Cryptocurrencies are dematerialized currencies that can be exchanged directly peer-to-peer on a decentralized network. Over the last few years, they have gained in popularity and continue to create ever more excitement. However, to what extent can we consider the process and uses of cryptocurrencies to be ethical? And in what way are they misused?
Sondes Mbarek, Donia Trabelsi and Michel Berne, three professors in the DEFI department (Law, Economics and Finance) at Institut Mines-Télécom Business School, answer these questions in the chapter “Are Virtual Currencies Virtuous? Ethical and Environmental issues” in the book “Cryptofinance and Mechanisms of Exchange: The Making of Virtual Currency” published by Springer editions.
Impact upon the environment and the emergence of an underground economy involving virtual money laundering, tax evasion, as well as the funding of illegal activities: the ethical and environmental issues raised by the use of cryptocurrencies are explored throughout the chapter. In addition, their work offers a word of warning about the use of these virtual currencies, which at the same time can be a good solution in a context of hyperinflation and economic crisis. Sondes Mbarek, Donia Trabelsi and Michel Berne also focus on the positive impact that cryptocurrencies can have on Society.