Central Banking

Bank of Finland paper deems bitcoin ‘revolutionary’


A group of economists has deemed bitcoin’s design and economic system “revolutionary” in an analysis of the cryptocurrency as a means of payment in a paper published by the Bank of Finland.

“Bitcoin is a monopoly run by a protocol, not by a managing organisation. Familiar monopolies are run by managing organisations with discretion to determine and then change prices, offerings and rules,” authors Gur Huberman, Jacob Leshno and Ciamac Moallemi write.

These systems, the authors go on to say, ar

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