According to a Forbes article, in recent years, more and more research has focused on Bitcoin itself and its potential impact on national monetary policies. These research results suggest that Bitcoin and other cryptocurrencies may limit the traditional role of central banks in economic management. These studies come from institutions such as the Federal Reserve Bank of Minneapolis, the European Central Bank, and the International Monetary Fund (IMF).
The article also points out that recent research conducted by the Federal Reserve Bank of Minneapolis suggests that when people are able to freely purchase and hold Bitcoin, it becomes more difficult for the government to maintain budget deficits. Other research papers from the European Central Bank have shown differing perspectives on Bitcoin’s existence and its impact on wealth distribution.
Furthermore, the IMF’s 2023 policy report specifically focuses on how cryptocurrencies could weaken the effectiveness of monetary policies, particularly in emerging markets with unstable currencies and weak monetary frameworks. It is suggested that countries should focus on strengthening monetary policy frameworks and related institutions before considering cryptocurrency as an alternative. The report also recommends not granting cryptocurrency legal tender status, as this would further weaken monetary sovereignty.
The article concludes by emphasizing that monetary policy makers are taking Bitcoin more seriously than ever before, both in academic research and in actual policy measures. For example, the IMF’s relief plan for Argentina in 2022 included several restrictions on cryptocurrencies, demonstrating concern for their risks.