CRYPTOCURRENCIES AND THEIR MACROECONOMIC IMPLICATIONS: OPPORTUNITY OR THREAT TO MONETARY STABILITY?

Abstract

Over the last ten years, the rapid growth of digital assets and cryptocurrencies has raised a number of fundamental questions about macroeconomic and monetary stability. However, this has opened up new perspectives on the future of the global financial system. Cryptocurrencies such as Bitcoin and Ethereum have become significant speculative assets, although they were initially neglected. The cryptocurrency ecosystem, which includes stablecoins, tokens and open finance platforms, is having an increasingly clear impact on capital markets, monetary policies and investor behavior. In this paper we aim to analyze the macroeconomic effects of cryptocurrencies on monetary stability, monetary policy and the functions of traditional central banks. We consider that, while cryptocurrencies offer innovation and the potential for financial inclusion, they pose significant systemic risks if not properly regulated. In this context, this paper examines the main theoretical and institutional issues arising from the rapid growth of decentralized digital currencies and the emergence of central bank-issued digital currencies (CBDCs), the possible repercussions for monetary policy transmission, price stability, monetary sovereignty and financial market volatility.