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Speech
U.S. Regulations and Approaches to Cryptocurrencies
Held, Michael (2019-12-03)
Remarks at the BIS Central Bank Legal Experts’ Meeting, Basel, Switzerland
Speech

Working Paper
Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies
Auer, Raphael (2019-02-01)
This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, i.e., ?proof-of-work.? Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first, that Bitcoin counterfeiting via ?double-spending? attacks is inherently profitable, making payment finality based on proof-of-work extremely expensive. Second, the transaction market cannot generate an adequate level of ?mining? income via fees as users free-ride on the fees of other transactions in a ...
Globalization Institute Working Papers , Paper 355

Working Paper
The Fragility of Perfectly Safe Digital Money
Klee, Elizabeth C.; Lubis, Arazi; Ross, Chase; Ross, Sharon Y.; Vardoulakis, Alexandros (2026-06-02)
Digital money differs from previous forms of money in an important way: it unbundles trust. Instead of relying on a trustworthy institution to settle payments, it relies on decentralized verification, whose cost is priced separately through congestion-sensitive gas fees. This arrangement creates a novel fragility from the interaction of two opposing forces: network externalities, which make digital money more valuable as adoption rises, and congestion fees, which make it more costly to use. We show that these forces generate strategic complementarities in redemption decisions and can create ...
Finance and Economics Discussion Series , Paper 2026-037

Tokens vs. Accounts: Why the Distinction Still Matters
Kahn, Charles M. (2020-10-05)
Computer science experts may say the difference is irrelevant in the digital world. But when it comes to payments, distinguishing the two still has value in the real world.
On the Economy

Working Paper
Defining Households That Are Underserved in Digital Payment Services
Greene, Claire; Hayashi, Fumiko; Lloro, Alicia; Shy, Oz; Stavins, Joanna; Toh, Ying Lei (2024-09-20)
U.S. households that lack digital means of making and receiving payments cannot participate fully in an increasingly digitized economy. Assessing the scope of this problem and addressing it requires a definition of households that are underserved in digital payments. Traditional definitions of households underserved in the banking system—those that are unbanked and those that are underbanked—are not suitable because they do not account for the ownership of nonbank transaction accounts that can be used to make and receive digital payments. In this paper, we define households underserved in ...
Research Working Paper , Paper RWP 24-09

Report
(Annual Report 2021) The Blockchain Revolution: Decoding Digital Currencies
St. Louis, Federal Reserve Bank (2022-04-20)
Annual Report

Briefing
A Historical Perspective on Digital Currencies
Ennis, Huberto M.; Wang, Zhu; Wong, Russell (2022-07)
This article reviews private currencies in U.S. history to shed light on the contemporary issue of digital currencies. This perspective suggests that government interventions have a critical role in creating a well-functioning money and payments system. Particularly, a central bank digital currency (CBDC) can be a useful tool to supplement regulation in addressing long-standing concerns and risks associated with private currencies.
Richmond Fed Economic Brief , Volume 22 , Issue 21

Speech
Welcoming Remarks
Bullard, James B. (2022-10-19)
St. Louis Fed President Jim Bullard welcomed Eswar S. Prasad, who delivered the 2022 Homer Jones Memorial Lecture. Prasad is Tolani Senior Professor of Trade Policy and professor of economics at Cornell University. He is also a senior fellow at the Brookings Institution. Prasad’s 2021 book, The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, was the subject of his lecture.
Speech

Speech
Considerations on the Road Ahead for Monetary Policy Implementation
Logan, Lorie (2022-06-02)
Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.
Speech

Briefing
Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks
Maniff, Jesse Leigh; Zubradt, Susan (2021-06-30)
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.
Payments System Research Briefing

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