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2019 | OriginalPaper | Buchkapitel

2. Introduction to Money

verfasst von : Sunduzwayo Madise

Erschienen in: The Regulation of Mobile Money

Verlag: Springer International Publishing

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Abstract

This chapter provides an introduction to money. The chapter analyses the origins and nature of money, evolution of central banks and the transition from the gold standard to fiat money. The chapter then analyses the standards and qualities of money, making a distinction between economic money and legal money. The chapter also discusses the nature of the payment system and the role of its various players. Apart from providing an overview of the historical development of money, the chapter also looks at emerging forms of money and the challenges these new forms of money present. For example, most forms of digital forms of money like Bitcoin are private money and not state-regulated. Is this a signal of a shift in the sovereign foundations of money?

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Vorheriges Kapitel Introduction

Nächstes Kapitel Developments in Mobile Technology and the Emergence of Mobile Money

Abba P Lerner (1947) ‘Money as a Creature of the State’ 37 (2) The American Economic Review 312, p. 314, http://www.jstor.org/stable/pdf/1821139.pdf. 29 April 2018.

John Braithwaite and Peter Drahos (2000) ‘Finacial Regulation’ in Global Business Regulation (Cambridge University Press, Cambridge), p. 88.

Stephen Halliday (2009) ‘The First Common Market? The Hanseatic League’ 59 (7) History Today, http://www.historytoday.com/stephen-halliday/first-common-market-hanseatic-league. 13 September 2018.

Peter Harrigan (2003) ‘Tales of a Thaler’ 54 (1) ARAMCO World 14, http://archive.aramcoworld.com/issue/200301/tales.of.a.thaler.htm. 13 September 2018.

Ibid.

Robert A Leonard (1994) ‘Money and Language’ (55) Money: Lure, Lore, and Literature 1, p. 4, https://www.unc.edu/~salemi/Econ006/Leonard.pdf. 13 September 2018.

Ibid., p. 5.

Carl Menger (1892) On the Origins of Money (2009 repr) (Ludwig von Mises Institute, Auburn, Alabama), p. 45.

Glyn Davies (2002) ‘From Primitive and Ancient Money to the Invention of Coinage, 3000–600 BC’ in A History of Money: From Ancient Times to the Present Day (University of Wales Press, Cardiff), Chapter 2.

Nigel Dodd (2014) The Social Life of Money (Princeton University Press, Princeton, NJ), p. 15.

Braithwaite and Drahos (2000), p. 88.

Michael Hudson (2004) ‘The Archaeology of Money: Debt Versus Barter Theories of Money’s Origins’ in Randal L. Wray (ed) Credit and State Theories of Money (Edward Elgar, Cheltenham), p. 99.

David Graeber (2011) Debt: The First 5,000 Years (Melville House, Brooklyn, New York), p. 49.

Hudson (2004), p. 107.

Graeber (2011), p. 22.

Ibid.

Charles de Secondat Baron de Montesquieu (1748) ‘Of Laws in Relation to the Use of Money’ in The Spirit of Laws (2001 repr) (Batoche Books, Ontario), p. 407.

Menger (1892), p. 20.

William Stanley Jevons (1875) ‘Barter’ in Money and the Mechanism of Exchange (D. Appleton and Company, New York), p. 3.

Braithwaite and Drahos (2000), p. 88.

RTS (1854) Money; Its Nature, History, Uses, and Responsibilities (The Religious Tract Society, London), p. 75.

Ibid.

Jevons (1875), p. 5.

Ibid., p. 6.

Menger (1892), p. 39.

Sanford J Grossman and Merton H Miller (1988) ‘Liquidity and Market Structure’ 43 (3) The Journal of Finance, p. 617, http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1988.tb04594.x/pdf. 6 October 2018.

Menger (1892), p. 39.

Ibid., 40; Translation from ‘Can Anyone Translate This Latin for Me?’ (Yahoo! 2011), https://answers.yahoo.com/question/index?qid=20110704153951AAed8Dn. 7 November 2018.

