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This research investigates how blockchain technology disrupts conventional monetary policy frameworks by altering the composition and velocity of monetary bases. Focusing on central banking challenges, we analyze: efficiency gains in currency issuance, transparency trade-offs in distributed systems, and emerging risks to financial stability. While businesses rapidly adopt blockchain as a fiat alternative—reshaping money supply dynamics—regulators lack tools to quantify these structural shifts. Building on monetary theory (Salla y Martin, Levine) and panel data from 123 countries, we develop a diagnostic model using cointegration analysis and error correction mechanisms. Findings reveal that blockchain adoption explains 15.9% of monetary base restructuring in advanced economies (2022–2024), with nonlinear effects on inflation targeting. Using macroeconomic and trend analyses, we demonstrate how blockchain integration affects money supply composition across economies. Results reveal a significant correlation between blockchain adoption and monetary base restructuring, with implications for GDP growth. The study provides policymakers and central banks with a diagnostic tool to assess blockchain’s systemic impacts, bridging theoretical gaps between distributed ledger technologies and monetary economics.

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The Blockchain Management in Monetary Policy: Measuring Impacts on GDP and Money Supply Structure

  • 会议论文

  • 发表日期：

    2026年

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  • Olesia Suntsova,
  • Olena Trofymenko,
  • Olha Ilyash,
  • Marzena Sobczak-Michalowska

摘要

This research investigates how blockchain technology disrupts conventional monetary policy frameworks by altering the composition and velocity of monetary bases. Focusing on central banking challenges, we analyze: efficiency gains in currency issuance, transparency trade-offs in distributed systems, and emerging risks to financial stability. While businesses rapidly adopt blockchain as a fiat alternative—reshaping money supply dynamics—regulators lack tools to quantify these structural shifts. Building on monetary theory (Salla y Martin, Levine) and panel data from 123 countries, we develop a diagnostic model using cointegration analysis and error correction mechanisms. Findings reveal that blockchain adoption explains 15.9% of monetary base restructuring in advanced economies (2022–2024), with nonlinear effects on inflation targeting. Using macroeconomic and trend analyses, we demonstrate how blockchain integration affects money supply composition across economies. Results reveal a significant correlation between blockchain adoption and monetary base restructuring, with implications for GDP growth. The study provides policymakers and central banks with a diagnostic tool to assess blockchain’s systemic impacts, bridging theoretical gaps between distributed ledger technologies and monetary economics.