Free Banking

When the New York Attorney General launched an inquiry into cryptocurrency exchanges last week, his office cited “significant volatility, instability, and risk” as motivating factors for the probe. This echoes statements by International Monetary Fund chief Christine Lagarde and Agustín Carstens of the Bank for International Settlements….

The post Are Cryptoassets as Risky as Policymakers Think? appeared first on Alt-M.

Those who follow cryptocurrencies will know that an initial coin offering (ICO) refers to the issuance of digital tokens to finance a blockchain-based venture. They will also know that the legal status of tokens is an ongoing discussion among market participants and regulators. ICOs have attracted policymakers’…

The post The Legal Status of ICOs: New Insights from Economic Theory appeared first on Alt-M.

The Federal Reserve Bank of New York has made its decision. On June 18 of this year John Williams, currently serving as the President of the Federal Reserve Bank of San Francisco, will succeed William Dudley as New York Fed President. This decision will have many ramifications…

The post From Silicon Valley to the Big Apple: John Williams Named Next NY Fed President appeared first on Alt-M.

In 2014 the government of Ecuador, under then-President Rafael Correa, announced with great fanfare that the Ecuadorian Central Bank (BCE) would soon begin issuing an electronic money (dinero electrónico, or DE). Users would keep account balances on the central bank’s own balance sheet and transfer them using…

The post The World’s First Central Bank Electronic Money Has Come – And Gone: Ecuador, 2014-2018 appeared first on Alt-M.

If you’ve spent much time at all on these pages, you know that my favorite hobby-horse for several years now has been the Federal Reserve’s policy of paying interest on (banks’) excess reserves (IOER) at an above-market rate. By adopting that policy in October 2008, the Fed…

The post FLOORED! appeared first on Alt-M.

Historian Harold James of Princeton University, known for his scholarly writings on the gold exchange standard and on the euro, has turned his attention to Bitcoin in a recent Project Syndicate commentary on “The Bitcoin Threat.” His commentary labors under a surprising number of misconceptions about Bitcoin…

The post Bitcoin: More Trustworthy than Some Academic Critics appeared first on Alt-M.

(Originally appeared December 7, 2014 on freebanking.org, Alt-M’s predecessor blog) (*And we always have been.) *** Yesterday, while giving Cato’s interns an impromptu talk about my work, I found myself saying something that seems worth putting in writing. This was that the difference between me and Larry…

The post <span class=”friday”>Friday</span> <span class=”flashback”>Flashback:</span> We Are All Free Banking Theorists Now* appeared first on Alt-M.