Economic and legal challenges of virtual money: the central banks issuance

Detalhes bibliográficos
Autor(a) principal: Barossi-Filho, Milton
Data de Publicação: 2023
Outros Autores: Sztajn, Rachel, Rossi Mazzoni, João Fernando
Tipo de documento: Artigo
Idioma: por
Título da fonte: Mises
Texto Completo: https://revistamises.org.br/misesjournal/article/view/1448
Resumo: Money is an ancient and convenient commodity. Throughout history, however, convenience and security posed a dilemma that was overcome only two centuries ago. Notwithstanding fiat currency being a consolidated matter, its wide acceptance as a secure means for exchanges started collapsing in the last fifty years after Bretton Woods’ crises. In this sense, a substantial number of resources has been allocated to studying the possibilities for introducing digital money, especially by central banks. Concurrently on this concern, other digital money has been circulating in the entire economic system without any legal tender, legitimating the relevancy of the discussion on legal aspects of this sort of commodity classified promptly as res. Circulating without any monetary authority, adequate supervision, and lacking convertibility guarantee in any other currency and legal tender as well, the market for cryptocurrencies can lead to financial disasters once typical legal tender money liquidity is missing. Although these issues are a matter of concern, digital currency creation is not illegal, but economic impediments arise to define them as complete means of payment. Opposing economic and legal arguments, the possibility of digital money creation by central banks is a point for discussion because it possibly will substitute fiat money. Based on these arguments, this paper opens some room for thinking about a possible legal discipline for central banks' digital money issues, which means assigning legal tender to them.
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spelling Economic and legal challenges of virtual money: the central banks issuanceDesafíos jurídicos y económicos de la moneda digital: la emisión por los bancos centralesDesafios jurídicos e econômicos da moeda digital: a emissão pelos bancos centraisMoedaMoeda digitalBanco CentralCurso forçadoMoneyDigital moneyCentral BankLegal tenderMonedaMoneda digitalBanco CentralCurso forzadoMoney is an ancient and convenient commodity. Throughout history, however, convenience and security posed a dilemma that was overcome only two centuries ago. Notwithstanding fiat currency being a consolidated matter, its wide acceptance as a secure means for exchanges started collapsing in the last fifty years after Bretton Woods’ crises. In this sense, a substantial number of resources has been allocated to studying the possibilities for introducing digital money, especially by central banks. Concurrently on this concern, other digital money has been circulating in the entire economic system without any legal tender, legitimating the relevancy of the discussion on legal aspects of this sort of commodity classified promptly as res. Circulating without any monetary authority, adequate supervision, and lacking convertibility guarantee in any other currency and legal tender as well, the market for cryptocurrencies can lead to financial disasters once typical legal tender money liquidity is missing. Although these issues are a matter of concern, digital currency creation is not illegal, but economic impediments arise to define them as complete means of payment. Opposing economic and legal arguments, the possibility of digital money creation by central banks is a point for discussion because it possibly will substitute fiat money. Based on these arguments, this paper opens some room for thinking about a possible legal discipline for central banks' digital money issues, which means assigning legal tender to them.La moneda es un bien de conveniencia muy antiguo. No obstante, a lo largo de la historia, conveniencia y seguridad tomaron lados opuestos en un dilema, que solo se ha superado en los últimos dos siglos con la moneda fiduciaria. A pesar de la consolidación de la moneda fiduciaria, su éxito comienza a desmoronarse a mediados de la década del 70 del siglo XX con la crisis del Patrón de Bretton Woods. En ese contexto, emergen los bancos centrales destinando cada vez más recursos al examen de las posibilidades de introducción de la moneda digital. Por otro lado, el surgimiento creciente