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Keywords:digital currencies 

Speech
The first line of defense and financial crime: keynote Address at the 1LoD Summit, New York City

Keynote Address at the 1LoD Summit, New York City.
Speech , Paper 313

Speech
U.S. Regulations and Approaches to Cryptocurrencies

Remarks at the BIS Central Bank Legal Experts’ Meeting, Basel, Switzerland
Speech

Working Paper
Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies

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
Eggs in One Basket: Security and Convenience of Digital Currencies

Digital currencies store balances in anonymous electronic addresses. We analyze the trade-offs between safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model agents balance the risk of theft of a large account with the cost to safeguarding a large number of passwords of many small accounts. Account custodians (banks, wallets and other payment service providers) have different objectives and tradeoffs on these dimensions; we analyze the welfare effects of differing industry structures and interdependencies, and in particular the consequences ...
Working Papers , Paper 2020-032

Tokens vs. Accounts: Why the Distinction Still Matters

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

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