The rising importance of cryptocurrencies as financial assets pushed their applicability from an object of speculation closer to standard financial instruments such as loans. In this work, we initiate the study of secure protocols that enable fiat-denominated loans collateralized by cryptocurrencies such as Bitcoin. We provide limited-custodial protocols for such loans relying only on trusted arbitration and provide their game-theoretical analysis. We also highlight various interesting directions for future research.

翻译：加密货币作为金融资产的重要性日益提升，其应用范围已从投机对象逐渐扩展至贷款等标准金融工具。本研究开创性地探索支持以比特币等加密货币为抵押的法币计价贷款的安全协议。我们设计了仅依赖可信仲裁的有限托管贷款协议，并提供了博弈论分析。同时，本文还指出了未来研究的多个重要方向。