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Cryptocurrencies: Regulatory Perspectives and Implications for Investors

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Julapa Jagtiani

    (Federal Reserve Bank of Philadelphia)

  • Michael Papaioannou

    (International Monetary Fund)

  • George Tsetsekos

    (Drexel University)

  • Erik Dolson

    (Federal Reserve Bank of Philadelphia)

  • Dan Milo

    (Rutgers University)

Abstract

Cryptocurrencies, such as Bitcoin and Ethereum, are part of the latest innovations in the financial system. There are more than 4000 cryptocurrencies in existence as of May 2020. We discuss whether cryptocurrencies and stablecoins could replace official central bank currencies, what a cashless financial system would look like, how monetary policy would need to adjust to remain effective, what type of regulatory changes would be needed to close the loopholes around capital controls and effective prevention of anti-money laundering, and whether central banks should create their own digital currencies. In addition, we explore the usage of distributed ledger technology (DLT), such as blockchain, in recording and transacting cryptocurrencies and the impact of initial coin offerings (ICOs), which have become a way for start-ups to raise funds, and we discuss potential implications for investors who may be interested in participating in the cryptocurrency markets.

Suggested Citation

  • Julapa Jagtiani & Michael Papaioannou & George Tsetsekos & Erik Dolson & Dan Milo, 2021. "Cryptocurrencies: Regulatory Perspectives and Implications for Investors," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 161-186, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_7
    DOI: 10.1007/978-3-030-65117-6_7
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    Citations

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    Cited by:

    1. Allen, Franklin & Gu, Xian & Jagtiani, Julapa, 2022. "Fintech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China," Journal of International Money and Finance, Elsevier, vol. 124(C).
    2. Raphael Auer & Marc Farag & Ulf Lewrick & Lovrenc Orazem & Markus Zoss, 2022. "Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies," BIS Working Papers 1013, Bank for International Settlements.
    3. Wang, Yizhi & Wei, Yu & Lucey, Brian M. & Su, Yang, 2023. "Return spillover analysis across central bank digital currency attention and cryptocurrency markets," Research in International Business and Finance, Elsevier, vol. 64(C).

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