Transcription of Central bank cryptocurrencies
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Central bank cryptocurrencies
BIS Quarterly Review, September 2017 55 Central bank cryptocurrencies1 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. In less than a decade, bitcoin has gone from being an obscure curiosity to a household name. Its value has risen with ups and downs from a few cents per coin to over $4,000.
central bank. Most commodity monies, such as gold coins, may also be transferred in a peer-to-peer fashion but are neither the liability of anyone nor electronic.7 It may seem natural to define CBCCs by adapting the CPMI’s definition to say that they are electronic central bank liabilities that can be used in peer-to-peer exchanges.
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