Cryptocurrencies at the turning point: regulation or chaos?
Cryptocurrencies at the turning point: regulation or chaos?
On April 25, 2025, researchers from the Free University of Berlin, Christopher Olk and Louis Miebs, analyzed a fundamental transformation of the global cryptocurrency system towards a loan -based shadow banking system in their new study. The study, published in the journal "Review of International Political Economy", addresses the central question of who has the right to create money and under what conditions this should happen. This is considered against the background of the crypto crisis of 2022, as stable coins such as Terrausd and the FTX trading platform.
The authors do not see the events as isolated fraud cases, but as symptoms of a far -reaching systemic development. Cryptocurrencies are increasingly acting as money forms, controlled by centralized platforms that provide loan relationships and liquidity. Stable coins, which are often described as "shadow money", offer price stability and are changeable in state currencies, but without state protection.
regulation in response to systemic risks
The urgency of a political re -evaluation and regulation of cryptocurrencies becomes particularly clear when you look at the risks that have arisen from the lack of supervision on centralized stock exchanges such as FTX. These act comparable to banks, but without the necessary licenses or the necessary supervision, which led to a massive loss of trust. The balance sheet risks of these platforms resulted in a loss of billions of bills and illustrate the dangers that a poorly regulated sector can bring.
The cryptosystem is still a relatively small, isolated niche of the financial market in the current comparison, although it still grows strongly and develops. As the DetailsOrtGarystraße 21, 14195 Berlin, DeutschlandQuellen
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