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| John P. Conley |
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| ''Blockchain Cryptocurrency Backed with Full Faith and Credit'' |
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| The major advantages of blockchain based cryptocurrencies are the independent verifiability of transactions and the anonymity that they allow. Blockchains can also process transactions at much lower cost than banks and credit card companies. On the other hand, the value of cryptocurrencies is quite volatile. In addition, the crypto-ecosystem is not easy to access for many less technologically savvy consumers and it is especially difficult to make financial connections to the outside world. These factors limit the utility of cryptocurrencies as a store of value and a medium of exchange, respectively. This paper proposes the creation of CryptoBucks, a cryptocurrency backed 100% by dollars. CryptoBucks solve the problem of volatility and offer various levels of privacy and anonymity depending on how the system is implemented. |
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| Keywords: Blockchain, Cryptocurrency, Tokenization, Fiat Currency, AML, KYC, PPK, PKI, Encryption, Bitcoin |
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
G1 - General Financial Markets: General (includes Measurement and Data) |
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| Manuscript Received : Jun 06 2017 | | Manuscript Accepted : Jun 06 2017 |
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