This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technological innovations, such as the movement towards electronic money, will undoubtedly change how we operate. However, the conclusion in this paper is less sanguine regarding the prospects of a global currency, regional monetary unions, or states’ exit from or central banks’ control of money. This paper also sees poor prospects for cryptocurrencies at the moment, given their focus on the decentralisation and politicisation of money, because money requires a backstopping force, making it inherently political. Finally, this paper considers how regulators may seek to ensure that money in its digital form is not taken advantage of and applied in malevolent activities. The study used correlation to establish the level of association among variables. A multiple regression analysis was used to draw an econometric model explaining the relationship between the independent and dependent variables. The following variables were used as independent variables: monetary aggregate (M1), harmonised index of consumer prices (HICP), Euro Interbank Offered Rate (EURIBOR), US dollar/euro, and the USD value of Bitcoin. Multiple regression predicted that when inflation rises, the money supply will decrease. M1 includes cash in circulation, current deposits, and other than demand deposits. The study concludes that price increases encourage people to keep their money in longer-term deposits, including in cryptocurrency. Additionally, an increase in EURIBOR and US dollar/euro reduces the supply of money. Otherwise, an increase in the price of bitcoin in the economy would increase the overall money supply.

中文翻译：

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货币的特质：21世纪货币的演变

本文通过研究代表该景观的发展情况，研究了哪种货币将支配21世纪的问题。在查阅现有文献和证据的基础上，很明显，某些技术创新，例如向电子货币的发展，无疑将改变我们的经营方式。但是，对于全球货币，区域性货币联盟或各州退出或中央银行控制货币的前景，本文的结论不太乐观。鉴于货币需要分散化和政治化，因此本文还认为目前加密货币的前景不佳，因为货币需要支持力量，使其具有固有的政治性。最后，本文考虑了监管机构应如何确保数字形式的金钱不被利用和用于恶意活动。该研究使用相关性来建立变量之间的关联度。多元回归分析用于绘制计量经济学模型，解释独立变量和因变量之间的关系。以下变量用作自变量：货币总和（M1），消费价格协调指数（HICP），欧洲银行间同业拆放利率（EURIBOR），美元/欧元和比特币的美元价值。多元回归预测，当通货膨胀上升时，货币供应量将减少。M1包括流通现金，活期存款和活期存款以外的现金。该研究得出的结论是，价格上涨鼓励人们将钱存入包括加密货币在内的长期存款中。此外，EURIBOR和美元/欧元的增加也减少了货币供应。否则，经济中比特币价格的上涨将增加总体货币供应。