As if central banks' powers and balance sheets haven't grown quite enough since the outbreak of the subprime crisis, we've been hearing more and more calls for them to expand their role in retail payments, by supplying digital money directly to the general public. Some proposals would…
When the New York Attorney General launched an inquiry into cryptocurrency exchanges last week, his office cited “significant volatility, instability, and risk” as motivating factors for the probe. This echoes statements by International Monetary Fund chief Christine Lagarde and Agustín Carstens of the Bank for International Settlements….
Those who follow cryptocurrencies will know that an initial coin offering (ICO) refers to the issuance of digital tokens to finance a blockchain-based venture. They will also know that the legal status of tokens is an ongoing discussion among market participants and regulators. ICOs have attracted policymakers’…
The Bitcoin system has the great virtue of securely sending value directly from stranger to stranger. It is open to anyone, anywhere in the world. The sender does not need to trust the recipient, nor any bank or other institution, to accurately record the transfer. The Bitcoin…
I fully expected Larry White's recent post challenging the state theory of money, and particularly that theory's understanding of the origins of metallic coinage, to generate some critical feedback. In particular, I expected it to raise the hackles of "Lord Keynes" (henceforth LK), the otherwise anonymous author…