Friday, October 20, 2017

Cryptocurrencies that are money

MORTEN L. BECH, Bank for International Settlements (BIS) - Committee on Payments and Market Infrastructures
Email: morten.bech@bis.org
RODNEY GARRATT,
University of California Santa Barbara
Email: garratt@ucsb.edu

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. 

Book pp. 73-74

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