Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/173375
Authors: 
Fung, Ben Siu-cheong
Halaburda, Hanna
Year of Publication: 
2016
Series/Report no.: 
Bank of Canada Staff Discussion Paper 2016-22
Abstract: 
Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments. Public authorities and central banks around the world are closely monitoring developments in digital currencies and studying their implications for the economy, the financial system and central banks. One key policy question for public authorities such as a central bank is whether or not to issue its own digital currency that can be used by the general public to make payments. There are several public policy arguments for a central-bank-issued digital currency. This paper proposes a framework for assessing why a central bank should consider issuing a digital currency and how to implement it to improve the efficiency of the retail payment system.
Subjects: 
E-money
Financial Services
Payment clearing and settlement systems
JEL: 
E41
E42
Document Type: 
Working Paper
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