Blockchain, Cryptocurrency and the Future of Monetary Policy

WASHINGTON - EntSun -- "It is critical to understand that bitcoin was created in direct response to the failure of global regulators to protect the public in the years leading up to the financial crisis of 2007/2008. Thus, the social and monetary functionality of cryptocurrency is superior to that of paper money. Eventually, cryptocurrency is going to dominate."
William Michael Cunningham, CEO of Creative Investment Research

The technological revolution over the previous century has dramatically changed the global political, economic, social and environmental landscape. Developments in technical capabilities have influenced every sector of society, becoming an inseparable part of our lives. No matter the industry – financial, industrial, or agricultural – technology has permanently shifted the way global institutions operate. While there have been many phases, the process has just begun. From raw computing power to the power of the internet to the spread and advent of mobile phones, the pace at which the technological revolution has progressed is both exciting and overwhelming. There is an assumption that these technologies will change society, but the  how and when they will do so is still unknown.

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In particular, the rise of cryptocurrencies offers an important perspective. They have grown faster than any other potential investment in traditional financial markets. The promise of currency that is secure from compromise, safe from manipulation by large financial institutions and increasing in value at a rapid pace, gained international attention. Yet, when the cryptocurrency boom began to reverse, as values plummeted dramatically, so did trust. While  mainstream cryptocurrency investment fell, research, development and investment into  cryptocurrency technology has grown. Although the buzzword – cryptocurrency – has focused on the boom-bust cycle of value that initially captured international attention, the monetary framework and value underlying blockchain technology may signal the beginning of what some call the fourth industrial revolution. This development has two impacts: first, the vast and as-of-yet untapped potential of blockchain technology to transform the social infrastructure and second, cryptocurrencies implications on the future of both currency and monetary policy.

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The first section of our research describes these technologies and how they function. Following this, the paper examines the ramifications for monetary policy. We close with some initial forecasts of what the future might hold.

Contents

1.1 - Blockchain Technology
1.2 – Cryptocurrency
2 – Regulatory Concerns
2.1 – Criminal Implications and Risks
2.2 – Cybersecurity Risks
2.3 – Asset Classification Risks
2.4 – Taxation Risks
3 – The Future of Monetary Policy

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