Ibid., pp. 39, 40.

Jevons (1875), p. 5.

Ibid., p. 6.

Thomas H Greco Jr (1997) ‘New Money: A Creative Opportunity for Busines’ 11 (3) Global Development Research Centre [First Published in Perspectives on Business and Global Change (World Business Academy), http://www.gdrc.org/icm/new-money.html. 14 November 2018.

Robleh Ali and others (2014b) ‘The Economics of Digital Currencies’ 54 Quarterly Bulletin (Bank of England), p. 278, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin2.pdf. 14 September 2018.

Ibid.

Alaxander P Reed Jr (1998) Money and the Global Economy (Woodhead Publishing, Cambridge), p. 17.

RTS (1854), p. 77.

Rebecca Burn-Callander (2014) ‘The History of Money: From Barter to Bitcoin’ The Telegraph (20 October 2014), http://www.telegraph.co.uk/finance/businessclub/money/11174013/The-history-of-money-from-barter-to-bitcoin.html. 13 September 2018.

Ibid.

Braithwaite and Drahos (2000), p. 88.

John F Chown (1994) ‘Some Concepts of Money’ in A History of Money from AD 800 (Routledge, London), p. 8.

RTS (1854), p. 78.

Menger (1892), p. 49.

RTS (1854), p. 77.

Ibid., p. 80.

Menger (1892), pp. 42, 43.

Dodd (2014), p. 18.

Menger (1892), p. 51.

RTS (1854), p. 111.

Ibid.

Edward W Kelley Jr (1999) ‘The Future of Electronic Money: A Regulator’s Perspective’ 34 Spectrum (IEEE), http://spectrum.ieee.org/telecom/standards/the-future-of-electronic-money-a-regulators-perspective. 14 September 2018.

Ben Norman, Rachel Shaw and George Speight (2011) The History of Interbank Settlement Arrangements: Exploring Central Banks’ Role in the Payment System (Bank of England Working Paper, London), p. 8, http://ssrn.com/abstract=1863929. 30 May 2018.

George Cooper (2010) ‘Money, Banks and Central Banks’ in The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy (Harriman House Limited, Petersfield, Hampshire), p. 47.

Norman et al. (2011), p. 8.

Cooper (2010), p. 48.

Ibid.

Norman et al. (2011), p. 8; Cooper (2010), p. 48.

Norman et al. (2011), p. 8.

Ibid.

Ibid., p. 9.

Ibid., p. 11.

Ibid., p. 27.

Michael D Bordo (2007) ‘A Brief History of Central Banks’ Economic Commentary (Federal Reserve Bank of Cleveland), p. 1, https://www.clevelandfed.org/en/newsroom-and-events/publications/economic-commentary/economic-commentary-archives/2007-economic-commentaries/ec-20071201-a-brief-history-of-central-banks.aspx. 24 May 2018.

Ibid.

Braithwaite and Drahos (2000), p. 89.

Bordo (2007), p. 1.

Ibid.

Charles Goodhart (1988) The Evolution of Central Banks (MIT Press Books, Cambridge), p. 4.

Norman et al. (2011), p. 15.

Ibid., p. 13.

Cooper (2010), p. 56.

Henry Thornton (1939) An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (1802) (Frank Cass & Co Ltd, London), Chapter IV.

Charles Goodhart and Gerhard Illing (2002) Financial Crises, Contagion, and the Lender of Last Resort, a Reader (Oxford University Press, Oxford), p. 1.

Walter Bagehot (1873) Lombard Street: A Description of the Money Market (Henry S King & Co., London), Chapter II.

Cooper (2010), p. 61.

Goodhart (1988), p. 7.

Ibid.

Cooper (2010), p. 62.

Ibid.

Ibid., p. 63.

Lerner (1947), p. 314.

Cooper (2010), p. 62.

