Central Bank Cryptocurrencies

16 Pages Posted: 26 Sep 2017

See all articles by Morten L. Bech

Morten L. Bech

Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures

Rodney Garratt

University of California, Santa Barbara (UCSB)

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

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

Morten L. Bech (Contact Author)

Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures ( email )

Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland
41612808923 (Phone)

Rodney Garratt

University of California, Santa Barbara (UCSB) ( email )

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