A BRIEF NOTE ON MONEY TOKENS - AN EXCUSE TO DEMYSTIFY THE STATE’S VIEW OF MONEY?
DOI:
https://doi.org/10.21134/wb2d3789Keywords:
Money, payment tokens, bitcoin, digital currenciesAbstract
Bitcoin emerged with the aim of facilitating the creation and circulation of a kind of digital cash, but, in general terms, it has not become such a thing, because —with certain exceptions— it not only lacks the legal backing that money in the “strict sense” is supposed to have, but it does not even perform the essential economic functions that are proper to “good money”, in the “broad sense”, and its best “substitutes”. By contrast, the so-called stablecoins and digital currencies issued by a central bank, known in the jargon as CBDCs, do fulfil these functions. The latter, moreover, fit perfectly within the strict legal concept of money, which, incidentally, may need to be reconsidered.
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