Cryptocurrencies and the IPE of money: an agenda for research

Abstract

Despite the exploding interest in cryptocurrencies in the markets in recent years, the political economy study of them, in particular as money, remains underdeveloped. This seems quite surprising, given the otherwise extensive research on money and finance in the international political economy (IPE) literature. This essay calls for a greater engagement of IPE scholarship in analyzing cryptocurrencies as money. It argues first that theories of money—in particular, the “commodity theory of money” and the “state theory of money”—could provide valuable theoretical insights for the IPE study of cryptocurrencies as money. It then suggests how these insights can be incorporated into that research, drawing particular attention to analysis of the political dynamics surrounding cryptocurrencies’ development as money.