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Digital currencies: What lies ahead?

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  • Heller, Daniel

Abstract

Digital or virtual currencies like Bitcoin and Ether have quickly moved to prominence in the public debate. Commentators at one end of the spectrum believe that in the not-too-distant future they will replace sovereign central bank issued currencies. At the other end of the spectrum, many are convinced that digital currencies are nothing but a bubble that will burst and disappear soon. This paper argues that the future development of digital currencies will be influenced by three concurrent, powerful forces: regulation, technological progress and economic viability. Given the dramatic price increase of digital currencies and the spread of initial coin offerings, it is highly unlikely that regulators will remain as passive as they have been in the past. Eventually, digital currencies will be regulated with the same granularity as other payment instruments and financial assets.

Suggested Citation

  • Heller, Daniel, 2018. "Digital currencies: What lies ahead?," Journal of Digital Banking, Henry Stewart Publications, vol. 2(4), pages 292-297, May.
    • Handle: RePEc:aza:jdb000:y:2018:v:2:i:4:p:292-297
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    More about this item

    Keywords

    digital currencies; innovation; regulation; future of money; initial coin offerings;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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