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Bitcoin auf dem Weg zur Reservewährung?
Posted on 1. December 2015 by Christoph Bergmann // 7 Comments
bitcoinblog.de/2015/12/01/...auf-dem-weg-zur-reservewaehrung/
wer lesen kann UND MÖCHTE, ist halt klar im vorteil, siehe 2015
bitcoinblog.de/2015/12/01/...auf-dem-weg-zur-reservewaehrung/
.
Es ist alles eingetreten.
Wissen besiegt Faulheit / Dummheit
While ECB
(2012)
suggests
that the implications for central bank policy
at present
might be limited,
economic models
technological innovations
within the banking
system suggests that digital money can
impact on the demand for money.
Berensten
(1998)
, for example,
notes that monetary policy depends on a stable velocity of money.However,
as digital money becomes a both popular means of payment, it can impact on
the income velocity of money and reduce the monetary
base and more significantly
reduce the precision of
the central bank’s control of monetary liabilities.
Given that digital currencies reduce the effectiveness of monetary policy at the country
level, Plassaras
(2013)
argues for greater international cooperation through
the
International Monetary Fund
(IMF)
. The author notes that
typically central banks hold
reserves to counter speculative attacks against the currency. They can also raise interest
rates or intervene in the currency market.
If the central bank runs out
of reserves, it can
draw down on its quota’s at the IMF. However, if wealthy Bitcoin investors launch a
speculative attack on a currency there is relatively little that can be done at present as
neither the central bank nor
the
IMF hold Bitcoin
. Plassara
s
(2013)
therefore argues
that the Fund
could either
attempt to excise indirect control of the currency or it could
offer the digital currency quasi
-
membership status.
Such approaches will need to be
further discussed a
s there are governance issues that would need to be addressed,
however, given the growth of Bitcoin, there is a clear need to be prepared for potential
speculative attacks and incorporate this means of payment better into the financial
system
.
leider nicht geschehen können ;)
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