State Regulation of Cryptocurrencies as a Policy: Cross-National Analysis

Monetary policy of the state is a special type of policy adopted by the monetary authority of the country, and according to some studies, if cryptocurrencies will be adapted, they will inevitably be included in the monetary policy of the state. That is why it is so important to study cryptocurrencies from a political science point of view through the prism of policy of different countries in their regard. In turn, this work relates to the ideas of a new institutionalism in the historical version and is devoted to the state’s policy in relation to the regulation of cryptocurrencies. As a result of the study, there was given the explanation of why the general approach to regulation the economy, wealth of citizens, inflation and democratization affects the states’ policy regarding cryptocurrencies. Also, the reasons of absence of the relation between state capacity and the states’ policy regarding cryptocurrencies is presented. The further analysis is based on statistics data that covers 107 countries. In the applications, a dataset with all variables, information on the calculation of the PCBT index, as well as the sources used in its calculation are available.