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Cryptocurrencies as a Driver of Innovation for the Monetary System

In: FinTech Research and Applications Challenges and Opportunities

Author

Listed:
  • Gianna Figà-Talamanca
  • Sergio M. Focardi
  • Davide Mazza
  • Marco Patacca

Abstract

In this chapter, we outline a theory of cryptocurrencies that parallels the standard theory of money. We evidence that cryptocurrencies satisfy some but not all conditions that qualify a medium of exchange as money. Specifically, the process of creation and distribution of cryptocurrencies significantly differs from that of money impacting trust and value creation. New form of cryptocurrencies, such as central bank digital currencies, are considered. We outline scenarios of future evolution of cryptocurrencies and how they might be adopted by central banks to replace cash and/or to have direct interaction with the public.

Suggested Citation

  • Gianna Figà-Talamanca & Sergio M. Focardi & Davide Mazza & Marco Patacca, 2023. "Cryptocurrencies as a Driver of Innovation for the Monetary System," World Scientific Book Chapters, in: Daisy Chou & Conall O'Sullivan & Vassilios G Papavassiliou (ed.), FinTech Research and Applications Challenges and Opportunities, chapter 3, pages 143-176, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800612723_0003
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    More about this item

    Keywords

    FinTech; FinTech Regulation; Artificial Intelligence; Machine Learning; Cryptocurrencies; Smart Contracts; Financial Fraud Detection; FinTech in Financial Services;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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