The generalized supremum augmented Dickey-Fuller (GSADF) test is used to demonstrate that the model is able to account for the explosive behavior in the bitcoin price path, providing strong evidence that bitcoin is not a bubble. I also show that the difficulty adjustment mechanism results in social welfare losses from 17 March 2014 to 13 January 2019 of $323.8 million, which is about 9.3% of the miners' total electricity costs during this time period.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/222701
    Series: ADBI working paper series ; no. 934 (March 2019)
    Subjects: bitcoin; digital coins; Bitcoin protocol; cryptocurrency; bitcoin bubble
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  4. The drivers of cyber risk
    Author: Aldasoro, Iñaki; Gambacorta, Leonardo; Giudici, Paolo; Leach, Thomas
    Published: 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: BIS working papers ; no 865 (May 2020)
    Subjects: cyber risk; cloud services; financial institutions; bitcoin; cryptocurrencies; cyber cost; cyber regulation
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  5. How money relates to value?
    an empirical examination on gold, silver and bitcoin
    Author: Alves, José; Gonçalves, João Quental
    Published: March 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on... more

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    The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on social institutions, considering money as one. Such framework allows for the construction of axioms from which we formulate our problem allowing us to ask how old forms of money such as Gold and Silver hold up in today's world regarding their hedging properties. Moreover, we also do so for Bitcoin since we consider it an appropriate asset due to its specific characteristics and its (at the time of writing) more than 10-year life span. We resort to the Autoregressive Distributed Lag (ARDL) methodology in order to study our three assets in the context of the US dollar and the US Economy for two different time periods. We analyse price dynamics from 1980 to 2020 for gold and silver resorting to annual data. Regarding bitcoin we employ quarterly data from 2009 to 2020. We conclude that the theories that explain what money is, how it comes to be so and how certain types of "money assets" may serve both as an indirect hedge against inflation in the two interpretations of the word and as a "stock of value" have merits that might deserve further investigation.

     
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    hdl: 10419/260792
    Series: CESifo working paper ; no. 9662 (2022)
    Subjects: money; inflation; gold; silver; bitcoin
    Scope: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. The impact of derivatives on spot markets
    evidence from the introduction of bitcoin futures contracts
    Author: Augustin, Patrick; Rubtsov, Alexey; Shin, Donghwa
    Published: [2022]
    Publisher:  DFG Center for Advanced Studies on the Foundations of Law and Finance, House of Finance, Goethe University, Frankfurt am Main, Germany

    Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible, trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on bitcoin (BTC)... more

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    Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible, trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on bitcoin (BTC) exchange rates against the USD in December 2017. Following the futures introduction, we find a significantly greater increase in cross-exchange price synchronicity for BTC-USD relative to other exchange rate pairs, as demonstrated by an increase in price correlations and a reduction in arbitrage opportunities and volatility. We also find support for an increase in price efficiency, market quality, and liquidity. The evidence suggests that futures contracts allowed investors to circumvent trading frictions associated with short sale constraints, arbitrage risk associated with block confirmation time, and market segmentation. Overall, our analysis supports the view that the introduction of BTC-USD futures was beneficial to the bitcoin spot market by making the underlying prices more informative.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/262362
    Edition: This draft: June 30, 2022
    Series: LawFin working paper ; no. 41
    Subjects: bitcoin; blockchain; cryptocurrencies; derivatives; fintech; regulation
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  7. Bitcoin and web search query dynamics
    is the price driving the hype or is the hype driving the price?
    Author: Süssmuth, Bernd
    Published: [2019]
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Using a battery of timely multivariate time series techniques I study the Bitcoin cryptocurrency price series and web search queries with regard to their mutual predictability, Granger-causality and cause-effect delay structure. The Bitcoin is at... more

