Journal of Business Ethics 152 (1):1-14 (2018)

Authors
Peter Seele
Heinrich Heine University Düsseldorf (PhD)
Abstract
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 : 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.
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DOI 10.1007/s10551-016-3298-0
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References found in this work BETA

The Ethics of Payments: Paper, Plastic, or Bitcoin?James J. Angel & Douglas McCabe - 2015 - Journal of Business Ethics 132 (3):603-611.

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Citations of this work BETA

Blockchain and Business Ethics.Claus Dierksmeier & Peter Seele - 2020 - Business Ethics: A European Review 29 (2):348-359.

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