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IF BITCOIN WAS BIG, STATE CRYPTOCURRENCY WILL BE HUGE
Abstract
This article provides a review of recent unfolding development of countries working on creation of central bank cryptocurrency (CBCC). Central bank issued private blockchain based digital cash product such as Fedcoin, introduced by J.P. Koning and used by Bank of International Settlements (BIS) in its report, represents centralized rival of decentralized Bitcoin, electronic peer to peer payment system without central bank control (CB). Article further explores what the ongoing crypto digital turn spells for the future of the global financial system. It contains a discussion of central banks intensions, possible stabilization of the financial system and challenges posed by blockchain technology. It points out how cryptocurrency is replacing traditional finance, global development agendas and which new practices and players are shaping the space. The paper highlights dangers of cashless society and central banks ability to break the lower zero bound.
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