Volatilité et régulation des cryptomonnaies : approche monétaire orthodoxe versus approche monétaire hétérodoxe[Volatility and regulation of cryptocurrencies: orthodox monetary approach versus heterodox monetary approach]

This article analyzes the factors explaining the volatility of cryptocurrency prices and the regulatory pathways aimed at the stability of these prices. Considering cryptocurrency as a social innovation and a total social fact, the social economy approach distinguishes two essential components in the value of cryptocurrencies: an intrinsic value which ensures the stability of this encrypted currency, and a value resulting from a balance of power between ethical users and speculative users with different logics. The extreme volatility of cryptocurrencies is explained by the prevalence of extractive (speculative) logic over collaborative (ethical) logic and is reinforced via their spatial (decentralized) logic. The study recommends “negotiated” and democratic regulation of cryptocurrencies, taking into account the interaction between ethics and technique at the heart of the blockchain, and implemented on a national and supranational scale. Such regulation requires configuring blockchain protocols compatible with limited volatility and cryptocurrencies backed by projects of concrete utility.