الأثار المحتملة للعملة الافتراضية المشفرة على أداء و فعالية السياسة النقدية

Abstract EN

This research paper aims to highlight the potential effects of the encrypted virtual currency on the performance and effectiveness of a monetary policy, given the danger this currency poses to the monetary sovereignty and monetary stability of countries.

The study concluded that cryptocurrencies such as Bitcoin, for example, have become part of the reality in which we live, and given their current size compared to the size of traditional currencies, they do not have a tangible and clear impact on the performance of the monetary policy, especially in light of the official international rejection of these currencies, and the tendency to issue other types of Crypto assets such as stable coins and digital currencies issued by central banks.

However, if adopted on a larger scale, it threatens the demise of the fiat currency model, which would weaken the ability of central banks to manage monetary policy effectively.