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    Using a battery of timely multivariate time series techniques I study the Bitcoin cryptocurrency price series and web search queries with regard to their mutual predictability, Granger-causality and cause-effect delay structure. The Bitcoin is at first treated as a general currency, then as a generic asset. Google queries, although cointegrated, are found to be not helpful in predicting the USD exchange rate of Bitcoin as the speculative bubble in the latter antedates explosive behavior in the former. Chinese Baidu engine queries and compounded Baidu-Google queries predict Bitcoin price dynamics at relatively high frequencies ranging from two to five months. In the other direction, causality runs from the cryptocurrency price to queries statistics across nearly all frequencies. In both directions, the reaction time computed from a phase delay measure for the relevant frequency bands with significant causality ranges from slightly more than one month to about four months.

     
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    hdl: 10419/201901
    Series: Array ; no. 7675 (May 2019)
    Subjects: bitcoin; bubbles; frequency domain; causality
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. Quantifying endogeneity of cryptocurrency markets
    Author: Mark, Michael; Sila, Jan; Weber, Thomas A.
    Published: [2019]
    Publisher:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    In this paper we construct a "reflexivity" index for Bitcoin crypto currency that measures the amount of activity generated endogenously within the market. For this purpose we fit a univariate self-exciting Hawkes process with two-classes of... more

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    In this paper we construct a "reflexivity" index for Bitcoin crypto currency that measures the amount of activity generated endogenously within the market. For this purpose we fit a univariate self-exciting Hawkes process with two-classes of parametric kernels to high-frequency trade data that allows for a parsimonious representation of endogenous-exogenous dynamics.

     
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    Other identifier:
    hdl: 10419/228070
    Series: IES working paper ; 2019, 29
    Subjects: Hawkes process; endogeneity; branching ratio; maximum-likelihood estimation; cryptocurrencies; bitcoin
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  9. A principal component-guided sparse regression approach for the determination of bitcoin returns
    Author: Stengos, Thanasēs; Panagiōtidēs, Theodōros; Vravosinos, Orestis
    Published: [2020]
    Publisher:  Department of Economics and Finance, Gordon S. Lang School of Business and Economics, University of Guelph, Guelph, Ontario, Canada

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    Series: Discussion paper / Department of Economics and Finance, Gordon S. Lang School of Business and Economics, University of Guelph ; 2020, 01
    Subjects: bitcoin; cryptocurrency; bubble; sparse regression; LASSO; PC-LASSO; principal component; flexible least squares
    Scope: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  10. Cryptocurrency market reactions to regulatory news
    Author: Auer, Raphael A.; Claessens, Stijn
    Published: April 2020
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific... more

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    Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains. These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions.

     
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    hdl: 10419/216624
    Series: CESifo working paper ; no. 8228 (2020)
    Subjects: digital currencies; cryptocurrencies; bitcoin; ethereum; distributed ledger technology; regulation; financial markets; event studies
    Scope: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  11. After Libra, Digital Yuan and COVID-19
    central bank digital currencies and the new world of money and payment systems
    Author: Didenko, Anton N.; Zetzsche, Dirk; Arner, Douglas W.; Buckley, Ross P.
    Published: 11/06/2020
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

    Technology, money and pay ... more

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    Technology, money and pay ...

     
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    Series: EBI working paper series ; no. 65 (2020)
    European Banking Institute Working Paper Series 65/2020
    Subjects: Libra; blockchain; bitcoin; COVID-19; RTGS; fast payment systems; central bank digital currency
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  12. New moneys under the new normal?
    bitcoin and gold interdependence during COVID times
    Author: Agnese, Pablo; Thoss, Jonathan
    Published: April 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    Bitcoin in particular and so-called cryptocurrencies in general have shaken up the financial world and seem to be claiming an increasing size of the market share. These new virtual assets present investors with significant opportunities, but also... more

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    Bitcoin in particular and so-called cryptocurrencies in general have shaken up the financial world and seem to be claiming an increasing size of the market share. These new virtual assets present investors with significant opportunities, but also with significant risks. This paper analyzes the connection between one such crypto, bitcoin, and other traditional assets (e.g. metals) in times of financial turbulence. Our impulse-response function and variance decomposition analyses indicate that, as of late, bitcoin has become increasingly interdependent with gold, and seems just as suitable to hedge against market uncertainty - we believe this is a very timely conclusion given the pervasive uncertainty that dominates post-pandemic life.