Charles Goodhart (1998) ‘The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas’ 14 European Journal of Political Economy 407, p. 417, http://www.sciencedirect.com/science/article/pii/S0176268098000159. 29 April 2018.

Cooper (2010), p. 63 but cf with Goodhart (1998), p. 424.

Greco Jr (1997), p. 2; Chown (1994), p. 10.

Chown (1994), p. 10.

Greco Jr (1997), p. 2.

Bordo (2007), p. 3.

Norman et al. (2011), p. 20. See also Goodhart (1988), Chapter 7 ‘Why Banks Need a Central Bank.’

Richard Grossman (2006) The Emergence of Central Banks and Banking Regulation in Comparative Perspective (Wesleyan Economics Working Papers, Wesleyan University), p. 11, http://repec.wesleyan.edu/pdf/rgrossman/2006021_grossman.pdf. 1 June 2018.

Ibid.

Ibid., p. 13.

Norman et al. (2011), pp. 6, 19.

Ibid., p. 21.

Bordo (2007), p. 1; Heidi Mandanis Schooner and Mark W Taylor (2010) Global Bank Regulation: Principles and Policies (Academic Press, Burlington, Massachusetts), pp. 53–5; Goodhart (1988), p. 7.

Norman et al. (2011), p. 59.

Ibid., p. 88.

Bordo (2007), p. 2.

Ibid.

Andrew Campbell and Rosa Lastra (2009) ‘Revisiting the Lender of Last Resort’ 24 (3) Banking and Finance Law Review 453, p. 457, http://0-search.proquest.com.pugwash.lib.warwick.ac.uk/docview/218867839?accountid=14888. 10 December 2018.

Ibid., p. 470.

Ibid., p. 454.

Ibid., p. 464.

Ibid., pp. 465–6.

Jeffry A Frieden (1993) ‘Dynamics of International Monetary Systems: International and Donmestic Factors in the Rise, Reign, and Demise of the Classical Gold Standard’ in Jack Snyder and Robert Jervis (eds) Coping with Complexity in the International System (Westview Press, Boulder), p. 137.

105

Bordo (2007), p. 1.

106

Michael D Bordo and Finn E Kydland (1997) ‘The Gold Standard as a Rule’ in Barry Eichengreen and Marc Flandreau (eds) The Gold Standard in Theory and History (Routledge, London), p. 71.

107

Tamim Bayoumi and Barry Eichengreen (1995) The Stability of the Gold Standard and the Evolution of the International Monetary System (IMF Working Paper, Washington, DC), p. 1, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=883236. 1 May 2018.

See also John Maynard Keynes (1997) ‘The Significance of the Gold Points’ in Barry Eichengreen and Marc Flandreau (eds) The Gold Standard in Theory and History (Routledge, London), p. 95.

108

Bordo and Kydland (1997), p. 71.

109

Ibid., p. 73.

110

Frieden (1993), p. 142.

111

Cooper (2010), p. 65.

112

Frieden (1993), p. 155.

113

Cooper (2010), p. 65.

114

Ibid., p. 68.

115

Ibid.

116

Lerner (1947), p. 314.

117

Cooper (2010), p. 69.

118

Ibid.

119

Goodhart (1998), p. 417.

120

Jevons (1875), p. 75.

121

Case Concerning the Payment of Various Serbian Loans Issued in France (France v. Serbia) and Payment in Gold of the Brazilian Federal Loans Contracted in France (France v. Brazil) PCIJ Rep Series A Nos 20–21 (Judgment of 12 July 1929), ‘Summaries of Judgments, Advisory Opinions and Orders of the Permanent Court of International Justice’ (United Nations, 2012), http://legal.un.org/PCIJsummaries/documents/english/PCIJ_FinalText.pdf. 7 November 2018.

122

Bill Maurer (2012) ‘Payment: Forms and Functions of Value Transfer in Contemporary Society’ 30 Cambridge Anthropology 15, p. 17.

