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Waehrungswettbewerber Facebook: Oekonomische Implikationen der Corporate Cryptocurrency Libra

Author

Listed:
  • Andreas Hanl

    (University of Kassel)

Abstract

Nach dem Versuch unzaehliger Kryptowaehrungen das Finanzwesen zu revolutionieren und den ersten Schritten nationaler Notenbanken in Richtung einer Digitalisierung des Geldwesens, folgen nun privatwirtschaftliche Grossprojekte. Das massgeblich von Facebook vorangetriebene Libra will den Zugang zu Finanzdienstleistungen vereinfachen. Der vorliegende Beitrag untersucht die waehrungspolitische Dimension des Corporate Cryptocurrency Projekts. Mit den klassischen Kryptowaehrungen hat Libra nur die kryptographische Grundlage gemein. Durch vollstaendige Besicherung der Libra-Tokens durch eine Reserve aus niedrig-volatilen Wertpapieren soll ein "Stable Coin" entstehen, dessen Wechselkursvolatilitaet deutlich unter dem typischer Kryptowaehrungen liegen duerfte. Obwohl Libra keine eigene Geldpolitik verfolgt, wird es mit den bestehenden Zentralbanken interagieren, indem es einen von diesen nicht kontrollierten Transmissionskanal schafft. Damit erodiert der Wirkungskreis klassischer Geldpolitik, was letztlich in Versuchen muenden wird, den neuen Marktakteur zu regulieren.

Suggested Citation

  • Andreas Hanl, 2019. "Waehrungswettbewerber Facebook: Oekonomische Implikationen der Corporate Cryptocurrency Libra," MAGKS Papers on Economics 201930, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:201930
    as

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    File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2019/30-2019_hanl.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Cryptocurrency; Facebook; Libra; Monetary Policy;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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