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124
result(s)
May 25, 2017
Project Jasper: Are Distributed Wholesale Payment Systems Feasible Yet?
Financial System Review - June 2017
James Chapman,
Rodney J. Garratt,
Scott Hendry,
Andrew McCormack,
Wade McMahon
This report describes a joint endeavour between public and private sectors to explore a wholesale payment system based on distributed ledger technology (DLT). They find that a stand-alone DLT system is unlikely to be as beneficial as a centralized payment system in terms of core operating costs; however, it could increase financial system efficiency as a result of integration with the broader financial market infrastructure.
Content Type(s):
Publications,
Financial System Review articles
Topic(s):
Digital currencies and fintech,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
G,
G2,
G28
The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Calibration for Single-Location Retailers
Technical Report No. 109
Heng Chen,
Rallye Shen
Calibrated weights are created to (a) reduce the nonresponse bias; (b) reduce the coverage error; and (c) make the weighted estimates from the sample consistent with the target population in terms of certain key variables.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C8,
C81,
C83
The Costs of Point-of-Sale Payments in Canada
Staff Discussion Paper 2017-4
Anneke Kosse,
Heng Chen,
Marie-Hélène Felt,
Valéry Dongmo Jiongo,
Kerry Nield,
Angelika Welte
Using data from our 2014 cost-of-payments survey, we calculate resource costs for cash, debit cards and credit cards. For each payment method, we examine the total cost incurred by consumers, retailers, financial institutions and infrastructures, the Royal Canadian Mint and the Bank of Canada.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial institutions,
Payment clearing and settlement systems
JEL Code(s):
D,
D1,
D12,
D2,
D23,
D24,
E,
E4,
E41,
E42,
G,
G2,
G21,
L,
L2
Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies
Staff Working Paper 2017-5
Ben Fung,
Scott Hendry,
Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
Central Bank Digital Currencies: A Framework for Assessing Why and How
Staff Discussion Paper 2016-22
Ben Fung,
Hanna Halaburda
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.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42
On the Value of Virtual Currencies
Staff Working Paper 2016-42
Wilko Bolt,
Maarten van Oordt
This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency (thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Digital currencies and fintech,
Exchange rates
JEL Code(s):
E,
E4,
E42,
E5,
E51,
F,
F3,
F31,
G,
G1
A Bitcoin Standard: Lessons from the Gold Standard
Staff Working Paper 2016-14
Warren E. Weber
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange that would exist under the Bitcoin standard.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Digital currencies and fintech,
Exchange rates,
Financial services,
Inflation and prices
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58
On the Essentiality of E-Money
Staff Working Paper 2015-43
Jonathan Chiu,
Tsz-Nga Wong
Recent years have witnessed the advances of e-money systems such as Bitcoin, PayPal and various forms of stored-value cards. This paper adopts a mechanism design approach to identify some essential features of different payment systems that implement and improve the constrained optimal resource allocation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
E5,
E58,
L,
L5,
L51
Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes
Staff Working Paper 2015-18
Warren E. Weber
The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E58