Digital money: an option to Central Bank regulation

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Published Apr 23, 2019
DOI https://doi.org/10.17981/econcuc.40.1.2019.09

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Daniela Alejandra Montaña
Universidad Colegio Mayor de Cundinamarca
https://orcid.org/0000-0002-5676-2798

Abstract

From the conventional economic perspective it can be seen how money has taken an important force within economic science, there are many authors who claim to know how it works and how it can generate effects in society; proof of this, the Austrian school by offering a radical perspective of non-intervention of the State, proposing a competitive system of free banking. By means of documentary analysis, the aim is to direct this article towards the possibility of establishing a private currency, from the approaches of the Austrian school, analysing the subject with the challenge of raising the development of digital currencies, and with this it is intended to evaluate their operability based on economic theory and the benefits that these currencies as a whole would generate in the economy by comparing them with the monetary system regulated by the central bank. As a result, it is possible to identify how, in terms of cryptocurrency projections, complications present in the currency are shown. And from these conventions we can conclude as BITCOIN, if it is a materialization of the Austrian idea, by complying with all the aspects mentioned by Hayek and the Austrian school, in addition to having implicitly its form of competition with the other digital coins and with paper money.

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How to Cite
Montaña, D. A. (2019). Digital money: an option to Central Bank regulation. ECONÓMICAS CUC, 40(1), 145–156. https://doi.org/10.17981/econcuc.40.1.2019.09
Issue
Vol. 40 No. 1 (2019)
Section
Artículos.
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