Question
1. Using the criteria of the classic definition of money (medium of exchange, store of value, and unit of account) discuss to what extent do
1. Using the criteria of the classic definition of money (medium of exchange, store of value, and unit of account) discuss to what extent do cryptocurrencies and central bank digital currencies serve as money?
2. Discuss why private cryptocurrencies have failed to become a welly accepted medium of exchange? What would be needed to make them a medium of exchange? Does stablecoin have a chance doing do so? How does stablecoin work?
3. What are the virtues of central bank digital currencies and what role may they play especially in developing countries where many people are unbanked?
4. What are the risks of digital currencies to maintaining financial stability?
5. Research and report on what is going on with central bank digital currencies in the Bahamas and the Organization Caribbean states (OECD) and the experiment in El Salvador where the Government has made Bitcoin an official currency, a legally acceptable form of tender and the government instead hows 25 Bitcoins
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