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Virtual currencies in the Eurosystem: challenges ahead

16-07-2018

Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. ...

Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Awtur estern

Rosa María LASTRA, Jason Grant ALLEN

Cryptocurrencies and blockchain

05-07-2018

More and more regulators are worrying about criminals who are increasingly using cryptocurrencies for illegitimate activities like money laundering, terrorist financing and tax evasion. The problem is significant: even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide. This paper prepared by Policy Department A elaborates on this phenomenon from a legal perspective, focusing on the use of cryptocurrencies for financial ...

More and more regulators are worrying about criminals who are increasingly using cryptocurrencies for illegitimate activities like money laundering, terrorist financing and tax evasion. The problem is significant: even though the full scale of misuse of virtual currencies is unknown, its market value has been reported to exceed EUR 7 billion worldwide. This paper prepared by Policy Department A elaborates on this phenomenon from a legal perspective, focusing on the use of cryptocurrencies for financial crime, money laundering and tax evasion. It contains policy recommendations for future EU standards.

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Prof. Dr. Robby HOUBEN and Alexander SNYERS, University of Antwerp, Research Group Business & Law, Belgium

Virtual currencies and central banks monetary policy: challenges ahead

02-07-2018

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their ...

Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant position of sovereign currencies and central banks, especially those in major currency areas. As with other innovations, virtual currencies pose a challenge to financial regulators, in particular because of their anonymity and trans-border character. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

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Marek Dabrowski, Lukasz Janikowski

Should central banks be concerned about virtual currencies?

02-07-2018

Virtual currencies have generated much discussion over the past few years with some believing they are an improvement on state-issued currencies and will end up replacing them. This paper argues this is extremely unlikely. Cryptocurrencies such as Bitcoin do not work well as money because of security weaknesses and the volatility of their price relative to traditional currencies. The theory that the private sector will choose to replace a state-backed currency with privately-issued currency also ...

Virtual currencies have generated much discussion over the past few years with some believing they are an improvement on state-issued currencies and will end up replacing them. This paper argues this is extremely unlikely. Cryptocurrencies such as Bitcoin do not work well as money because of security weaknesses and the volatility of their price relative to traditional currencies. The theory that the private sector will choose to replace a state-backed currency with privately-issued currency also has little historical backing. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

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Professor Karl Whelan

Virtual Currencies

02-07-2018

Following a brief discussion of the characteristics of money, we provide an overview of virtual currencies describing relevant technological aspects and different use cases. Based on this, we derive implications for financial market regulations and monetary policy (with a focus on the possibility of central bank digital currencies). This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Following a brief discussion of the characteristics of money, we provide an overview of virtual currencies describing relevant technological aspects and different use cases. Based on this, we derive implications for financial market regulations and monetary policy (with a focus on the possibility of central bank digital currencies). This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

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Kiel Institute for the World Economy

How blockchain technology could change our lives

20-02-2017

Blockchain technology is of increasing interest to citizens, businesses and legislators across the European Union. This report is aimed at providing a point of entry for those curious about blockchain technology, so as to stimulate interest and provoke discussion around its potential impact. A general introduction is followed by a closer look at eight areas in which blockchain has been described as having a substantial potential impact. For each of these, an explanation is given of how the technology ...

Blockchain technology is of increasing interest to citizens, businesses and legislators across the European Union. This report is aimed at providing a point of entry for those curious about blockchain technology, so as to stimulate interest and provoke discussion around its potential impact. A general introduction is followed by a closer look at eight areas in which blockchain has been described as having a substantial potential impact. For each of these, an explanation is given of how the technology could be developed in that particular area, the possible impacts this development might have, and what potential policy issues are to be anticipated.

Extending Quantitative Easing: Are there Additional Risks for Financial Stability?

02-02-2017

Since March 2015, the ECB is engaged in an expanded asset purchase programme of private sector assets and sovereign bonds (so called quantitative easing or QE), which has been recently extended until December 2017, although at a slower pace. The aim of the programme is to ease monetary and financial conditions, making access to finance cheaper for firms and households. This tends to support investment and consumption and, ultimately, contributes to a return of inflation rates towards the ECB target ...

