Web3 is not a means to rebuild the global financial system.
Crypto assets do not have the capacity to function as money which serves as the foundation for a financial system. Without money which can mediate transactions, serve as a medium exchange, be used to denominate contracts and issue debt products in, all of modern finance could not exist.
Crypto has no theoretical basis as a foundation for a financial system because it is not fit for purpose and is not a currency.
- Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
- Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
- Dini, Paolo, and Alexandros Kioupkiolis. 2019. ‘The Alter-Politics of Complementary Currencies: The Case of Sardex’. Cogent Social Sciences 5 (1). https://doi.org/10.1080/23311886.2019.1646625.
- Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
- Gorton, Gary B, and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. Available at SSRN 3888752.