Discussion Paper
Tokens and Accounts in the Context of Digital Currencies
Lee, Alexander; Malone, Brendan; Wong, Paul (2020-12-23)
This report provides an overview of two concepts that come up frequently in discussions of digital currencies: tokens and accounts. The meaning of each concept differs depending on context. For cryptocurrencies, the term "token" has a relatively straightforward, technology-specific definition. For central bank digital currencies (CBDC), the term "token" takes on more of a conceptual or analytical meaning. To further complicate matters, "tokens" and "accounts" are not always mutually exclusive ideas. This paper identifies areas where this terminology has caused confusion and explains why the ...
FEDS Notes , Paper 2020-12-23

Discussion Paper
What is Programmable Money?
Lee, Alexander (2021-06-23)
This note focuses on the importance of a mechanism guaranteeing the inseparable functionality of the technical components of a programmable money system rather than prescribing the specific nature of those components.
FEDS Notes , Paper 2021-06-23-1