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The UK and other EU governments are responding to concerns that cryptocurrencies are being used for money laundering and tax evasion. In the UK, the Treasury will bring regulation on cryptocurrencies in line with anti-money laundering and counter-terrorism financial legislation. Anonymity will be lost as traders are forced to disclose their identities.
The EU plan will require online cryptocurrency trading platforms to carry out due diligence on customers and report suspicious transactions. If the current interest in cryptocurrencies is a precursor to their wider use as alternatives to the dollar, the pound, the euro and the yen, then this may threaten the monopoly on money creation that is held by policymakers.
Central banks cannot print Bitcoins, so if the world switches away from fiat currencies, then they would be unable to print money to stimulate the economy. Conventional monetary policy would be ineffective, as would quantitative easing. According to this argument, increased regulation of cryptocurrencies is needed so that central banks do not lose control of the money supply. There will always be boom and bust in cryptocurrencies, unlike for fiat currencies backed by central banks as lender of last resort.
Supporters of cryptocurrencies argue that the lack of regulation has been instrumental in their successes to date, often presenting cryptocurrencies as the digital version of the 19th century gold standard when no attempt was made to equate the supply of money with demand.
A working paper from the Bank of Finland in concludes that Bitcoin cannot be regulated and does not need to be regulated in any case Huberman et al Regulation is appropriate for monopolies run by management organisations, but not for monopolies run by protocols.
Speaking at a press conference in October , ECB president Mario Draghi reasoned that cryptocurrencies are not mature enough to be considered for regulation, although they should be critically assessed for risk. Forty-nine panel members answered this question. A clear majority wished to see greater regulation of cryptocurrencies: The most common reason for agreeing with the statement is a concern that the anonymity of cryptocurrencies promotes nefarious activities.
So it would seem odd to let cryptocurrencies get around these restrictions. There is some support for increased regulatory oversight to preserve the effectiveness of monetary policy, although this is far from being a widespread belief among respondents.
They should not be perceived like that. Such currencies are created to avoid the supposed evil effects of government regulation on monetary and financial stability.
An Empirical Assessment ". Financial markets Financial regulation and banking. The economics of the Bitcoin payment system. Competition between government money and cryptocurrencies. Central banking and Bitcoin: Not yet a threat. Cryptocurrencies and the financial system In , a working paper published by the ECB concluded that, in the current situation, virtual currency schemes: Do you agree that cryptocurrencies are currently a threat to the stability of the financial system, or can be expected to become a threat in the next couple of years?
Do you agree that the regulatory oversight of cryptocurrencies needs to be increased? Assistant Professor, London School of Economics. Race and economic opportunity in the United States. Chetty, Hendren, Jones, Porter. Practical macroeconomic policy evaluation. New ways of thinking about economic policy. Monetary-Fiscal Management of a Global Recession. The Economic Consequences of Brexit. Homeownership of immigrants in France: Then use an encrypted email account to open your Bitcoin related online accounts.
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