Cryptocurrencies and the war in Ukraine

Cryptocurrencies and the war in Ukraine

Photo by André François McKenzie on Unsplash

Jon Danielsson
Centre for Economic Policy Research, 2022
Niveau: débutant
Perspectives: Économie autrichienne, Économie de la complexité, Économie évolutionniste, Économie institutionnelle, Économie post-keynésienne
Sujet: Crises, Innovation & technologie, Institutions, gouvernements & politiques, Macroéconomie, Microéconomie & marchés, Monnaie & dette
Format: Blog & Press
Lien: https://voxeu.org/article/cryptocurrencies-and-war-ukraine

"Crypto has joined the mainstream." This punch line by Jon Danielsson alone is certain to incite a fuss by the libertarian defenders of crypto assets; yet from the point of view of his careful argument, it is only logical: By doing business with sanctioned Russia, crypto exchanges face the prospect of exclusion from Western markets by regulators.

Comment from our editors:

Jon Danielsson's is a provocative as much as stimulating take of the effects of the war in Ukraine on the role of crypto in the global financial order. Implusive thinking might lead to the assumption that, surely, by creating havoc in the established financial system with the US dollar at its centre, Western sanctions against Russia have inadvertently created a major breakthrough opportunity for decentralised finance whose very raison d'être is to provide an alternative to the established order. Not so, writes Danielsson: In his analysis, crypto is caught between a rock (its libertarian inception) and a hard place (ostracising by the West in case defi becomes the pariahs' safe haven), leaving the major exchanges little choice but to comply with Western regulators. If that, however, was the end of the story, crypto definitely is not the new safe haven of the future, much less a credible alternative to the dollar.

Go to: Cryptocurrencies and the war in Ukraine

This material has been suggested and edited by:

Jakob Steffen
Tags: crypto | decentralised finance | digitalisation | finance | financial order | financial regulation | markets | safe haven | sanctions | US Dollar | war in Ukraine
Sheila Dow discusses the concept of radical uncertainty and the failure of neoclassical economics to integrate it into its analysis. As to the implications for financial regulation that arise from the presence of radical uncertainty she argues for institutional overhaul, where the banks see themselves as a licensed partner of the central bank and where rules, values, and conventions would be subject to a cultural shift. Also, Sheila Dow advocates for a renewed focus on retail banking.
2015
Level: avancé
The Economics of Uncertainty
Sheila Dow
INET
La répartition du revenu est un sujet sensible, à cheval sur l’économie et la question sociale. Il existe une théorie à prétention scientifique qui en explique les bases: la rémunération selon la productivité marginale. Elle ne semble pas neutre socialement. Analysons en la validité sous l'angle théorique et l'angle empirique.
2019
Level: avancé
Sommes-nous rémunérés selon la productivité marginale ?
Paul Jael
MPRA: Munich Personal RePec Archive
Human Rights Economics strives for an economic system that is just for people and respectful of the planet, that promotes social and economic justice, that integrates a plurality of views and traditions and that is human rights-consistent in both its processes and outcomes. It posits that economics is blind with …
2022
Level: débutant
What is Human Rights Economics?
Caroline Dommen
www.humanrightseconomics.ch
This lecture of the anthropologist David Graeber gives a brief introduction to the thoughts of his 2011 published book Debt: The First 5000 Years.
2012
Level: débutant
Debt: The First 5,000 Years
David Graeber
Talks at Google
Even if men were perceived as the main protagonists of the Greek crisis, the crisis had a deep impact on disadvantaged groups, in particular migrant women working as domestic labourers. The debate presents the particular impact on migrant women of the downturn and furthermore discusses how migrant struggles and other emancipatory movements impacted the politics of crisis. The first minutes of the video are in German, but the moderator switches to English.
2015
Level: débutant
Invisible women? Crisis, gender and migration in Greece 2015
Nelli Kampouri; Debbie Carlos-Valencia
Heinrich-Böll-Stiftung
Banking 101 is a series of 6 short videos that ask the following questions: How do banks work and how is money created? Is reveals common misunderstandings of money creation and the role of banks. Furthermore, the videos show how models taught in many introductory classes to economics (Econ 101) do not reflect those processes: Part 1) “Misconceptions around Banking” questions common comprehensions of how banks work (savings = investments). Part 2) “What's wrong with the money multiplier” states that the model of the money multiplies is inaccurate. Part 3) “How is money really made by banks” explains the process of money creation, loans and inter-bank settlement. Part 4) “How much money banks create?” asks what limits the money creation by banks and presents the difference between reserve ratio, liquidity ration, equity and refers to the inter-bank market. Part 5) Explores the question if banks create money or just credit and especially refers to credit risks. Part 6) Explains how money gets destroyed when loans are paid back. Note: The videos refer to the UK monetary and banking system, some explanations don't apply to other banking systems, e.g. the reserve ratio.
2012
Level: débutant
Do banks create money or just credit? - Banking 101 (Part 5 of 6)
 
Positive Money

Nous soutenir

Ce projet est le fruit du travail des membres du réseau international pour le pluralisme en économie, dans la sphère germanophone (Netzwerk Plurale Ökonomik e.V.) et dans la sphère francophone (Rethinking Economics Switzerland / Rethinking Economics Belgium / PEPS-Économie France). Nous sommes fortement attachés à notre indépendance et à notre diversité et vos dons permettent de le rester ! 

Donner