Since March 2015, the ECB is engaged in an expanded asset purchase programme of private sector assets and sovereign bonds (so called quantitative easing or QE), which has been recently extended until December 2017, although at a slower pace. The aim of the programme is to ease monetary and financial conditions, making access to finance cheaper for firms and households. This tends to support investment and consumption and, ultimately, contributes to a return of inflation rates towards the ECB target.

ECB Quantitative Easing: What Are the Side Effects?

15-06-2015

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour income. The notes also discuss the potential financial/fiscal risks related to QE through its effects on the allocation of consumption and savings, in the context of an aging population. The notes prepared by ...

The notes in this compilation analyse the potential side effects of the ECB expanded asset purchase programme (Quantitative Easing or QE) by focusing on the channels through which monetary policy may affect the distribution of income and wealth, e.g by favouring financial rather than labour income. The notes also discuss the potential financial/fiscal risks related to QE through its effects on the allocation of consumption and savings, in the context of an aging population. The notes prepared by key monetary experts have been requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament as an input for the June 2015 session of the Monetary Dialogue between the members of the ECON Committee and the President of the ECB.

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Grégory CLAEYS, Zsolt DARVAS, Álvaro LEANDRO and Thomas WALSH (Bruegel) ; Kerstin BERNOTH, Philipp J. KÖNIG, Benjamin BECKERS and Caterina FORTI GRAZZINI (DIW Berlin and Hertie School of Governance) ; Andrew HUGHES HALLETT (School of Economics and Finance, University of St Andrews) ; Christophe BLOT, Jérôme CREEL, Paul HUBERT, Fabien LABONDANCE and Xavier RAGOT (OFCE, Observatoire Français des Conjonctures Économiques) ; Karl WHELAN (University College Dublin)

Interrelation between Financial Stability and Monetary Policy at the Current Juncture

16-03-2015

Several years of unconventional monetary policies and exceptionally low interest have improved banks’ health, eased credit conditions and, ultimately, helped supporting the economy. However, these policies may have undesirable side-effects that could put financial stability at risk the longer they are in place. For instance, a prolonged period of low interest rates may encourage banks to roll over nonperforming loans rather than repairing their balance sheets; Long-term yields may rise from their ...

Several years of unconventional monetary policies and exceptionally low interest have improved banks’ health, eased credit conditions and, ultimately, helped supporting the economy. However, these policies may have undesirable side-effects that could put financial stability at risk the longer they are in place. For instance, a prolonged period of low interest rates may encourage banks to roll over nonperforming loans rather than repairing their balance sheets; Long-term yields may rise from their currently compressed levels, resulting in potentially large losses for bond holders. The notes in this compilation discuss the main financial stability threats of unconventional monetary policies in an environment of low interests rates and the interrelation between financial stability and monetary policy at the current juncture. The notes have been requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament as an input for the March 2015 session of the Monetary Dialogue between the Members of the ECON Committee and the President of the ECB.

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Grégory CLAEYS and Zsolt DARVAS (Bruegel) ; Karl WHELAN (University College Dublin) ; Eddie GERBA and Corrado MACCHIARELLI (LSE, London School of Economics)

Bitcoin: Market, economics and regulation

11-04-2014

Bitcoin is a digital currency which started circulating in 2009. It was the first form of virtual money to become relatively popular. Bitcoin is public in nature as it maintains a log of all transactions. These are verified by its users in a process called mining. The extent of computing power and energy needed to mine bitcoins is set to increase over time.

Bitcoin is a digital currency which started circulating in 2009. It was the first form of virtual money to become relatively popular. Bitcoin is public in nature as it maintains a log of all transactions. These are verified by its users in a process called mining. The extent of computing power and energy needed to mine bitcoins is set to increase over time.

Avvenimenti fil-ġejjieni

01-10-2019
Health threats from climate change: Scientific evidence for policy-making
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