آينده رمزارزها: اثر آن بر عملكرد سياست‌هاي پولي كشور

Abstract The rapid expansion of cryptocurrencies in the past decade, along with the development of blockchain technology, has brought significant changes to the structure of the global financial system an‎d has challenged traditional methods of value transfer an‎d financial transactions. By enabling decentralized, fast, an‎d low cost transactions, cryptocurrencies have attracted the attention of economic actors, investors, an‎d policymakers. However, the growing use of these digital assets has raised important questions regarding the future of the monetary system, the role of official money, an‎d the effectiveness of monetary policies in different economies, particularly in developing countries. Therefore, examining the implications of cryptocurrency expansion for monetary policy has become an important topic in the literature of monetary an‎d financial economics. The main objective of this study is to eva‎luate the sustainability an‎d future of cryptocurrencies an‎d to analyze their impact on the performance of monetary policy in Iran. In terms of purpose, this research is applied, an‎d in terms of methodology, it is descriptive–analytical an‎d conducted within the framework of a survey study. The required data were collected through a researcher designed questionnaire based on the opinions of experts in the fields of cryptocurrencies, blockchain technology, an‎d monetary policy. The statistical population consists of experts an‎d professionals active in these fields in Iran, an‎d the sampling was carried out using purposive an‎d snowball sampling methods. Data analysis was conducted using descriptive statistics in SPSS software an‎d structural equation modeling using SmartPLS software. The findings indicate that the sustainability an‎d future of cryptocurrencies have a significant impact on various dimensions of monetary policy. In general, the expansion of cryptocurrencies can influence the deman‎d for national currency, the central bank’s ability to control the money supply, the level of financial volatility, an‎d the mechanisms through which monetary policy is transmitted in the economy. These results suggest that the development of financial technologies an‎d the increasing use of digital assets may alter some of the traditional mechanisms of monetary policy. Accordingly, greater attention by monetary policymakers to developments in the cryptocurrency domain an‎d the design of appropriate regulatory an‎d policy frameworks appear necessary to maintain financial stability an‎d ensure the effectiveness of monetary policy. Keywords: Cryptocurrencies, Monetary policy, Interest rates, Money supply

5 فصل

165234