Bitcoin Awareness, Ownership and Use: 2016–20
In this paper, we examine trends in Canadian ownership of Bitcoin and other cryptocurrencies from 2016 to 2020 using data from surveys conducted by the Bank of Canada.
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result(s)
Best Before? Expiring Central Bank Digital Currency and Loss Recovery
Staff working paper 2021-67
Charles M. Kahn,
Maarten van Oordt,
Yu Zhu
We consider introducing an expiry date for offline digital currency balances. Consumers whose digital cash expired would automatically receive the funds back into their online account. This functionality could increase demand for digital cash, with the time to expiry playing a key role.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E4,
E41,
E42
Research Theme(s):
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures
Predicting the Demand for Central Bank Digital Currency: A Structural Analysis with Survey Data
Staff working paper 2021-65
Jiaqi Li
How much of a CBDC would Canadian households want to hold, and what design features of a CBDC would they care about?
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E5,
E50,
E58
Research Theme(s):
Monetary policy,
Monetary policy tools and implementation,
Money and payments,
Digital assets and fintech,
Retail payments
Central Bank Digital Currency and Banking: Macroeconomic Benefits of a Cash-Like Design
Staff working paper 2021-63
Jonathan Chiu,
Mohammad Davoodalhosseini
Should a CBDC be more like cash or bank deposits? An interest-bearing, cash-like CBDC not only makes payments more efficient but also increases total demand. This has positive effects on other transactions, inducing more deposit taking and lending and, thus, bank intermediation.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E5,
E50,
E58
Research Theme(s):
Financial system,
Financial stability and systemic risk,
Monetary policy,
Monetary policy framework and transmission,
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures
Revisiting the Monetary Sovereignty Rationale for CBDCs
Staff discussion paper 2021-17
Skylar Brooks
One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.
Content Type(s):
Staff research,
Staff discussion papers
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E52,
E58,
H,
H1,
H12,
H6,
H63
Research Theme(s):
Financial system,
Financial stability and systemic risk,
Monetary policy,
Monetary policy framework and transmission,
Money and payments,
Digital assets and fintech
Bitcoin Adoption and Beliefs in Canada
Staff working paper 2021-60
Daniela Balutel,
Christopher Henry,
Jorge Vásquez,
Marcel Voia
Using an economic model as well as survey data from the Bank of Canada, we study what factors influence the adoption of Bitcoin in Canada.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
D,
D8,
D83,
O,
O3,
O33
Research Theme(s):
Models and tools,
Econometric, statistical and computational methods,
Economic models,
Money and payments,
Digital assets and fintech
The Positive Case for a CBDC
Staff discussion paper 2021-11
Andrew Usher,
Edona Reshidi,
Francisco Rivadeneyra,
Scott Hendry
We discuss the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. A CBDC could also support the vibrancy of the digital economy. It could help solve market failures and foster competition and innovation in new digital payments markets.
Content Type(s):
Staff research,
Staff discussion papers
JEL Code(s):
E,
E4,
E42,
E5,
E58,
L,
L4,
L5
Research Theme(s):
Financial system,
Financial stability and systemic risk,
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures,
Retail payments
An Exploration of First Nations Reserves and Access to Cash
Staff discussion paper 2021-8
Heng Chen,
Walter Engert,
Kim Huynh,
Daneal O’Habib
Adequate cash distribution is one the Bank of Canada’s core interests. Canadians’ ability to access cash influences the Bank’s thinking on issuing a central bank digital currency. We provide a perspective on these issues by exploring access of First Nations reserves to cash.
Content Type(s):
Staff research,
Staff discussion papers
JEL Code(s):
E,
E4,
E41,
E42,
E5,
G,
G2,
G21
Research Theme(s):
Money and payments,
Cash and bank notes,
Digital assets and fintech
Payments on Digital Platforms: Resiliency, Interoperability and Welfare
Staff working paper 2021-19
Jonathan Chiu,
Tsz-Nga Wong
This paper studies the business model choice between running a cash platform and a token platform, as well as its welfare and policy implications.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E4,
E5,
L,
L5
Research Theme(s):
Money and payments,
Digital assets and fintech,
Payment and financial market infrastructures,
Retail payments
Monetary Policy Pass-Through with Central Bank Digital Currency
Staff working paper 2021-10
Janet Hua Jiang,
Yu Zhu
Many central banks are considering issuing a central bank digital currency (CBDC). This would introduce a new policy tool—interest on CBDC. We investigate how this new tool would interact with traditional monetary policy tools, such as the interest on central bank reserves.
Content Type(s):
Staff research,
Staff working papers
JEL Code(s):
E,
E5,
E50,
E52
Research Theme(s):
Monetary policy,
Monetary policy framework and transmission,
Money and payments,
Digital assets and fintech