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  • 6 - A Hayekian View of Digital Currencies

  • from Part II - Digital Assets and Decentralised Finance
  • Edited by Reena Aggarwal, Georgetown University, Washington DC, Paolo Tasca, University College London
  • Book:
    Digital Assets
    Published online:
    06 March 2025
    Print publication:
    13 March 2025, pp 104-128

  • Summary

    With the advent of blockchain, there has been an explosion of cryptocurrencies, stablecoins, corporate tokens, and sovereign digital currencies. This chapter details new finance business models and the associated proliferation of digital currencies from the perspective of Friedrich Hayek’s classic work on monetary denationalisation. It also briefly introduces the bridge between centralised finance (CeFi) and decentralised finance (DeFi). We consider the major actors in the digital currency space and postulate possible future developments. We conclude that the rise of and competition between new digital forms of money will only accelerate with significant implications on global monetary arrangements.