123

Graeber (2011), p. 46.

124

Ibid.

125

Charles Proctor (2012) Mann on the Legal Aspect of Money (7th edn, Oxford University Press, Oxford), pp. 40–41.

Ibid.

Ibid., p. 41.

RTS (1854), p. 77.

Menger (1892), p. 8.

Ibid., p. 49.

Ibid., p. 51.

Jevons (1875), p. 9.

Menger (1892), p. 31.

Ibid., p. 34.

Ibid., p. 35.

Ibid., p. 37.

Bryant v Foot [1868] LR 3 497 QB.

138

Angela Monaghan (2016a) ‘Sterling Hits New 31-Year Low Against the Dollar’ The Guardian (6 July 2016), https://www.theguardian.com/business/2016/jul/06/brexit-pound-plunges-to-30-year-lows-as-eu-fears-bite-into-global-markets-again. 13 September 2018.

139

Reuters (2018) ‘Iran Currency Extends Record Fall as U.S. Sanctions Loom’ (29 July 2018), https://www.reuters.com/article/us-iran-nuclear-currency/iran-currency-extends-record-fall-as-us-sanctions-loom-idUSKBN1KJ0DY. 4 November 2018.

140

Angela Monaghan (2016b) ‘First Post-Brexit Vote Data Shows UK Inflation Rose to 0.6% in July’ The Guardian (16 August 2016), https://www.theguardian.com/business/2016/aug/16/first-post-brexit-data-shows-uk-inflation-rose-to-06-in-july. 13 September 2018.

141

Tommaso Padoa-Schioppa (2003) ‘Central Banks and Financial Stability: Exploring the Land in Between’ in Vitor Gaspar, Philipp Hartmann and Olaf Sleijpen (eds) Second ECB Central Banking Conference: The Transformation of the European Financial System (European Central Bank), p. 274.

142

Ibid.

143

Ibid., pp. 278–9.

144

It is not unheard of for the MSE to register no trading at all in a whole week. Generally trading is low—see MSE (2014) ‘Daily Stock News’ (Malawi Stock Exchange), http://www.mse.co.mw/current/daily.pdf. 17 June 2014.

145

RBM (2015) Financial and Economic Review (Reserve Bank of Malawi), p. 10, https://www.rbm.mw/Home/GetContentFile?ContentID=7492. 14 December 2018.

146

Ibid.

147

World_Bank (2015) ‘Malawi—Overview’ (World Bank), http://www.worldbank.org/en/country/malawi/overview. 21 December 2018.

148

First Discount House (FDH) is now FDH Bank and Commercial Discount House (CDH) is CDH Bank.

149

Section 8 Financial Services Act (Malaŵi, 2010).

150

Section 4 Payment Systems Act (Malaŵi, 2016).

151

Section 12 Reserve Bank of Malaŵi Act (1989).

152

Section 11 Reserve Bank of Malaŵi Act (1989).

153

Kamuzu Banda, Bakili Muluzi, Bingu wa Mutharika, Joyce Banda (who completed the term of Bingu wa Mutharika after his death) and Peter Mutharika (younger brother to Bingu).

154

See Lukes Kalilombe (2008) ‘Central Bank Governance, Accountability and Independence: The Case of Reserve Bank of Malawi’ (MA, University of Kwazulu-Natal), p. 40, http://researchspace.ukzn.ac.za/handle/10413/575. 5 May 2018. But add Perks Ligoya (2009–2012), Charles Chuka (2012–2017 [April]) and Dalitso Kabambe (April 2017–Present).

155

(1971–1984) Tembo was until last year President of the Malaŵi Congress Party, a party led by Kamuzu Banda. It is submitted this may have been the case in the John Tembo governorship, who was Dr Banda’s ‘right-hand’ man.

156

Kalilombe (2008), p. 40.

157

He was seconded from the Bank of England—Ibid., p. 40. See RBM (2017) ‘Reserve Bank of Malawi’, https://www.rbm.mw/. 24 April 2018.

