¿Pueden las criptomonedas ser dinero?

Es notable lo que el mundo de las criptomonedas ha evolucionado desde el lanzamiento de Bitcoin a la fecha. Si bien los temas de discusión en torno al fenómeno cripto son variados me quiero concentrar en sólo uno: ¿pueden las criptomonedas ser dinero?

Si bien mi respuesta a esta pregunta no es negativa, es escéptica en el sentido que no veo una preocupación por los desafíos que implica tener una moneda. Es importante definir que es dinero: Bien de pago comúnmente aceptado. La definición de dinero no debe confundirse con las funciones del dinero (como ser reserva de valor o unidad de cuenta).

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Modern Monetary Theory: Nothing New Under the Sun

What is Modern Monetary Theory?

The term “modern” in Modern Monetary Theory (MMT) is probably not the best choice of words, since it implies there is something new in MMT. As many MMT critics point out, looking for something new in MMT is a pointless excercise. There is nothing new to be found. Paul Krugman,1 Lawrence H. Summers,2 and Kenneth Rogoff3 are three renowned economists who did not pull their punches when evaluating MMT. Still, the lack of novelty and the strong adverse reactions have not stopped MMT’s rising popularity, especially among progressive-leaning policymakers. How so?

To understand this situation, it is important first to clarify what MMT is and is not. At least as I understand this theory, the term “modern” in MMT does not refer to something new or novel but to the modern-world way of doing monetary policy. Namely, the term modern refers to the epoch that starts with the abandonment of the remaining remnants of the gold standard 1971. “Modern” refers to the full adoption of fiat money; it is not a reference to a new model or theory. We can agree that the adoption of fiat money is a gamechanger in policymaking but disagree on the implications of such monetary regime change.

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