The Bitcoin Question: Currency versus Trust-less Transfer Technology”,OECD Working Papers on Finance,Insurance and Private Pensions,No. 37,OECD Publishing.

The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the cryptocurrency phenomenon, separating the ‘currency’ issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can’t undermine the ability of central banks to conduct monetary policy.