An Introduction to Institutional Cryptoeconomics
This chapter provides a framework to think about public policy choices in response to blockchain technology. It first introduces the idea of ‘crypto-friendly’ public policy as a set of policy dispositions around regulatory clarity and consistency and a permissionless innovation attitude to the risks posed by new technologies. The chapter explores the complex balance between regulatory certainty and the rapid need for regulatory change in response to new institutional innovation. It then presents these policy change dilemmas in an international context. Blockchains are available wherever the internet is available, and blockchain firms can locate themselves in the most crypto-friendly jurisdiction.
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