Centralised Regulation of Decentralised Money
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2018-11-19
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en
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Abstract
The emergence of cryptocurrencies and the implications of the new technology have posed challenging questions to the institutions that attempt to stabilise our financial system, central banks. While the overarching goals of central banks is the same, that is financial stability, the policy positions with regard to cryptocurrencies differ greatly. A small body of academic literature has focused on the monetary policy implications of cryptocurrencies and a few papers have given an overview of what these policy positions are. However, an in-depth analysis of the political economic factors contributing to the development of these policy positions is lacking. Against the backdrop of central banks developing their policy positions, this thesis seeks to explain why particular policy positions are developed from a critical political economy perspective, applying theoretical concepts derived from Regulation Theory. By analysing the unique development of the accumulation patterns in the cases of interest, the underlying instabilities are derived. Central banks as part of a set of institutions pursuing the goal to mitigate these instabilities, are therefore informed on their policy position by the political economic context in which they are embedded. This thesis argues that this specific historical political economic context informs central banks in their decision-making of whether cryptocurrencies pose a partial solution or risk to the (in)stability of the financial system.
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Faculteit der Managementwetenschappen