de monedas digitales sin curso legal justifica la discusión de la naturaleza jurídica de este tipo de bien, clasificándola como bien cosa. Circulan hasta el momento sin supervisión efectiva de ninguna autoridad monetaria, por no existir garantía de convertibilidad en otra moneda, no existiendo lastro, como se da con las monedas de curso legal, el mercado de criptomonedas puede conducir a desastres financieros del que no todos son conscientes, ya que carecen de la liquidez típica de las monedas de curso legal. No obstante estos problemas, la creación de monedas digitales, expresión del ejercicio de la autonomía privada, no viola norma vinculante. Si bien, desde el punto de vista jurídico, la moneda virtual no es ilegal, obstáculos económicos surgen para caracterizarla como medio de pago pleno. En esta contraposición entre argumentos económicos y jurídicos, se discute actualmente la posibilidad de creación de eventuales monedas digitales a ser emitidas por bancos centrales sustituyendo, aunque parcialmente, a las actuales monedas físicas en circulación. Basado en estas ponderaciones, este artículo abre espacio, por lo tanto, para reflexionar en cuanto a una posible disciplina legal para esa hipótesis de emisión de monedas digitales por bancos centrales, atribuyendo a las mismas curso legal.A moeda é um bem de conveniência muito antigo. No entanto, ao longo da história, conveniência e segurança tomaram lados opostos de um dilema, cuja superação ocorreu apenas nos últimos dois séculos com a moeda fiduciária. Não obstante a consolidação da moeda fiduciária, seu sucesso começa a ruir em meados da década de 1970 do século XX com a crise do padrão de Bretton Woods. Neste contexto, emergem os bancos centrais destinando cada vez mais recursos ao exame das possibilidades de introdução da moeda digital. Por outro lado, o surgimento crescente de moedas digitais sem curso forçado justifica a discussão da natureza jurídica deste tipo de bem, desde logo classificando-a como bem, coisa. Circulando até o momento sem supervisão efetiva de qualquer autoridade monetária, por não haver garantia de conversibilidade em outra moeda, inexistindo lastro, como se dá com as moedas de curso forçado, o mercado de criptomoedas pode levar a desastres financeiros de que nem todos se apercebem, pois lhes falta a liquidez típica das moedas de curso forçado. Não obstante esses problemas, a criação de moedas digitais, expressão do exercício da autonomia privada, não viola a norma cogente. Se, do ponto de vista jurídico, a moeda virtual não é ilegal, surgem obstáculos econômicos para caracterizá-la como meio de pagamento pleno. Nessa contraposição entre argumentos econômicos e jurídicos, discute-se na atualidade a possibilidade de criação de eventuais moedas digitais a serem emitidas por bancos centrais substituindo, ainda que parcialmente, as atuais moedas físicas em circulação. Baseado nessas ponderações, este artigo abre espaço, portanto, para reflexões quanto a uma possível disciplina legal para essa hipótese, a emissão de moedas digitais por bancos centrais, atribuindo às mesmas curso forçado.Instituto Mises Brasil2023-01-20info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistamises.org.br/misesjournal/article/view/144810.30800/mises.2022.v10.1448MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 10 (2022): Special Issue - Law and Liberty in BrazilMISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 10 (2022): Edição Especial - Direito e Liberdade no BrasilMISES: Interdisciplinary Journal of Philosophy, Law and Economics; v. 10 (2022): Edição Especial - Direito e Liberdade no Brasil2594-91872318-0811reponame:Misesinstname:Instituto Mises Brasilinstacron:IMBporhttps://revistamises.org.br/misesjournal/article/view/1448/744Copyright (c) 2023 MISES: Interdisciplinary Journal of Philosophy, Law and Economicshttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessBarossi-Filho, MiltonSztajn, RachelRossi Mazzoni, João Fernando2023-01-20T12:21:48Zoai:ojs.emnuvens.com.br:article/1448Revistahttps://revistamises.org.br/misesjournalPRIhttps://revistamises.org.br/misesjournal/oairevista@mises.org.br2594-91872318-0811opendoar:2023-01-20T12:21:48Mises - Instituto Mises Brasilfalse
dc.title.none.fl_str_mv Economic and legal challenges of virtual money: the central banks issuance
Desafíos jurídicos y económicos de la moneda digital: la emisión por los bancos centrales
Desafios jurídicos e econômicos da moeda digital: a emissão pelos bancos centrais
