أثر التعامل بالعملات المشفرة على أداء السياسة النقدية

Abstract

This study aims to determine the extent of the impact of dealing with cryptocurrencies on the performance of monetary policy. Given the noticeable increase in the volume of financial transactions conducted with ryptocurrencies on an international level and the risks associated with such transactions on international financial and economic relations, studying the impact of these cryptocurrencies on the effectiveness of central banks' functions and their ability to manage monetary policies and utilize their authorized tools has become crucial. This study analyzes the relationship between the impact of cryptocurrencies and monetary policy in central banks by first understanding the fundamental concepts of monetary policy and generalities about cryptocurrencies. It then examines the effect of dealing with cryptocurrencies on central banks, including international and Arab experiences, including Algeria, in order to assess the volume of transactions in cryptocurrencies on the international, Arab, and local levels and analyze the impact of the increasing volume of these transactions on the effectiveness of monetary policies. The study concludes by confirming the hypothesis that cryptocurrencies have a significant negative impact on the effectiveness of monetary policy by reducing the effectiveness of various monetary policy tools. However, such an impact can be regulated and managed through the implementation of controls on cash transactions at both the local and international levels, as well as appropriate central bank policies.