Virtual Currencies and Beyond

Author： Mr. Vikram Haksar   Mr. Dong He   Mr. Ross B Leckow   Hiroko Oura   Tahsin Saadi Sedik   Ms. Concepción Verdugo Yepes  

Publisher： INTERNATIONAL MONETARY FUND‎

Publication year： 2016

E-ISBN: 9781513552972

Subject： F0 Economics;F8 Finances

Language： ENG

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Chapter

Cover

CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

A. Overview

B. What are Virtual Currencies?

ARE VIRTUAL CURRENCIES MONEY?

A. Perspectives from Theory and History

B. Legal Perspectives

C. Economic Perspectives

DISTRIBUTED LEDGERS

A. What Are They and How Do They Work?

B. Emerging Uses of Distributed Ledgers

REGULATORY AND POLICY CHALLENGES

A. Regulatory Challenges and Responses

B. Financial Integrity: AML/CFT

C. Consumer Protection

D. Taxation

E. Exchange Controls and Capital Flow Management

F. Financial Stability

G. Monetary Policy

THE WAY FORWARD

SELECTED BIBLIOGRAPHY

BOXES

1. Public and Private Provision of Money: History and Theory

2. Design of Distributed Ledgers

3. Smart Contracts

FIGURES

1. Taxonomy of Virtual Currencies

2. Volatility of Bitcoin Value

3. Distributed Ledger System: How Does It Differ from Centralized Payment System?

TABLE

1. Characteristics of Currencies: A Comparison

ANNEX

1. Policy Responses to Virtual Currencies—Selected Countries

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