Die demokratische Umwälzung des Finanzwesens

LAGUNA BEACH – Für die aufregenden neuen Möglichkeiten, die aus der Verbindung technischer Innovationen mit dem Internet und den Sozialen Medien entstehen, scheint es keine Grenzen zu geben. Dieses Phänomen hat den Journalismus und das Unterhaltungswesen revolutioniert und durch die Beseitigung von Koordinationsproblemen in immer mehr Ländern auch politische Konsequenzen zur Folge – ein sich immer weiter entwickelndes Gemisch von Möglichkeiten und Risiken.

Weniger willkommen ist allerdings das Ausmaß, in dem ein ähnliches Phänomen auf das Finanzwesen einwirkt – über einen Demokratisierungsprozess, der insbesondere im Konsumentenbereich nach und nach einen beachtlichen Teil der institutionellen Landschaft verändern könnte, während der Anpassungsprozess die Regulierer vor Probleme stellt.

Das sichtbarste – wenn auch bei weitem kein gutes – Beispiel für diese beginnende Entwicklung, das die Aufmerksamkeit von Spezialisten, Regulierern und langsam aber sicher auch der Öffentlichkeit auf sich gezogen hat, ist Bitcoin. Aber diese Krypto-Währung ist bei weitem nicht das einzige Beispiel, und sicherlich nicht das folgerichtigste. Ihr tatsächlicher und möglicher Einfluss ist verglichen mit anderen Versuchen, Zahlungen, Investments und das Kreditwesen zu verbessern und zu demokratisieren, relativ begrenzt.

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