title Economic and legal challenges of virtual money: the central banks issuance
spellingShingle Economic and legal challenges of virtual money: the central banks issuance
Barossi-Filho, Milton
Moeda
Moeda digital
Banco Central
Curso forçado
Money
Digital money
Central Bank
Legal tender
Moneda
Moneda digital
Banco Central
Curso forzado
title_short Economic and legal challenges of virtual money: the central banks issuance
title_full Economic and legal challenges of virtual money: the central banks issuance
title_fullStr Economic and legal challenges of virtual money: the central banks issuance
title_full_unstemmed Economic and legal challenges of virtual money: the central banks issuance
title_sort Economic and legal challenges of virtual money: the central banks issuance
author Barossi-Filho, Milton
author_facet Barossi-Filho, Milton
Sztajn, Rachel
Rossi Mazzoni, João Fernando
author_role author
author2 Sztajn, Rachel
Rossi Mazzoni, João Fernando
author2_role author
author
dc.contributor.author.fl_str_mv Barossi-Filho, Milton
Sztajn, Rachel
Rossi Mazzoni, João Fernando
dc.subject.por.fl_str_mv Moeda
Moeda digital
Banco Central
Curso forçado
Money
Digital money
Central Bank
Legal tender
Moneda
Moneda digital
Banco Central
Curso forzado
topic Moeda
Moeda digital
Banco Central
Curso forçado
Money
Digital money
Central Bank
Legal tender
Moneda
Moneda digital
Banco Central
Curso forzado
description Money is an ancient and convenient commodity. Throughout history, however, convenience and security posed a dilemma that was overcome only two centuries ago. Notwithstanding fiat currency being a consolidated matter, its wide acceptance as a secure means for exchanges started collapsing in the last fifty years after Bretton Woods’ crises. In this sense, a substantial number of resources has been allocated to studying the possibilities for introducing digital money, especially by central banks. Concurrently on this concern, other digital money has been circulating in the entire economic system without any legal tender, legitimating the relevancy of the discussion on legal aspects of this sort of commodity classified promptly as res. Circulating without any monetary authority, adequate supervision, and lacking convertibility guarantee in any other currency and legal tender as well, the market for cryptocurrencies can lead to financial disasters once typical legal tender money liquidity is missing. Although these issues are a matter of concern, digital currency creation is not illegal, but economic impediments arise to define them as complete means of payment. Opposing economic and legal arguments, the possibility of digital money creation by central banks is a point for discussion because it possibly will substitute fiat money. Based on these arguments, this paper opens some room for thinking about a possible legal discipline for central banks' digital money issues, which means assigning legal tender to them.
publishDate 2023
dc.date.none.fl_str_mv 2023-01-20
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistamises.org.br/misesjournal/article/view/1448
10.30800/mises.2022.v10.1448
url https://revistamises.org.br/misesjournal/article/view/1448
identifier_str_mv 10.30800/mises.2022.v10.1448
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistamises.org.br/misesjournal/article/view/1448/744
dc.rights.driver.fl_str_mv Copyright (c) 2023 MISES: Interdisciplinary Journal of Philosophy, Law and Economics
http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 MISES: Interdisciplinary Journal of Philosophy, Law and Economics
http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Instituto Mises Brasil
publisher.none.fl_str_mv Instituto Mises Brasil
dc.source.none.fl_str_mv MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 10 (2022): Special Issue - Law and Liberty in Brazil
MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 10 (2022): Edição Especial - Direito e Liberdade no Brasil
MISES: Interdisciplinary Journal of Philosophy, Law and Economics; v. 10 (2022): Edição Especial - Direito e Liberdade no Brasil
2594-9187
2318-0811
reponame:Mises
instname:Instituto Mises Brasil
instacron:IMB
instname_str Instituto Mises Brasil
instacron_str IMB
institution IMB
reponame_str Mises
collection Mises
repository.name.fl_str_mv Mises - Instituto Mises Brasil
repository.mail.fl_str_mv revista@mises.org.br
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