Achieving Sustainable Financial Transactions under Regimes without a Central Bank—An Intertemporal Comparison

In this paper, by performing an intertemporal comparison, we investigate two monetary policy regimes where a central bank is absent, and further refer on the mechanisms they developed so as to ensure reliability of transactions between parties involved. particular, mainly focus economic–monetary institutions Athens during Classical period (508–322 BCE) argue that (in principle) there are inter-temporal similarities Athenian current digital currencies regarding auditing principles with which financial ensured. We found in both cases, what crucial for success system achieve trust currency. By focusing Athens, analyze nature techniques used reliable commercial transactions. also briefly modern cryptocurrency techniques. was based achieving: low transactional costs, speed transactions, characterize security