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Cryptocurrencies and Blockchain: Opportunities and Limits of a New Monetary Regime

dc.rights.licenseopenen_US
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorMALHERBE, Leo
IDREF: 228222397
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorMONTALBAN, Matthieu
IDREF: 076469336
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
hal.structure.identifierLille économie management - UMR 9221 [LEM]
dc.contributor.authorBÉDU, Nicolas
hal.structure.identifierGroupe de Recherche en Economie Théorique et Appliquée [GREThA]
dc.contributor.authorGRANIER, Caroline
dc.date.accessioned2020-03-06T21:49:05Z
dc.date.available2020-03-06T21:49:05Z
dc.date.issued2019-04-03
dc.identifier.issn0891-1916en_US
dc.identifier.urioai:crossref.org:10.1080/08911916.2019.1624320
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/3794
dc.description.abstractEnCryptocurrency innovations such as Bitcoin raise the question of the possible transformation of the monetary regime and how it would operate. The blockchain technology underlying Bitcoin is said to be “trustless” because it has been designed to avoid a “trusted third party.” Drawing on the institutionalist approach of Aglietta and Orléan emphasizing the importance of trust in money and the monetary system, we show that Bitcoin is characterized by: (1) methodical trust through the existence of an objective proof of payment; (2) hierarchical trust due to the concentration in the mining process; and (3) ethical trust organized around the rejection of banks and the state, although the early ethical commitment is unstable. In other words, trust is now materialized in a form of technical institution, the blockchain. However, Bitcoin cannot be used as everyday money as it would bring about a deflationist and dysfunctional monetary regime, as well as high transaction costs. Some other cryptocurrencies could lead to interesting transformations of the monetary regime if they were to provide new forms of sovereignty, avoid a design based on a fixed monetary supply, or if central banks decided to back them.
dc.language.isoENen_US
dc.sourcecrossref
dc.subject.encryptocurrencies
dc.subject.enblockchain
dc.subject.enmoney
dc.subject.entrust
dc.subject.eninstitutionalism
dc.title.enCryptocurrencies and Blockchain: Opportunities and Limits of a New Monetary Regime
dc.typeArticle de revueen_US
dc.subject.halÉconomie et finance quantitative [q-fin]
bordeaux.journalInternational Journal of Political Economyen_US
bordeaux.page127-152en_US
bordeaux.volume48en_US
bordeaux.hal.laboratoriesGroupe de Recherche en Economie Théorique et Appliquée (GREThA) - UMR 5113en_US
bordeaux.issue2en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcedissemin
hal.identifierhal-02505275
hal.version1
hal.date.transferred2020-03-12T01:02:45Z
hal.exporttrue
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