Blockchain and Cryptocurrency: Development Without Regulation?

Blockchain is a technology based on a chain of interconnected blocks containing transaction history and user data. Blockchain permitted the creation of crypto-currency. Among its advantages: decentralization, transparency, and integrity. This technology has increased especially with the advent of covid19 with the accentuation of the wave of digitalization. Classic finance systems felt overwhelmed by events and tried to catch up with this new wave, by creating their crypto-currency, and embarking on this new world of digital finance where regulation and control are nonexistent. Many central banks see the introduction of central bank digital currencies (MDBC) as a response to these challenges. But the phenomenal expansion of these crypto-currencies could present risks in terms of transmission of monetary policy, monetary creation, and financial stability. In this work, we will present the blockchain, the evolution of crypto-currency, and the reaction classic finance systems to this wave of digitalization of transactions, and especially to an absence of regulation.