What Is Really New about Cryptocurrencies?

47 Pages Posted: 23 Oct 2019 Last revised: 10 Mar 2021

See all articles by Anil Savio Kavuri

Anil Savio Kavuri

Centre for Applied Macroeconomic Analysis

Alistair Milne

Loughborough University - School of Business and Economics

Justine A Wood

Loughborough University - School of Business and Economics

Date Written: March 5th, 2021

Abstract

Cryptocurrencies and stablecoins are potentially transformative innovations. Their emergence has prompted active debate of the nature of money and the relationship between its different forms. We propose a conceptual framework for understanding these developments and their practical and policy implications. Our objective is to provide a more complete analysis than other recent similar efforts, incorporating insights from both historical and contemporary arrangements and from the history of monetary thought. One key finding is the necessity of distinguishing arrangements for (i) recording and transferring ownership; and (ii) supporting monetary value, which we capture in two separate visualisations. Another is the possibility of delegated audit and control of financial assets, a potentially powerful but neglected feature of the new technologies.

Keywords: Money, Cryptocurrencies, Central bank digital currencies, Bitcoin

JEL Classification: B22, E40, E41 E42, E50, E51, E52, E58, E59, E61

Suggested Citation

Kavuri, Anil Savio and Milne, Alistair K. L. and Wood, Justine A, What Is Really New about Cryptocurrencies? (March 5th, 2021). CAMA Working Paper No. 79/2019, Available at SSRN: https://ssrn.com/abstract=3473528 or http://dx.doi.org/10.2139/ssrn.3473528

Anil Savio Kavuri (Contact Author)

Centre for Applied Macroeconomic Analysis ( email )

ANU College of Business and Economics
Canberra, Australian Capital Territory 0200
Australia

Alistair K. L. Milne

Loughborough University - School of Business and Economics ( email )

Epinal Way
Loughborough
Leicestershire, LE11 3TU
United Kingdom

Justine A Wood

Loughborough University - School of Business and Economics ( email )

Epinal Way
Leics LE11 3TU
Leicestershire
United Kingdom

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