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Cryptocurrencies and Business Ethics

Journal of business ethics, 2018-09, Vol.152 (1), p.1-14 [Peer Reviewed Journal]

Springer Nature B.V. 2018 ;Springer Science+Business Media Dordrecht 2016 ;Journal of Business Ethics is a copyright of Springer, (2016). All Rights Reserved. ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-016-3298-0

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  • Title:
    Cryptocurrencies and Business Ethics
  • Author: Dierksmeier, Claus ; Seele, Peter
  • Subjects: Ambiguity ; Banking ; Banking industry ; Banking system ; Business and Management ; Business Ethics ; Centralization ; Decentralization ; Deflation ; Digital currencies ; Education ; Ethics ; Inflation ; Management ; Miners ; Philosophy ; Prosocial behaviour ; Quality of Life Research ; Shadow banking ; Technology ; Transactions ; Trust
  • Is Part Of: Journal of business ethics, 2018-09, Vol.152 (1), p.1-14
  • Description: Cryptocurrencies such as Bitcoin, SETLcoin, Ether, Solar Coin, or Liberty Reserve exist since 2009. Because of their decentralized control, they are often considered a threat or alternative to the conventional centralized banking system. While the technological implication of some such currencies, especially of Bitcoin, has attracted much attention, so far there is little discussion about the entire field of cryptocurrencies and very little academic literature addressing its ethical significance. In this article, we thus address the impact of "blockchain technology" on the nature of financial transactions from a business ethics perspective. We begin with a survey on relevant literature from neighboring disciplines. Next, we work towards a 3 × 3 framework for current debates on the ethics of cryptocurrencies (see Table 1): we combine the micro, meso, and macro levels of business and society with assessments of the potential ethical impact of cryptocurrencies as morally beneficial, detrimental, and ambiguous. In addition, we highlight possible avenues for future research, such as the changing roles of the miners and regulators, the prosocial use of cryptocurrencies, the antisocial use for shadow banking and transactions in the 'dark net' and cryptocurrencies' effect on inflation and deflation.
  • Publisher: Dordrecht: Springer
  • Language: English
  • Identifier: ISSN: 0167-4544
    EISSN: 1573-0697
    DOI: 10.1007/s10551-016-3298-0
  • Source: ProQuest One Psychology
    ProQuest Central

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