Paradoksalna legitymizacja kryptoaktywów. Praca instytucjonalna i zmiana społeczna
Paradoxical Legitimization of Cryptoassets. Institutional Work and Social Change

Summary/Abstract: The paper shows the process of cryptoassets’ institutionalization. The main thesis is that a number of global actors are currently undertaking intensive institutional work resulting in the legitimization of cryptoassets. This legitimization process is paradoxical: it clashes with the underlying idea that cryptoassets were supposed to radically reduce the importance of traditional financial institutions. Qualitative analysis is applied to the texts addressing the topic of cryptoassets produced by three groups of actors: financial transnational corporations (investment and retail banking groups), G7 central banks and global consulting firms. Thus empirically, the article reconstructs the narratives on cryptoassets presented by the institutional actors who are central to the shape of global financial markets. Conceptually, the article seeks to deepen the understanding of how key market actors are taking over the institutions, which have been created with the intention of radically weakening them.

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