This study develops a monetary model featuring (i) ‘virtual’ goods, sold against virtual currency, and (ii) agents providing payment services (miners), remunerated with newly issued virtual currency. Virtual money growth may have effects opposite to those predicted by monetary theory. Declining virtual currency issuance, like in Bitcoin, raises the price of virtual goods, which counteracts the traditional impact of a reduced inflation tax. The paper also shows that welfare improves as virtual currency issuance decreases, but only if the virtual currency growth rate is sufficiently larger than the fiat money growth rate.

中文翻译：

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货币理论逆转：虚拟货币发行与通货膨胀税

本研究开发了一种货币模型，其特点是 (i) 以虚拟货币出售的“虚拟”商品，以及 (ii) 提供支付服务的代理（矿工），以新发行的虚拟货币作为报酬。虚拟货币增长可能产生与货币理论预测相反的影响。像比特币一样，虚拟货币发行量的下降会提高虚拟商品的价格，从而抵消了降低通胀税的传统影响。该论文还表明，随着虚拟货币发行量的减少，福利会提高，但前提是虚拟货币增长率足够高于法定货币增长率。