Journal Article

The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies

Abstract: We characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money. We then argue that there is a large unmet demand for a liquid asset that allows households and firms to save outside of the private financial sector.

JEL Classification: G23; E59; E50;

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Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Review

Publication Date: 2018

Volume: 100

Issue: 2

Pages: 97-106