Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks

Abstract: Private digital currencies, or “crypto-assets,” have surged in popularity recently, but they are not new to the payments landscape and may present familiar challenges for central banks. Although they have yet to fulfill the main functions of money, crypto-assets still have the potential to affect financial stability and the implementation of monetary policy.

Keywords: Crypto Assets; Digital Currencies;

JEL Classification: E42; E5;

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Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Payments System Research Briefing

Publication Date: 2021-06-30

Pages: 4