암호화폐, 국가의 애증 (Love-Hate)

Abstract

This is a study on the cryptocurrency in connection with legal tender's national and social meaning. Money, generally accepted as payment for goods and services and repayment of debts, is not only a medium of exchange, but an historical product for longing to store life-related value. The actual passion for the cryptocurrency could be also considered as the same either for normal citizen or the state. But the latter is differently circumstanced in the way of thinking and longing for it. This study tries to explain some love-hate phenomenon at the side of the state, especially through a Russian's case. Declared by a government to be legal tender, the fiat currency has a kind of velocity which increases inflation(quantitative growth) in its nature. Every national currency in the world can not avoid this inflation caused by the US dollar's speculative and inflatory policies. The cryptocurrencies pose a challenge to US central banks' inflatory policies over the important functions of monetary and exchange policy. Many governments like the Russian, are attracted by its technological aspects while having taken a cautious approach toward them, fearing their lack of central control and the effects they could have on financial security. They wanted have the cake and eat it. This is a love-hate passion for the cryptocurrency. This study has been able to confirm, by the case of Russian government's back and forth policy toward the cryptocurrency, that the state's love-hate passion came from his desire to maintain the money creation and supply by his own power. Discussion and policies on the cryptocurrency and blockchain technology can not be caught in the mesh of the power, but for orienting to get a real national wealth for the people.