a column by Biagio Bosson and Massimo Costa for VOX: CEPR’s Policy Portal
A correct application of the general principles of accounting raises fundamental doubts about the current conceptions of money.
This column argues that such an application allows the inconsistency whereby cryptocurrencies are not a debt liability if they are issued by private-sector entities, but become so if they are issued by central banks, to be resolved. In both cases, cryptocurrencies actually represent equity capital of the issuing entities, a conclusion that should greatly assist national monetary and financial authorities in shaping regulations.
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