Central Bank Cryptocurrencies
16 Pages Posted: 26 Sep 2017
Date Written: September 17, 2017
Abstract
New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC - retail and wholesale - and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options.
JEL Classification: E41, E42, E51, E58
Suggested Citation: Suggested Citation
Bech, Morten L. and Garratt, Rodney, Central Bank Cryptocurrencies (September 17, 2017). BIS Quarterly Review September 2017, Available at SSRN: https://ssrn.com/abstract=3041906
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