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oapen-20.500.12657-593202022-11-19T03:40:01Z Quest for Good Money Kitamura, Yukinobu Money Cryptocurrency Digital currency Central bank Denomination Number theory bic Book Industry Communication::K Economics, finance, business & management::KC Economics::KCB Macroeconomics bic Book Industry Communication::K Economics, finance, business & management::KN Industry & industrial studies::KNS Service industries::KNST Financial services industry This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by Bâchet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were. Exploring how we can consolidate with these two views of denomination, this book will appeal to anyone interested in creating new digital or cryptocurrencies. It also serves as a textbook on central bank digital currency. 2022-11-18T14:19:12Z 2022-11-18T14:19:12Z 2022 book ONIX_20221118_9789811955914_10 9789811955914 https://library.oapen.org/handle/20.500.12657/59320 eng Hitotsubashi University IER Economic Research Series application/pdf n/a 978-981-19-5591-4.pdf https://link.springer.com/978-981-19-5591-4 Springer Nature Springer Nature Singapore 10.1007/978-981-19-5591-4 10.1007/978-981-19-5591-4 6c6992af-b843-4f46-859c-f6e9998e40d5 12052f04-cf5c-473a-a1e9-f00e18476a2f 9789811955914 Springer Nature Singapore 48 151 Singapore [...] open access
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This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by Bâchet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were. Exploring how we can consolidate with these two views of denomination, this book will appeal to anyone interested in creating new digital or cryptocurrencies. It also serves as a textbook on central bank digital currency.
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