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Towards a post-cash society: an application to convert fiat money into a cryptocurrency
journal contribution
posted on 2023-06-09, 05:24 authored by Steve HuckleSteve Huckle, Martin WhiteMartin White, Rituparna BhattacharyaIn this paper, we discuss an application that uses blockchain technology to transfer fiat money into a cryptocurrency — Ether. A typical use of this technology could be to become a component of a larger system, whereby, after traveling, a customer can exchange leftover foreign currency for their local denomination. However, a more interesting application could be to convert fiat money into a cryptocurrency to facilitate a demonetisation scheme, such as that implemented recently in India. In the latter context, we describe the development of our blockchain application against the ramifications of demonetisation and whether the Indian government could have augmented that scheme through technology such as ours. We discuss why the Indian government has not contemplated such a measure, which also leads to a discussion of whether they might have considered adopting their own cryptocurrency. However, even though the Indian public seems willing to adopt the technology, we find that unlikely. Finally, we show that our application demonstrates that fiat money to cryptocurrency conversion is technically feasible, but the Indian government is unlikely to consider such technology due to issues surrounding monetary sovereignty.
History
Publication status
- Published
File Version
- Published version
Journal
First MondayISSN
1396-0466Publisher
University of Illinois at Chicago LibraryExternal DOI
Issue
3Volume
22Department affiliated with
- Informatics Publications
Research groups affiliated with
- Creative Technology Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2017-03-07First Open Access (FOA) Date
2017-03-07First Compliant Deposit (FCD) Date
2017-03-07Usage metrics
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