Publications, Staff research, Digital currencies and fintech - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T15:41:34+00:00Bitcoin Awareness and Usage in Canada
https://www.bankofcanada.ca/2017/12/staff-working-paper-2017-56/
There has been tremendous discussion of Bitcoin, digital currencies and FinTech. However, there is limited empirical evidence of Bitcoin’s adoption and usage. We propose a methodology to collect a nationally representative sample using the Bitcoin Omnibus Survey (BTCOS) to track the ubiquity and usage of Bitcoin in Canada.2017-12-08T12:00:03+00:00enBitcoin Awareness and Usage in Canada2017-12-08Bank notesDigital currencies and fintechEconometric and statistical methodsStaff Working Paper 2017-56https://www.bankofcanada.ca/wp-content/uploads/2017/12/swp2017-56.pdfBitcoin Awareness and Usage in CanadaChristopher HenryKim HuynhGradon NichollsDecember 2017CC1C12EE4Competing Currencies in the Laboratory
https://www.bankofcanada.ca/2017/12/staff-working-paper-2017-53/
We investigate competition between two intrinsically worthless currencies as a result of decentralized interactions between human subjects. We design a laboratory experiment based on a simple two-country, two-currency search model to study factors that affect circulation patterns and equilibrium selection.2017-12-07T15:35:11+00:00enCompeting Currencies in the Laboratory2017-12-07Central bank researchDigital currencies and fintechStaff Working Paper 2017-53https://www.bankofcanada.ca/wp-content/uploads/2017/12/swp2017-53.pdfCompeting Currencies in the LaboratoryJanet Hua JiangCathy ZhangDecember 2017CC9C92DD8D83EE4E40Central Bank Digital Currency: Motivations and Implications
https://www.bankofcanada.ca/2017/11/staff-discussion-paper-2017-16/
The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy.2017-11-30T08:11:42+00:00enCentral Bank Digital Currency: Motivations and Implications2017-11-30Bank notesDigital currencies and fintechFinancial servicesPayment clearing and settlement systemsStaff Discussion Paper 2017-16https://www.bankofcanada.ca/wp-content/uploads/2017/11/sdp2017-16.pdfCentral Bank Digital Currency: Motivations and ImplicationsWalter EngertBen FungNovember 2017EE4E41E42E5Acceptance and Use of Payments at the Point of Sale in Canada
https://www.bankofcanada.ca/wp-content/uploads/2017/11/boc-review-autumn2017-fung.pdf
Merchants universally accept cash. Consumers widely hold cash but also carry debit and credit cards. The cost of using a method of payment has only a small influence on which method consumers use. Large merchants accept all payments, while only two-thirds of small and medium-sized businesses accept credit cards. Merchants report that credit cards are the costliest payment method compared with cash and debit cards. However, costs are not the only consideration. Merchant acceptance of credit accounts for the many con-sumers that want to use credit cards. This interaction between consumers and merchants is known as network externalities.2017-11-16T12:22:59+00:00enAcceptance and Use of Payments at the Point of Sale in Canada2017-11-16Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks
https://www.bankofcanada.ca/2017/07/staff-discussion-paper-2017-10/
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.2017-07-21T09:41:08+00:00enFintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks2017-07-21Central bank researchDigital currencies and fintechFinancial institutionsPayment clearing and settlement systemsStaff Discussion Paper 2017-10https://www.bankofcanada.ca/wp-content/uploads/2017/07/sdp2017-10.pdfFintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central BanksMeyer AaronFrancisco RivadeneyraSamantha SohalJuly 2017EE4E42GG1G2LL1Adoption of a New Payment Method: Theory and Experimental Evidence
https://www.bankofcanada.ca/2017/07/staff-working-paper-2017-28/
We model the introduction of a new payment method, e.g., e-money, that competes with an existing payment method, e.g., cash. The new payment method involves relatively lower per-transaction costs for both buyers and sellers, but sellers must pay a fixed fee to accept the new payment method.2017-07-20T09:21:19+00:00enAdoption of a New Payment Method: Theory and Experimental Evidence2017-07-20Central bank researchDigital currencies and fintechStaff Working Paper 2017-28https://www.bankofcanada.ca/wp-content/uploads/2017/07/swp2017-28.pdfAdoption of a New Payment Method: Theory and Experimental EvidenceJasmina ArifovicJohn DuffyJanet Hua JiangJuly 2017CC3C35C8C83C9C92EE4E41Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?
https://www.bankofcanada.ca/wp-content/uploads/2017/05/fsr-june-2017-chapman.pdf
This report describes a joint endeavour between public and private sectors to explore a wholesale payment system based on distributed ledger technology (DLT). They find that a stand-alone DLT system is unlikely to be as beneficial as a centralized payment system in terms of core operating costs; however, it could increase financial system efficiency as a result of integration with the broader financial market infrastructure.2017-05-25T14:30:26+00:00enProject Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?2017-05-25The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location Retailers
https://www.bankofcanada.ca/2017/03/technical-report-109/
Calibrated weights are created to (a) reduce the nonresponse bias; (b) reduce the coverage error; and (c) make the weighted estimates from the sample consistent with the target population in terms of certain key variables.2017-03-31T06:02:03+00:00enThe Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location Retailers2017-03-31Digital currencies and fintechEconometric and statistical methodsTechnical report 109https://www.bankofcanada.ca/wp-content/uploads/2017/03/tr109.pdfThe Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location RetailersHeng ChenRallye ShenMarch 2017CC8C81C83The Costs of Point-of-Sale Payments in Canada
https://www.bankofcanada.ca/2017/03/staff-discussion-paper-2017-4/
Using data from our 2014 cost-of-payments survey, we calculate resource costs for cash, debit cards and credit cards. For each payment method, we examine the total cost incurred by consumers, retailers, financial institutions and infrastructures, the Royal Canadian Mint and the Bank of Canada.2017-03-28T12:37:45+00:00enThe Costs of Point-of-Sale Payments in Canada2017-03-28Bank notesDigital currencies and fintechFinancial institutionsPayment clearing and settlement systemsStaff Discussion Paper 2017‐4https://www.bankofcanada.ca/wp-content/uploads/2017/03/sdp2017-4.pdfThe Costs of Point-of-Sale Payments in CanadaAnneke KosseHeng ChenMarie-Hélène FeltValéry Dongmo JiongoKerry NieldAngelika WelteMarch 2017DD1D12D2D23D24EE4E41E42GG2G21LL2Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies
https://www.bankofcanada.ca/2017/02/staff-working-paper-2017-5/
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.2017-02-15T13:44:34+00:00enCanadian Bank Notes and Dominion Notes: Lessons for Digital Currencies2017-02-15Bank notesDigital currencies and fintechFinancial servicesStaff Working Paper 2017-5https://www.bankofcanada.ca/wp-content/uploads/2017/02/swp2017-5.pdfCanadian Bank Notes and Dominion Notes: Lessons for Digital CurrenciesBen FungScott HendryWarren E. WeberFebruary 2017EE4E41E42E5E58