新数字货币的出现挑战了我们对货币的概念、功能和目的，以及我们对支撑其合法性的金融和银行结构的信心。Oonagh McDonald研究了加密货币对现有法定货币构成的挑战、机遇和威胁，以及它们改变全球金融运作方式的潜力。
从比特币到Facebook的Diem，这本书记录了加密货币在过去十年中的惊人崛起，以及缓慢得多的监管响应。它评估了支撑新数字货币（区块链、数字代币和智能合约）的技术规避现有监管框架的潜力，并考虑了对欺诈性首次硬币发行、欺诈和黑客进行更强有力保护的必要性。
这本书探讨了各国央行开始探索替代全球数字货币的机会时的动机，以及这对美元和其他法定货币的霸权意味着什么。还考虑了现金的未来。在她的分析中，麦克唐纳表明，信任是金融运作的基础，这将最终保护商业银行的资金免受新数字货币的威胁。
这本书让读者对货币的未来和监管机构面临的挑战有了深刻的评价。
Cryptocurrencies: Money, Trust and Regulation
The advent of new digital currencies has challenged our notions about money, its function and purpose, and our faith in the financial and banking structures that underpin its legitimacy. Oonagh McDonald examines the challenges, opportunities and threats that cryptocurrencies pose to existing fiat currencies and their potential to change how global finance operates.
From Bitcoin to Facebook’s Diem, the book charts the spectacular rise of cryptocurrencies over the past decade alongside the much slower regulatory response. It assesses the potential of the technology underpinning new digital currencies – blockchain, digital tokens and smart contracts – to evade existing regulatory frameworks and considers the need for more robust protection from fraudulent initial coin offerings, scams and hacks.
The book examines the motivations of central banks as they begin to explore opportunities for an alternative global digital currency, and what this might mean for the supremacy of the dollar and other fiat currencies. The future of cash is also considered. Throughout her analysis, McDonald shows that trust is fundamental to the operation of finance and that this will ultimately protect commercial bank money from the threat of new digital currencies.
The book offers readers an insightful appraisal of the future of money and the challenges facing regulatory bodies.
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