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Regulation

In: The Economics of Cryptocurrencies and Digital Money

Author

Listed:
  • Augusto Schianchi

    (Università di Parma)

  • Andrea Mantovi

    (Università di Parma)

Abstract

This chapter summarizes the major principles for the regulation of new digital coins that feature in the current debate. Again, the principle of “no questions asked” represents the logical cornerstone of the theme. It is emphasized that officials can take action against (and in fact have prosecuted) misconduct even in the absence of specific regulation of new instruments. Following Gorton and Zhang, the proper regulation of stablecoins is argued to resemble that of banks as depository institutions. In such respect, the theoretical problem of what is a bank is discussed as far from settled. Among the key issues, one acknowledges the synergy between the sides of the balance sheet and the special liquidity backstops available.

Suggested Citation

  • Augusto Schianchi & Andrea Mantovi, 2023. "Regulation," Palgrave Studies in Financial Services Technology, in: The Economics of Cryptocurrencies and Digital Money, chapter 0, pages 145-157, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-031-44248-3_6
    DOI: 10.1007/978-3-031-44248-3_6
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