Cryptocurrencies and blockchain in adolescence
DOI:
https://doi.org/10.22235/rd25.2776Keywords:
Cryptocurrencies, Blockchain, Regulation, Latin America, Bitcoin, distributed ledger technologiesAbstract
On October 31, 2008, Satoshi Nakamoto published his famous White paper with the technical, computational, and ideological foundations of cryptocurrencies. On January 3, 2009, Bitcoin was launched. Cryptocurrencies and distributed ledger technologies are, thus, in their teens but their following different paths. In this paper I analyze how the technology of cryptocurrencies has matured, especially regarding distributed registry structures, and how the latter have consolidated a transforming potential in law and in the economy that we are just recognizing. This maturity is contrasted with the threats that hang over cryptocurrencies themselves. The financial and sustainability problems of some of the most popular currencies have already been repeatedly denounced. What is more, now monetary authorities and central banks are studying issuing digital assets (CDBC) that provide some of the benefits currently provided by cryptocurrencies. This could substantially reduce the market share of the latter and, therefore, their exchange value or use value.
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