文章基本信息

标题：AN INVESTIGATION ON THE CRYPTO CURRENCIES AND ITS FUTURE
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作者：Selim ŞANLISOY ; Tuğberk ÇİLOĞLU
期刊名称：International Journal of eBusiness and eGovernment Studies
电子版ISSN：2146-0744
出版年度：2019
卷号：11
期号：1
页码：69-88
DOI：10.34111/ijebeg.20191115
语种：English
出版社：Social Sciences Research Society
摘要：Crypto Currencies (CC) have recently become one of the most debated topics in the public opinion. One of the most fundamental reasons for this is that the fluctuations in transaction volumes and prices of CCs that emerged in 2009 have increased visibly in recent years. CCs have many direct and indirect effects on the global monetary system and the world economy. At this point, as well as the factors that lead to the emergence of CCs, the change and transformation process that CCs create in the world economy is also very important. One of the factors that will determine the degree of future expansion of CCs will be the functions of money. The degree of which CCs can fulfill the functions of the classical currencies will have a direct impact on the process of CC dissemination. CCs can not fulfill the appraisal function at this time. The most basic reason for this is the excessive fluctuations in CC prices. This volatility prevents economic units from valuing any goods and services using CC. This prevents the spread of CCs. However, as this fluctuation will persist over time, CCs will begin to fulfill the function of appraisal and the process of dissemination will accelerate. The power of governments to direct economic and monetary policy will change and transform with the spread of CCs. The effect of this change and the extent to which the states will allow this change remain unclear. Besides, how CCs will affect the global reserve money system is also very important. It remains unclear whether the CCs will be used as reserve currency in the future and how the major cal banks will react to it. CCs are also closely related to the seignoirage income. As the CCs become widespread, the seignoirage income which the major cal banks obtained from the banknotes will also be jeopardized. The question of how states and cal banks will react to this should also be discussed. Measures that are taken against crypto-currencies by the cal banks, whose seigniorage income decreases, will be determinant of the global reserve money system. The purpose of this study is to foresee the future of the global reserve money system with the emergence of CCs and how the seignoirage income of cal banks will be affected from this process.
关键词：Crypto Currency;Macroeconomics;Global Financial System;Monetary Policy;Policy Efficiency