158

Kalilombe (2008), p. 40.

159

Referendum was in 1993 and first post one-party era General Elections were held in 1994.

160

Kalilombe (2008), p. 40.

161

12 governors over a 46-year period (1968–2014).

162

Kalilombe (2008), p. 41.

163

Except for Chuka who has been retained by the current President after the 2014 elections.

164

Kalilombe (2008), p. 41.

165

Ibid.

166

In September 2009 Gregory Gondwe (2011) ‘Reserve Bank of Malawi Appoints New Governor’ (Biz Community), http://www.bizcommunity.com/Article/415/87/40038.html. 3 March 2018.

167

Catherine Snowdon (2012) ‘Malawi President Axes Central Bank Governor’ (Central Banking), http://www.centralbanking.com/central-banking/news/2170162/malawi-president-axes-central-bank-governor. 3 March 2018.

168

‘Public Appointment: Reserve Bank Governor’ (2017) Government of Malaŵi, https://www.facebook.com/malawigovernment/?hc_ref=PAGES_TIMELINE&fref=nf. 21 April 2018.

169

Kenneth Kaoma Mwenda (2010) Legal Aspects of Banking Regulation: Common Law Perspectives from Zambia (PULP, Pretoria), p. 82.

170

Kalilombe (2008), p. 20.

171

Ali and others (2014a), p. 263.

172

Ibid., p. 264.

173

CPSS (2001) Core Principles for Systemically Important Payment Systems (BIS, Committee on Payment and Settlement Systems), p. 14, http://www.bis.org/cpmi/publ/d43.pdf. 17 February 2018.

174

David B Humphrey (1995) Payment Systems: Principles, Practice, and Improvements vol 23 (World Bank Publications, Washington, DC), p. 3.

175

Ibid., p. 4.

176

Ibid.

177

Setsuya Satåo and David B Humphrey (1995) Transforming Payment Systems: Meeting the Needs of Emerging Market Economies (World Bank Discussion Papers, World Bank), p. 1.

178

The process of inter-bank clearance and settlement may involve actual delivery of the cheque and an inter-bank transfer or indeed transmission of an electronic image.

179

Satåo and Humphrey (1995), p. 24.

180

Grossing is bilateral (real time) and usually while netting is multilateral (end-of period).

181

Satåo and Humphrey (1995), p. 26.

182

Ibid.

183

Or has at least made prior arrangements as in the case for over-draft or other loan.

184

Humphrey (1995), p. 4.

185

Satåo and Humphrey (1995), p. 8.

Humphrey (1995).

Ibid., p. 4.

Ibid., p. 7.

Commodity money is money whose value comes from the constitutive commodity of which it is made. Unlike fiat money, it consists of objects that have value in themselves as well as value in their use as money.

Humphrey (1995).

Ibid., pp. 1, 11.

Ibid.

Ganesh Samvaran Vudayagiri and others (2016) World Payments Report (Capgemini and BNP Paribas), p. 6, http://www.astrid-online.it/static/upload/worl/world_payments_report_wpr_2016.pdf. 10 March 2018.

194

Ibid., p. 33.

195

Ibid.

196

Padoa-Schioppa (2003), p. 305.

197

Goodhart (1988), p. 85.

198

Satåo and Humphrey (1995), p. 17.

199

Financial Sector Development Strategy: 2010–2015 (2015) (Government of Malaŵi), pp. 33–4, http://www.finance.gov.mw/fspu/index.php/financial-sector-laws/strategy-documents/55-malawi-financial-sector-development-strategy-2010-2015/file. 21 December 2018.

200

Established in 1993 under the IMF assisted modernisation programme of the financial sector—BIS (1997) The Payment System in Malawi (Bank of International Settlements), p. 67, https://www.bis.org/cpss/paysys/Malawi.pdf. 20 February 2018.

