Andreas Hanl, Jochen Michaelis (2017). In Wirtschaftspolitische Blätter 4/2017, 541-552.
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The emergence of cryptocurrencies such as Bitcoin has caused quite a stir in the financial world after the crisis of 2007 onwards. Some voices are even talking about the possibility of abolishing cash. This article shows, first, whether and to what extent cryptocurrencies could actually displace cash, second, to what extent they will change non-cash payment systems, and third, what hurdles need to be overcome on the way to broader acceptance. First, we look at the financial sector’s response to the multi-faceted phenomenon of distributed ledger technology (“blockchain”).