James Kyd
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Bitcoin a Port in the Storm
Monetary policy is a more general instrument, rather than a specific tool. It is conducted in an environment of uncertainty where policy decisions are taken based on theory. In this sense, it is an experiment. Perhaps this would be of less concern to many of us if theories and policies that seemed effective in the past worked today. However, it seems that despite the significant effort of established institutions to stabilise the global economy post the 2008 global financial crisis, the tools that have been used in the past by developed economies have not had their anticipated affect - or at the very least recovery has been slow and it has been seen as necessary to use unconventional monetary policy tools including quantitative easing (QE).
Bitcoin invoicing for international trade
Notwithstanding legal and regulatory issues - that would require further consideration outside the scope of this discussion - it is plausible that Bitcoin the system could be used by domestic firms in emerging economies to make payment on international supplier invoices - i.e payment on imports denominated in an international currency.