Brave New Monetary World: Exploring The Idea of an International Cryptocurrency
Since the launch of Bitcoin ten years ago, there has been a proliferation of digital currencies with market capitalizations of billions of dollars, growing academic literature and a mixed reception. These new currencies allow for important improvements in the payment system such as reduced costs and higher transaction speed. The current study develops a theoretical model that explores a distant idea: an international cryptocurrency which would benefit from those advantages. The study focuses on the economic feasibility of this monetary utopia and how exogenous factors would affect it, taking into account that this cryptocurrency would only be used exclusively for international purposes, i.e. it would not substitute traditional currencies completely.
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