CRYPTOCURRENCY MARKETS AS AN EXAMPLE OF FREE BANKING THEORY

Year 2022, Volume: 17 Issue: 57, 1 - 20, 30.01.2022

İsmail Cem Ay Esat Daşdemir

https://doi.org/10.14783/maruoneri.999871

Cited By: 2

Abstract

This study aims to fill an important gap in the literature by evaluating cryptocurrencies as an application of free banking theory, which is a very radical theory in the economics literature. Free banking theory was tried in the 1990s with electronic money (e-money) with the opportunities provided by technology. However, the crypto money system is a healthier and more up-to-date application of free banking theory than e-money. Cryptocurrencies perform the functions of money better than e-moneys. In order to understand the theory of free banking within the scope of the study, the intervention forms and results of central monetary authorities in money markets were evaluated. Accordingly, the intervention of the central authorities in the fund markets with low interest and cheap loans is not different from the intervention in any sector. One of the biggest obstacles to the use of cryptocurrencies is legal uncertainties. Cryptocurrencies still have not become a currency that can compete with central monetary authorities. In order for cryptocurrencies and national currencies to compete, it is a necessary condition for the cryptocurrencies to be successful as well as the failure of the central monetary authorities. Within the scope of the study, the past, present, and future of cryptocurrencies were interpreted from the perspective of free banking theory.

Keywords

Cryptocurrencies, Free Banking Theory, Private Bank Money, E-Money

SERBEST BANKACILIK TEORİSİ ÖRNEĞİ OLARAK KRİPTO PARA PİYASALARI

Abstract

Bu çalışma kripto para birimlerini, iktisat literatüründe çok radikal bir teori olan serbest bankacılık teorisinin bir uygulaması olarak değerlendirerek literatürde önemli bir boşluğu doldurmayı amaçlamıştır. Serbest bankacılık teorisi, yine teknolojinin sağladığı olanaklarla elektronik paralar (e-paralar) ile 1990’lı yıllarda denenmiştir. Ancak kripto para sistemi, e-paralara göre serbest bankacılık teorisinin daha sağlıklı ve güncel bir uygulamasıdır. Kripto paralar, e-paralara göre, paranın fonksiyonlarını daha iyi bir biçimde yerine getirmektedir. Çalışma kapsamında serbest bankacılık teorisini anlamak adına merkezi para otoritelerinin para piyasalarına müdahale şekilleri ve sonuçları değerlendirilmiştir. Buna göre merkezi otoritelerin düşük faiz ve ucuz krediler ile fon piyasalarına müdahale etmesi herhangi bir sektöre yapılan müdahaleden farksız değildir. Kripto para birimlerinin kullanımında en büyük engellerden birini yasal belirsizlikler oluşturmaktadır. Kripto para birimleri hala merkezi para otoriteleri ile rekabet edebilecek bir para birimi konumuna gelmemiştir. Kripto para birimleri ile ulusal paraların rekabet edebilmesi için kripto para birimlerinin başarılı olmasının yanında merkezi para otoritelerinin başarısız olması da gerekli bir koşuldur. Çalışma kapsamında serbest bankacılık teorisi perspektifinden kripto paraların dünü, bugünü ve geleceği yorumlanmıştır.

Keywords

Kripto Para Birimleri, Serbest Bankacılık Teorisi, Özel Banka Parası, E-Para

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