     
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    Other identifier:
    hdl: 10419/236354
    Series: Discussion paper series / IZA ; no. 14323
    Subjects: bitcoin; gold; COVID-19; impulse response
    Scope: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  13. Distrust or speculation?
    the socioeconomic drivers of US cryptocurrency investments
    Author: Auer, Raphael A.; Tercero-Lucas, David
    Published: 2021
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
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    Media type: Book
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    Series: BIS working papers ; no 951 (July 2021)
    Subjects: digital currencies; cryptocurrencies; distributed ledger technology; blockchain; payments; digitalisation; banking; household finance; money; bitcoin; ether; xrp; bitcoin cash; litecoin; stellar; eos
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  14. The DLT sandbox under the pilot-regulation
    Author: Zetzsche, Dirk; Woxholth, Jannik
    Published: 29/04/2021
    Publisher:  European Banking Institute e.V., Frankfurt am Main, Germany

    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology... more

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    The European Commission published its new Digital Finance Strategy on 24 September 2020 (DFS 2020). One of the centerpieces of the Strategy is the draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (known as PilotR). The PilotR Proposal foresees a regulatory sandbox approach for the European Single Market, offering firms a set of exemptions from EU financial law allowing them to test distributed ledger technologies (DLTs) in certain activities related to trading, clearing, and settlement. Besides offering room for experiment, the PilotR Proposal supports the education of EU regulators about DLTs in this context, which may come to form the basis for foundational changes to EU law. The PilotR Proposal constitutes a significant step towards a future-proof EU fintech framework. We appreciate the European scale of PilotR, with an ‘EU Passport’ and ongoing cooperation across competent authorities and the ESMA. PilotR is characterized by an innovative ‘Business Plan Approach’ where the DLT operator defines governance functions and liabilities of entities operating, and connected to, DLT. Through this Business Plan Approach, PilotR promotes innovation while demanding business-specific risk mitigation, avoiding one-size-fits-all approaches. This bold regulatory move, however, prompts legal questions regarding the enforceability of business-induced rules vis-à-vis the nodes that do not qualify as operators as well as third parties. Furthermore, the PilotR Proposal would benefit from three amendments: First, EU legislators should articulate a clear link between the priorities laid down in the DFS 2020 and PilotR, along with an explanation of how PilotR fits into a broader set of measures to support innovation. Second, PilotR is characterized by a narrow scope with a relatively long timeline for testing, thereby the degree of mutual learning will be reduced. Third, being limited to authorized MiFID firms and CSDs only, regulatory leniency will be reserved for incumbents only – despite PilotR’s expressed objective to benefit innovative start-ups

     
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    Series: EBI working paper series ; no. 92 (2021)
    Subjects: DLT; sandbox; crypto; crypto-assets; cryptoassets; blockchain; distributed; ledger; technology; crypto-currency; cryptocurrency; eu; europe; regulation; law; FinTech; fin-tech; finance; regtech; reg-tech; bitcoin; ether; securities regulation; investment law; financial law; ESMA
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  15. Distrust or speculation?
    the socioeconomic drivers of U.S. cryptocurrency investments
    Author: Auer, Raphael A.; Tercero-Lucas, David
    Published: September 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors... more

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    Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of security concerns with either cash or commercial banking services. We find that cryptocurrency investors tend to be educated, young and digital natives. In recent years, a gap in ownership of cryptocurrencies across genders has emerged. We examine how investor characteristics vary across cryptocurrencies and show that owners of cryptocurrencies increasingly tend to hold their investment for longer periods.

