Journal Article

Fed Eyes Central Bank Digital Currency

Abstract: Digital assets have been all the rage. Millions of Americans have invested in privately issued cryptocurrencies, whose market value surpassed $3 trillion for a while late last year. Further pushing the envelope of innovation and speculation, the prices of so-called "algorithmic" cryptocurrencies such as TerraUSD have been supported by yet other cryptocurrencies in arrangements that some observers have likened to Ponzi schemes. Meanwhile, collectors have spent billions of dollars to purchase pieces of art and other items in the form of digital "non-fungible tokens" or NFTs.

Keywords: Central Bank Digital Currency; NFT; cryptocurrency;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Econ Focus

Publication Date: 2022

Issue: 2Q

Pages: 10-13