201

RBM (2008) Malawi National Payment System Vision Strategy Framework for the Period 2009–2013 (Reserve Bank of Malawi), p. 4, http://www.rbm.mw/documents/payment_systems/NPS%20Vision%20%20Strategy%20Framework%20December%202008%20Final.pdf. 10 February 2018.

The first one only came out as recent as 2001—Ibid., p. 5.

202

Section 4(e) Financial Crimes Act (Malaŵi, 2017).

203

Edwin Saidi (2009) ‘Mobile Opportunities, Mobile Problems: Assessing Mobile Commerce Implementation Issues in Malawi’ 14 (1) Journal of Internet Banking and Commerce 1, p. 1.

204

Malswitch Malswitch (Malawi Switch Centre Limited), http://www.malswitch.mw/malswitch/. 10 February 2018.

205

Saidi (2009).

206

Ahmed Dermish, Joel Phiri and Caitlin Sanford (2012) Mapping the Retail Payment Services Landscape Malawi (FinMark Trust), p. 13, http://www.finmark.org.za/wp-content/uploads/pubs/Rep_RPS_landscape_Malawi_2012.pdf. 10 February 2018.

207

Ibid., p. 10. NatSwitch has replaced Malswitch.

208

SADC (2013) ‘Payment Systems Progress Report to Committee of Central Bank Governors (CCBG) for the period April 2011 to March 2012 (Malawi)’ (Southern Africa Development Community [SADC] Bankers Association), http://www.sadcbankers.org/subcommittees/PaySystem/media/Documents/Newsletters/Vulindlela_Nov2012/Malawi.pdf. 10 February 2018.

209

Ibid.

210

Ibid.

211

Taonga Sabola (2015) ‘Banks Switch on Payment System’ Daily Times (17 February 2015), http://timesmediamw.com/banks-switch-payment-system/. 7 October 2018.

212

Chikondi Chiyembekeza (2013) ‘National Switch: A Long Overdue Project or a Waste?’ The Nation (5 September 2013), http://mwnation.com/national-switch-long-overdue-project-waste/. 10 February 2018.

213

Grace Khombe (2015) ‘National Switch Connects ATMs to All’ Zodiak Online (16 February 2015), http://www.zodiakmalawi.com/top-stories/national-switch-connects-atms-to-all. 15 December 2018.

214

Before NatSwitch, only ATMs of banks on the Visa platform were interoperable. The transaction fee was K700. With NatSwitch it is now K200.

215

Grace Thipa (2016) ‘Banks Faulted on Natswicth’ Daily Times (4 May 2016), http://www.times.mw/banks-faulted-on-natswitch/. 7 October 2018.

216

Goodwin Chimseu (Head of Business Development and Sales, Malswitch), 20 August 2015 (Interview).

217

Greco Jr (1997).

218

Kelley Jr (1999), p. 21.

219

FATF (2014) Virtual Currencies Key Definitions and Potential AML/CFT Risks (Financial Action Task Force), p. 4, http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf. 14 September 2018.

220

Ibid.

221

Ibid.

222

EBA (2014) Opinion on ‘Virtual Currencies’ (European Banking Authority), p. 10, http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf. 15 April 2018.

223

Ibid., p. 4.

224

Ibid.

225

ECB (2012) Virtual Currency Schemes (European Central Bank), p. 5, https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf. 15 April 2018.

226

Ibid., p. 17.

227

Ibid.

228

Apple (2016) ‘Apple Pay’ (Apple Inc), http://www.apple.com/uk/apple-pay/. 9 March 2018.

229

Cameron Faulkner (2015) ‘What Is NFC? Everything You Need to Know’, http://www.techradar.com/news/phone-and-communications/what-is-nfc-and-why-is-it-in-your-phone-948410. 9 March 2018.

230

EBA (2014), p. 5.

