Algorithmic Monetary Policy in Tokenized Financial Systems: The Role of Smart Contracts in Automated Policy Implementation and its Impact on Financial Stability

This article explores the transformative potential of Algorithmic Monetary Policy (AMP) within a Tokenized Financial System (TFS), specifically evaluating the pivotal role of Smart Contracts (SCs) in automating monetary policy implementation and their subsequent impact on financial stability. Employing a qualitative, conceptual, and analytical approach, this study synthesizes recent academic literature and central bank initiatives from ۲۰۲۴ onwards, including key projects like Project Pine and Project Agora. Findings indicate the technical feasibility of using smart contracts for automated monetary policy operations, such as interest rate adjustments and reserve management, promising enhanced speed, efficiency, and transparency. However, this integration introduces novel systemic risks, including model opacity, data biases, increased interconnectedness, and cybersecurity vulnerabilities. The paper highlights critical regulatory and governance challenges, emphasizing the necessity for robust frameworks, legal certainty, and international cooperation to balance innovation with financial resilience. Ultimately, while AMP and SCs offer significant advancements for central banking, their responsible adoption necessitates proactive policy responses to mitigate emerging risks and ensure sustained financial stability.

کلیدواژه ها:

Algorithmic Monetary Policy ، Tokenized Finance ، Smart Contracts ، Financial Stability ، Central Banks ، Blockchain ، Digital Currencies