|Publisher||SSRN: University of Warwick|
|Link||View Research Paper|
This paper looks at the emergence of new forms of money, mostly as a result of technological advancements in the internet as well as mobile telephony. The paper uses Bitcoin and mobile money to analyses new evolving forms of money. It uses a framework based on the characteristics of fiat money to analyses these emerging forms of money. Interestingly, these two forms of money epitomises the North-South divide. Bitcoin is predominantly a global ‘North’ type of money while mobile money is typically a sub Saharan or global ‘south’ type of money. This research has the potential to influence how regulators respond to evolving and new forms of money. It further has the potential to depend understanding of these new forms of money. This is critically beneficial to the ecosystem formed by this money (users, vendors, banks, regulators). The paper argues that the emerging forms of money are here to stay and that there is need for a new legal and institutional approach to the regulatory framework of these emerging forms of money. Looking at how money has evolved over time, the paper advocates for a broader perception of the concept of money; mostly based on how money developed out of the marketplace.