Digital Monies to Face Crises? Cryptocurrency Regulation and the Rise of CBDCs

This article investigates the rise of cryptocurrencies and Central Bank Digital Currencies (CBDCs), focusing on the ideological underpinnings that shape their advocacy. It finds that despite divergent views on state intervention and financial governance, both camps share a commitment to technological solutionism. Through a critical examination of pivotal moments—including the 2008 financial crisis, volatile crypto markets, and emerging state-backed digital currencies—the study reveals that the narrative of ‘crisis’ is strategically employed to expedite technology adoption. We contend that this strategy often obscures the complexities and ethical implications of these financial technologies, limiting the scope for critical public discourse. The article argues for a more nuanced, multi-faceted analysis of these emerging digital financial systems to inform future policy and regulation.