     
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    hdl: 10419/245468
    Series: CESifo working paper ; no. 9287 (2021)
    Subjects: digital currencies; cryptocurrencies; distributed ledger technology; blockchain; payments; digitalisation; banking; household finance; money; bitcoin; ether; xrp; bitcoin cash; litecoin; stellar; eos
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  16. Towards the holy grail of cross-border payments
    Author: Bindseil, Ulrich; Pantelopoulos, George
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The holy grail of cross-border payments is a solution allowing cross-border payments to be immediate, cheap, universal, and settled in a secure settlement medium. The search for such a solution is as old as international commerce and the implied need... more

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    The holy grail of cross-border payments is a solution allowing cross-border payments to be immediate, cheap, universal, and settled in a secure settlement medium. The search for such a solution is as old as international commerce and the implied need to pay. This paper describes current visions how to eventually find this holy grail within the next decade, namely through (i) modernized correspondent banking; (ii) emerging cross-border FinTech solutions; (iii) Bitcoin; (iv) global stablecoins; (v) interlinked instant payment systems with FX conversion layer; (vi) interlinked CBDC with FX conversion layer. For each, settlement mechanics are explained, and an assessment is provided on its potential to be the holy grail of cross-border payments. Several solutions are suitable for improving cross-border payments significantly, and some could even be the holy grail.

     
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    Media type: Ebook
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    ISBN: 9789289952774
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    hdl: 10419/269100
    Series: Working paper series / European Central Bank ; no 2693 (August 2022)
    Subjects: cross-currency payments; bitcoin; correspondent banking; stablecoins; interlinking; CBDC
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  17. Cryptocurrencies and capital flows
    evidence from El Salvador's adoption of Bitcoin
    Author: Goldbach, Stefan; Nitsch, Volker
    Published: [2024]
    Publisher:  Technische Universität Darmstadt, Darmstadt, Germany

    This paper explores a monetary experiment, the adoption of Bitcoin as legal tender in El Salvador in 2021, to analyze the impact of digital currencies on international capital flows. Using a difference-in-differences approach, we find that, instead... more

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    This paper explores a monetary experiment, the adoption of Bitcoin as legal tender in El Salvador in 2021, to analyze the impact of digital currencies on international capital flows. Using a difference-in-differences approach, we find that, instead of making transfers easier, El Salvador's official cross-border financial activity has decreased after the monetary change. This finding may reflect an increase in uncertainty. However, it is also in line with findings that link digital assets to illegal activity as previously officially recorded financial transfers may have been replaced by unrecorded activities.

     
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    hdl: 10419/302552
    Series: Darmstadt discussion papers in economics ; Nr. 247
    Subjects: crypto‐assets; digital currency; legal tender; bitcoin
    Scope: 1 Online-Ressource (circa 13 Seiten)
  18. Financial literacy and attitudes to cryptocurrencies
    Author: Panos, Georgios A.; Karkkainen, Tatja; Atkinson, Adele
    Published: [2020]
    Publisher:  [Adam Smith Business School], [Glasgow]

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    Language: English
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    Format: Online
    Series: Working paper series / University of Glasgow, Adam Smith Business School ; paper no. 2020, 26 (November 2020)
    Subjects: financial literacy; cryptocurrencies; attitudes; bitcoin; financial risk
    Scope: 1 Online-Ressource (circa 97 Seiten), Illustrationen
  19. Foundations of cryptoeconomic systems
    Author: Voshmgir, Shermin; Zargham, Michael
    Published: 2020
    Publisher:  WU Vienna University of Economics and Business, Vienna

    Blockchain networks and similar cryptoeconomic networks are systems, specifically complex systems. They are adaptive networks with multiscale spatio-temporal dynamics. Individual actions may be incentivized towards a collective goal with... more

