The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis-à-vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private-property-rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas.

中文翻译：

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加密货币的道德辩护

加密货币现象日益重要，引发了人们对假设广泛使用这些新形式的数字货币的道德影响的担忧。在本文中，我们利用两种特定的伦理理论对加密货币进行了伦理评估：私有财产伦理和功利主义。特别是，我们专注于三个不同的方面。首先，我们研究了加密货币相对于中央银行法定货币的优缺点。其次，我们将加密货币分析为逃税的促进因素以及由此产生的道德影响。最后，我们探索使用加密货币进行恶意消费。我们得出的结论是，如果加密货币成为广泛的交换媒介，政府实施货币、财政和毒品政策的能力将受到削弱。