231

Félix Brezo and Pablo G Bringas (2012) ‘Issues and Risks Associated with Cryptocurrencies Such as Bitcoin’ (SOTICS 2012: The Second International Conference on Social Eco-informatics), p. 21, https://www.thinkmind.org/download.php?articleid=sotics_2012_1_40_30101. 14 September 2018.

232

Mitsuru Iwamura, Yukinobu Kitamura and Tsutomu Matsumoto (2014) ‘Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek’ SSRN, p. 7, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2405790. 14 September 2018.

233

EBA (2014), pp. 5–6.

234

The algorithm is said to have been written by Satoshi Nakamoto, Bitcoin’s inventor in 2009. It is not known whether this is a real person. Recently a person came out in Australia to claim to be the elusive Satoshi Nakamoto: Michael Safi (2016) ‘Australian Craig Wright Claims He Is Bitcoin Founder Satoshi Nakamoto’ The Guardian (2 May 2016), https://www.theguardian.com/technology/2016/may/02/craig-wright-bitcoin-founder-satoshi-nakamoto-claim. 14 September 2018.

235

Ittay Eyal and others (2016) ‘Bitcoin-NG: A Scalable Blockchain Protocol’ (13th USENIX Symposium on Networked Systems Design and Implementation [NSDI’16] March 16–18, 2016 Santa Clara, California), p. 45, https://www.usenix.org/system/files/conference/nsdi16/nsdi16-paper-eyal.pdf. 3 April 2018.

Ibid., p. 47.

Ibid.

Ibid., p. 50.

Ibid.

Ibid.

Robleh Ali and others (2014a) ‘Innovations in Payment Technologies and the Emergence of Digital Currencies’ 54 Quarterly Bulletin (Bank of England), p. 265, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf. 21 July 2018.

242

Ibid.

243

Eyal and others (2016), p. 45.

244

EBA (2014), p. 6.

245

Ibid.

246

The Silk Road is a hidden website (part of the so-called ‘dark web)’ designed to enable users to buy and sell illegal drugs, weapons, etc. anonymously and beyond the reach of the law; romanticised as the Amazon of illegal drugs—Brezo and Bringas (2012), p. 23.

247

Rowland Manthorpe (2017) ‘Live Tracker Reveals How Much NHS Hackers Are Making from Their Ransomware Demands’ Wired (15 May 2017), http://www.wired.co.uk/article/nhs-hackers-bitcoin-value. 29 May 2018.

248

Anon (2013) ‘Digital Currencies: A New Specie’ The Economist (13 April 2013), http://www.economist.com/news/leaders/21576104-regulators-should-keep-their-hands-new-forms-digital-money-such-bitcoin-new-specie. 9 March 2018.

249

Iwamura et al. (2014), p. 2.

250

Ali and others (2014a), p. 267.

251

Anon (2013).

252

Ibid.

253

Iwamura et al. (2014), p. 4.

Maurer (2011).

254

Anon (2013).

255

David Yermack (2015) ‘Is Bitcoin a Real Currency? An Economic Appraisal’ in David KC Lee (ed) Handbook of Digital Currency (Elsevier), pp. 31–44.

Abba P Lerner (1947) ‘Money as a Creature of the State’ 37 (2) The American Economic Review 312, http://www.jstor.org/stable/pdf/1821139.pdf. 29 April 2018.

Ahmed Dermish, Joel Phiri and Caitlin Sanford (2012) Mapping the Retail Payment Services Landscape Malawi (FinMark Trust), http://www.finmark.org.za/wp-content/uploads/pubs/Rep_RPS_landscape_Malawi_2012.pdf. 10 February 2018.

Alexander P Reed Jr (1998) Money and the Global Economy (Woodhead Publishing, Cambridge).

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Titel: Introduction to Money
verfasst von: Sunduzwayo Madise
Verlag: Springer International Publishing
Buch: The Regulation of Mobile Money
Print ISBN: 978-3-030-13830-1

Electronic ISBN: 978-3-030-13831-8

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-030-13831-8_2

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