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Federal Reserve Bank of St. Louis
Review
The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies
Aleksander Berentsen
Fabian Schar
Abstract

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.


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Aleksander Berentsen & Fabian Schar, "The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies" , Federal Reserve Bank of St. Louis, Review, volume 100, issue 2, pages 97-106, 2018.
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DOI: 10.20955/r.2018.97-106
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