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    Blockchain networks and similar cryptoeconomic networks are systems, specifically complex systems. They are adaptive networks with multiscale spatio-temporal dynamics. Individual actions may be incentivized towards a collective goal with "purpose-driven" tokens. Blockchain networks, for example, are equipped cryptoeconomic mechanisms that allow the decentralized network to simultaneously maintain a universal state layer, support peer-to-peer settlement, and incentivize collective action. These networks represent an institutional infrastructure upon which socioeconomic collaboration is facilitated - in the absence of intermediaries or traditional organizations. They provide a mission-critical and safety-critical regulatory infrastructure for autonomous agents in untrusted economic networks. Their tokens provide a rich, real-time data set reflecting all economic activities in their systems. Advances in network science and data science can thus be leveraged to design and analyze these economic systems in a manner consistent with the best practices of modern systems engineering. Research that reflects all aspects of these socioeconomic networks needs (i) a complex systems approach, (ii) interdisciplinary research, and (iii) a combination of economic and engineering methods, here referred to as "economic systems engineering," for the regulation and control of these socioeconomic systems. This manuscript provides a conceptual framework synthesizing the research space and proceeds to outline specific research questions and methodologies for future research in this field, applying an inductive approach based on interdisciplinary literature review and relative contextualization of the works cited.

     
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    Language: English
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    Format: Online
    Series: Working paper series / Interdisciplinary Research Institute for Cryptoeconomics ; 2020, 1
    Subjects: blockchain; bitcoin; cryptoeconomics; tokens; complex systems; system theory; systems engineering; economics; network science
    Scope: 1 Online-Ressource (circa 17 Seiten), Illustrationen
  20. A Bayesian approach for the determinants of bitcoin returns
    Author: Stengos, Thanasēs; Panagiōtidēs, Theodōros; Papapanagiotou, Georgios
    Published: [2023]
    Publisher:  Department of Economics and Finance, Gordon S. Lang School of Business and Economics, University of Guelph, Guelph, Ontario, Canada

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    Series: Discussion paper / Department of Economics and Finance, Gordon S. Lang School of Business and Economics, University of Guelph ; 2023, 02
    Subjects: bitcoin; cryptocurrency; LASSO; Bayesian; CBDC
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  21. Externalities and market failures of cryptocurrencies
    Author: Hokkanen, Topi
    Published: 2023
    Publisher:  Bank of Finland, Helsinki

    This paper discusses the externalities and market failures in cryptocurrency markets. In particular, I highlight the significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent of which is Bitcoin. The... more

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    This paper discusses the externalities and market failures in cryptocurrency markets. In particular, I highlight the significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent of which is Bitcoin. The main goals of this paper are to quantify these externalities, illustrate the mechanisms by which they arise, and finally discuss feasible mechanisms to regulate them. Latest estimates show that Bitcoin mining consumes roughly the same amount of electricity as Argentina or Sweden, with commensurate carbon dioxide emissions. The two main factors driving these externalities are Bitcoin’s electricity-intensive consensus protocol and Bitcoin prices, which directly influence mining incentives. Efficient supply-side regulation of these externalities is hamstrung by the internationally mobile nature of Bitcoin miners, creating a risk of carbon leakage and regulatory arbitrage in the absence of a global carbon tax. Moreover, the cryptocurrency market and exchanges themselves are to a high degree unregulated and opaque. This exacerbates the situation since cryptocurrency prices are directly linked to mining incentives. Instead of regulating the miners i.e. the supply side of the market, as the literature has broadly suggested, I recommend focusing on regulating the demand side, the exchanges and marketplaces, as a reasonable first step in the comprehensive regulation of cryptocurrencies. Cross-border coordination is likely to be a crucial aspect in mitigating the environmental externalities of cryptocurrencies.

