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White Collar Crime and RiskThe Financial Crisis and Digital Currencies

White Collar Crime and Risk: The Financial Crisis and Digital Currencies [Digital currencies are mainly known for their part in illegal activities such as money laundering or terrorist financing. However, the purpose of this chapter is to explore whether digital currencies could have a potential benefit for countries that are in financial crisis. Since 2007, the global financial crisis has affected many different countries and no more so than Greece, where austerity measures and fiscal issues have caused an enormous social and political upheaval. The global economy has been hit by the lack of trust and confidence the ordinary person has for banks, financial intuitions and in some countries, the governing body. Banks were created in the 1400s in Florence to ensure that society could trust that their money or currency at the time would be safe. Following the global crisis, this trust and confidence in banks and financial institutions has been eroded. This chapter considers whether a digital, decentralised cryptocurrency, where peer-to-peer transactions and lending takes place, could replace the trust and confidence that was once found in banks.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

White Collar Crime and RiskThe Financial Crisis and Digital Currencies

Part of the Palgrave Studies in Risk, Crime and Society Book Series
Editors: Ryder, Nic
Chambers-Jones, Clare
White Collar Crime and Risk — Dec 7, 2017
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References (18)

Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2018. Corrected publication 2018. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988.
ISBN
978-1-137-47383-7
Pages
203 –230
DOI
10.1057/978-1-137-47384-4_8
Publisher site
See Chapter on Publisher Site

Abstract

[Digital currencies are mainly known for their part in illegal activities such as money laundering or terrorist financing. However, the purpose of this chapter is to explore whether digital currencies could have a potential benefit for countries that are in financial crisis. Since 2007, the global financial crisis has affected many different countries and no more so than Greece, where austerity measures and fiscal issues have caused an enormous social and political upheaval. The global economy has been hit by the lack of trust and confidence the ordinary person has for banks, financial intuitions and in some countries, the governing body. Banks were created in the 1400s in Florence to ensure that society could trust that their money or currency at the time would be safe. Following the global crisis, this trust and confidence in banks and financial institutions has been eroded. This chapter considers whether a digital, decentralised cryptocurrency, where peer-to-peer transactions and lending takes place, could replace the trust and confidence that was once found in banks.]

Published: Dec 7, 2017

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