The Bitcoin Question: Currency versus Trust-less Transfer Technology
The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the 'currency' issues fr...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2014
|
| Schriftenreihe: | OECD Working Papers on Finance, Insurance and Private Pensions
no.37 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the 'currency' issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can't undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised. |
| Beschreibung: | 1 Online-Ressource (20 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5jz2pwjd9t20-en |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061239550 | ||
| 003 | DE-627-1 | ||
| 005 | 20231204121235.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2014 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5jz2pwjd9t20-en |2 doi | |
| 035 | |a (DE-627-1)061239550 | ||
| 035 | |a (DE-599)KEP061239550 | ||
| 035 | |a (FR-PaOEC)5jz2pwjd9t20-en | ||
| 035 | |a (EBP)061239550 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a G19 |2 jelc | ||
| 084 | |a F39 |2 jelc | ||
| 084 | |a F65 |2 jelc | ||
| 084 | |a E5 |2 jelc | ||
| 084 | |a G2 |2 jelc | ||
| 100 | 1 | |a Blundell-Wignall, Adrian |e VerfasserIn |4 aut | |
| 245 | 1 | 4 | |a The Bitcoin Question |b Currency versus Trust-less Transfer Technology |c Adrian, Blundell-Wignall |
| 264 | 1 | |a Paris |b OECD Publishing |c 2014 | |
| 300 | |a 1 Online-Ressource (20 p.) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Working Papers on Finance, Insurance and Private Pensions |v no.37 | |
| 520 | |a The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the 'currency' issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can't undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised. | ||
| 650 | 4 | |a Finance and Investment | |
| 856 | 4 | 0 | |l FWS01 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5jz2pwjd9t20-en |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061239550 |
|---|---|
| _version_ | 1804748661557559296 |
| adam_text | |
| any_adam_object | |
| author | Blundell-Wignall, Adrian |
| author_facet | Blundell-Wignall, Adrian |
| author_role | aut |
| author_sort | Blundell-Wignall, Adrian |
| author_variant | a b w abw |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC |
| ctrlnum | (DE-627-1)061239550 (DE-599)KEP061239550 (FR-PaOEC)5jz2pwjd9t20-en (EBP)061239550 |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1787/5jz2pwjd9t20-en |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02787cam a22003972 4500</leader><controlfield tag="001">ZDB-13-SOC-061239550</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20231204121235.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2014 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5jz2pwjd9t20-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061239550</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061239550</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5jz2pwjd9t20-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(EBP)061239550</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G19</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F39</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F65</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E5</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G2</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Blundell-Wignall, Adrian</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="4"><subfield code="a">The Bitcoin Question</subfield><subfield code="b">Currency versus Trust-less Transfer Technology</subfield><subfield code="c">Adrian, Blundell-Wignall</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2014</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (20 p.)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Working Papers on Finance, Insurance and Private Pensions</subfield><subfield code="v">no.37</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the 'currency' issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can't undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Investment</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5jz2pwjd9t20-en</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061239550 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-16T15:07:26Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-863 DE-BY-FWS |
| owner_facet | DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (20 p.) 21 x 29.7cm. |
| psigel | ZDB-13-SOC |
| publishDate | 2014 |
| publishDateSearch | 2014 |
| publishDateSort | 2014 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Working Papers on Finance, Insurance and Private Pensions |
| spelling | Blundell-Wignall, Adrian VerfasserIn aut The Bitcoin Question Currency versus Trust-less Transfer Technology Adrian, Blundell-Wignall Paris OECD Publishing 2014 1 Online-Ressource (20 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Working Papers on Finance, Insurance and Private Pensions no.37 The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the 'currency' issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can't undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised. Finance and Investment FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5jz2pwjd9t20-en Volltext |
| spellingShingle | Blundell-Wignall, Adrian The Bitcoin Question Currency versus Trust-less Transfer Technology Finance and Investment |
| title | The Bitcoin Question Currency versus Trust-less Transfer Technology |
| title_auth | The Bitcoin Question Currency versus Trust-less Transfer Technology |
| title_exact_search | The Bitcoin Question Currency versus Trust-less Transfer Technology |
| title_full | The Bitcoin Question Currency versus Trust-less Transfer Technology Adrian, Blundell-Wignall |
| title_fullStr | The Bitcoin Question Currency versus Trust-less Transfer Technology Adrian, Blundell-Wignall |
| title_full_unstemmed | The Bitcoin Question Currency versus Trust-less Transfer Technology Adrian, Blundell-Wignall |
| title_short | The Bitcoin Question |
| title_sort | bitcoin question currency versus trust less transfer technology |
| title_sub | Currency versus Trust-less Transfer Technology |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/5jz2pwjd9t20-en |
| work_keys_str_mv | AT blundellwignalladrian thebitcoinquestioncurrencyversustrustlesstransfertechnology AT blundellwignalladrian bitcoinquestioncurrencyversustrustlesstransfertechnology |