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120
result(s)
Central Bank Digital Currencies: A Framework for Assessing Why and How
Staff Discussion Paper 2016-22
Ben Fung,
Hanna Halaburda
Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the economy, the financial system and central banks.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42
On the Value of Virtual Currencies
Staff Working Paper 2016-42
Wilko Bolt,
Maarten van Oordt
This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Digital currencies and fintech,
Exchange rates
JEL Code(s):
E,
E4,
E42,
E5,
E51,
F,
F3,
F31,
G,
G1
A Bitcoin Standard: Lessons from the Gold Standard
Staff Working Paper 2016-14
Warren E. Weber
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Exchange rates,
Financial services,
Inflation and prices
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
On the Essentiality of E-Money
Staff Working Paper 2015-43
Jonathan Chiu,
Tsz-Nga Wong
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
L,
L5,
L51
Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes
Staff Working Paper 2015-18
Warren E. Weber
The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
May 14, 2015
The Use of Cash in Canada
The Bank of Canada’s 2013 Methods-of-Payment Survey indicates that the share of cash in the overall number of retail transactions has continued to decrease, mainly because of increased use of contactless credit cards. The share of cash in the total value of retail transactions was virtually unchanged from 2009 to 2013. In particular, the value share of cash transactions above $50 increased. Automated banking machines (ABMs), still the major source of cash for Canadians, were used less often in 2013 than in 2009. Cash use in Canada is broadly similar to that in Australia and the United States.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
C,
C8,
C83,
E,
E4,
E42,
G,
G2,
G21,
L,
L8,
L81
2013 Methods-of-Payment Survey Results
Staff Discussion Paper 2015-4
Christopher Henry,
Kim Huynh,
Rallye Shen
As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech
JEL Code(s):
E,
E4
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes
Staff Working Paper 2015-3
Warren E. Weber
Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
The Role of Card Acceptance in the Transaction Demand for Money
Staff Working Paper 2014-44
Kim Huynh,
Philipp Schmidt-Dengler,
Helmut Stix
The use of payment cards, either debit or credit, is becoming more and more widespread in developed economies. Nevertheless, the use of cash remains significant.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods,
Financial services
JEL Code(s):
C,
C3,
C35,
C8,
C83,
E,
E4,
E41