Cryptocurrencies: Money, Trust, and Regulation

Cryptocurrencies: Money, Trust, and Regulation

by Oonagh McDonald


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The advent of new digital currencies has challenged our notions about money, its function and purpose and our faith in the financial and banking structures that underpin its legitimacy. Oonagh McDonald examines the challenges, opportunities and threats that cryptocurrencies pose to existing fiat currencies and their potential to change how global finance operates.

Beginning with Bitcoin, she charts the rise of cryptocurrencies over the past decade, including the failures of existing regulatory frameworks and the many fradulent initial coin offerings. The potential for Libra, Facebook’s blockchain-based payment system, is considered in depth. The book examines the motivations of central banks as they become increasingly interested in the opportunities for an alternative global stable digital currency and assesses their experiments with blockchain, smart contracts and digital tokens. The future of cash is also considered. The book concludes that notions of trust and credit will ultimately protect commercial bank money from the threat of new digital currencies.

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Product Details

ISBN-13: 9781788214209
Publisher: Agenda Publishing
Publication date: 12/14/2021
Pages: 288
Sales rank: 724,948
Product dimensions: 6.10(w) x 9.20(h) x 1.00(d)

About the Author

Oonagh McDonald CBE is an international expert in financial regulation, having advised regulatory authorities in a wide range of countries, including Indonesia, Sri Lanka and Ukraine. She was formerly a British Member of Parliament, then a board member of the Financial Services Authority, the Investors Compensation Scheme, the General Insurance Standards Council, the Board for Actuarial Standards and the Gibraltar Financial Services Commission. She was also a director of Scottish Provident and the international board of Skandia Insurance Company and the British Portfolio Trust. She is currently Senior Adviser to Crito Capital LLC. She was awarded a CBE in 1998 for services to financial regulation and business. Her books include Fannie Mae and Freddie Mac: Turning the American Dream into a Nightmare (2013), Lehman Brothers: A Crisis of Value (2015) and Holding Bankers to Account (2019). She now lives in Washington DC, having been granted permanent residence on the grounds of "exceptional ability".

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