Blockchain, Securities Markets and Central Banking

Forthcoming in: Regulating Blockchain. Techno-Social and Legal Challenges, edited by Philipp Hacker, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich, Oxford University Press, 2019

21 Pages Posted: 26 Jul 2017 Last revised: 16 Oct 2018

Date Written: July 23, 2017

Abstract

Distributed ledger technology, a variant of which is blockchain technology, represents one of the most important innovations of the fintech revolution. Academics, policymakers and market participants are experimenting with the technology with the aim of enhancing the functioning of financial markets. Industry consortia are being formed by the biggest financial institutions in the world seeking to leverage the use of the technology, in order to improve the clearing and settlement process. Furthermore, central banks in advanced and developing economies are examining the potential of using the technology in market infrastructures operated by central banks and are even exploring the possibility of issuing digital base money. Nevertheless, the widespread adoption of distributed ledger technology as envisioned by its ardent supporters encounters considerable legal obstacles, including the numerous new regulations imposed on financial markets and market participants in the aftermath of the financial crisis. The present paper will seek to disentangle the myths from the realities of the so-called distributed ledger technology or blockchain revolution and discuss how the legal regime can act both as an impediment and a catalyst to the widespread adoption of the technology.

Suggested Citation

Seretakis, Alexandros L., Blockchain, Securities Markets and Central Banking (July 23, 2017). Forthcoming in: Regulating Blockchain. Techno-Social and Legal Challenges, edited by Philipp Hacker, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich, Oxford University Press, 2019, Available at SSRN: https://ssrn.com/abstract=3007402 or http://dx.doi.org/10.2139/ssrn.3007402

Alexandros L. Seretakis (Contact Author)

Trinity College Dublin ( email )

School of Law, House 39, New Square
Trinity College Dublin, the University of Dublin
Dublin, D02 X376
Ireland

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
986
Abstract Views
5,319
Rank
35,470
PlumX Metrics