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Keywords:digital currencies 

Speech
U.S. Regulations and Approaches to Cryptocurrencies

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

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

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

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

Speech
Considerations on the Road Ahead for Monetary Policy Implementation

Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City.
Speech

Journal Article
The Blockchain Revolution: Decoding Digital Currencies

Cryptocurrencies and decentralized finance have grown considerably since the publication of the white paper on bitcoin in 2009. This article presents an overview of cryptocurrencies, blockchain technology, and their applications, explaining the spirit of the enterprise and how it compares with traditional operations. We discuss money, digital money, and payments; cryptocurrencies, blockchain, and the double-spending problem of digital money; decentralized finance; and central bank digital currency.
Review , Volume 104 , Issue 3 , Pages 149-165

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

Discussion Paper
The Future of Payments Is Not Stablecoins

Stablecoins, which we define as digital assets used as a medium of exchange that are purported to be backed by assets held specifically for that purpose, have grown considerably in the last two years. They rose from a market capitalization of $5.7 billion on December 1, 2019, to $155.6 billion on January 21, 2022. Moreover, a market that was once dominated by a single stablecoin—Tether (USDT)—now boasts five stablecoins with valuations over $1 billion (as of January 21, 2022; data about the supply of stablecoins can be found here). Analysts have started to pay increased attention to the ...
Liberty Street Economics , Paper 20220207

Briefing
A Historical Perspective on Digital Currencies

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

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