The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies

Berentsen, Aleksander and Schär, Fabian. (2018) The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies. Review of the Federal Reserve Bank of St Louis, 100 (2). pp. 97-106.

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Official URL: https://edoc.unibas.ch/67242/

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We characterize various currencies according to their control structure, focusing on cryptocurrencies such as Bitcoin and government-issued fiat money. We then argue that there is a large unmet demand for a liquid asset that allows households and firms to save outside of the private financial sector. Central banks could offer such an asset by simply allowing households and firms to open accounts with them. Finally, we conclude that a central bank will not issue cryptocurrencies in the sense of a truly decentralized and permissionless asset that allows users to remain anonymous.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Wirtschaftstheorie (Berentsen)
UniBasel Contributors:Berentsen, Aleksander
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Federal Reserve Bank of St. Louis
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:23 Jan 2019 16:40
Deposited On:27 Dec 2018 10:38

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