     
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    Language: English
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    Other identifier:
    hdl: 10419/279702
    Series: BoF economics review ; 2023, 4
    Subjects: forecasting; investment; Tobin’s Q; discrete wavelets; bitcoin; cryptocurrency; externalities; crypto mining
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  22. Competition in the cryptocurrency market
    Author: Gandal, Neil; Hałaburda, Hanna
    Published: 2014
    Publisher:  CESifo, Munich

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    Language: English
    Media type: Book
    Format: Print
    Series: CESifo working papers ; No. 4980 : Category 11, Industrial organisation
    Subjects: Währung; Internet; Währungswettbewerb; Virtuelle Währung
    Other subjects: (stw)Währung; (stw)Internet; (stw)Währungswettbewerb; (stw)USA; (stw)Virtuelle Währung; (stw)Virtuelle Währung; cryptocurrency; bitcoin; cryptocurrency; bitcoin; Arbeitspapier; Graue Literatur
    Scope: 32 S., graph. Darst., 21 cm
    Notes:

    Literaturangaben
  23. Beyond the doomsday economics of "proof-of-work" in cryptocurrencies
    Author: Auer, Raphael A.
    Published: January 2019
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 765
    Subjects: Cryptocurrencies; cryptoassets; digital currencies; blockchain; proof-of-work; proof-of-stake; distributed ledger technology; consensus; bitcoin; ethereum; money; digitalisation; finance; history of money
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
    Notes:

    An earlier version of this paper was titled "The mechanics of decentralised trust in Bitcoin and the blockchain"
  24. Market structure in Bitcoin mining
    Author: Ma, June; Gans, Joshua; Tourky, Rabee
    Published: [2019]
    Publisher:  SSRN, [S.l.]

    We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the "blockchain" that underpins it. It is shown that the protocol maps formally into a dynamic game that is an extension of standard models of R&D... more

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    We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the "blockchain" that underpins it. It is shown that the protocol maps formally into a dynamic game that is an extension of standard models of R&D racing. The model provides a technical foundation for any economic analysis of 'proof-of-work' protocols. Using the model, we demonstrate that free entry is solely responsible for determining resource usage by the system for a given reward to mining. The endogenous level of computational difficulty built into the Bitcoin protocol does not mitigate this usage and serves only to determine the time taken to process transactions. Regulating market structure will mitigate resource use highlighting the importance of identifying the benefits of competition for the operation of the blockchain

     
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    Series: Rotman School of Management working paper ; no. 3103104
    Subjects: Virtuelle Währung; Share Economy; Forschung; Markteintritt; Wettbewerb; Regulierung; Blockchain; bitcoin; blockchain; racing; mining; competition; free entry
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  25. Do we need central bank digital currency?
    economics, technology and institutions
    Contributor: Gnan, Ernest (HerausgeberIn); Masciandaro, Donato (HerausgeberIn)
    Published: 2018
    Publisher:  Larcier, Vienna

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    Bundesverfassungsgericht, Bibliothek
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    Contributor: Gnan, Ernest (HerausgeberIn); Masciandaro, Donato (HerausgeberIn)
    Language: English
    Media type: Conference proceedings
    Format: Online
    ISBN: 9783902109873
    Other identifier:
    hdl: 10419/193957
    Corporations / Congresses: Do We Need Central Bank Digital Currency?: Economics, Technology and Institutions (2018, Mailand)
    Series: SUERF conference proceedings ; 2018, 2
    Subjects: anonymity; banks; bitcoin; blockchain; baumol; cash; CADcoin; central bank; central bank digital currency; cryptocurrency; e-krona; e-Peso; digital currencies; digital money; digitalization; deposits; effective lower bound; equivalence; experiment; fedcoin; financial disintermediation; Friedman; financial stability; J-coin; lender of last resort; money; money demand; monetary policy; narrow banking; payments system; politico-economic equivalence; reserves for all; technological progress
    Scope: 1 Online-Ressource (circa 149 Seiten), Illustrationen
    Notes:

    Enthält 10 Beiträge