From May, 2019

BIS: Regulating cryptocurrencies, assessing market reactions

Despite the entity-free and borderless nature of cryptocurrencies, regulatory actions as well as news regarding potential regulatory actions can have a strong impact on cryptocurrency markets, at least in terms of valuations and transaction volumes. (Raphael Auer and Stijn Claessens, BIS, September 2018)

BIS: Money and trust: lessons from the 1620s for money in the digital age

The source of the success of public deposit banks was their role in instilling common knowledge in monetary transactions by establishing a platform for standardised settlement of transactions, both for goods and for financial instruments. Common knowledge refers to not only the fact that everyone knows, but also that this knowledge is transparent to all concerned. . . . The importance of common knowledge is especially relevant in monetary economics in the age of distributed ledger technology (DLT) and Bitcoin, as one interpretation of money is as a score-keeping device on the history of past transactions. The analysis of money as a score-keeping device was given emphasis by the paper by Kocherlakota (1998), whose title is “Money is memory.” (Isabel Schnabel and Hyun Song Shin, BIS, February 2018)