Virtual currencies in the Eurosystem: challenges ahead
Study
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. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Study
External author
Rosa María LASTRA, Jason Grant ALLEN
About this document
Publication type
Keyword
- accounting
- BUSINESS AND COMPETITION
- consumer protection
- consumption
- counterfeiting
- criminal law
- data protection
- EDUCATION AND COMMUNICATIONS
- electronic banking
- EU police cooperation
- European construction
- EUROPEAN UNION
- fight against crime
- FINANCE
- financial institutions and credit
- fraud
- information and information processing
- information technology and data processing
- issuing of currency
- judicial cooperation in criminal matters in the EU
- LAW
- monetary economics
- payment
- personal data
- social affairs
- SOCIAL QUESTIONS
- tax evasion
- TRADE
- virtual currency