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
December 12, 2016 FSB Regional Consultative Group for the Americas discusses fintech, correspondent banking and regional vulnerabilities This press release, issued by the Financial Stability Board, announces that a regional consultative group co-chaired by Bank of Canada Senior Deputy Governor Carolyn A. Wilkins discussed the benefits and risks of fintech developments, including the implications of distributed ledger technology and peer-to-peer lending. Content Type(s): Press, Press releases Topic(s): Digital currencies and fintech
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
June 17, 2016 Fintech and the Financial Ecosystem: Evolution or Revolution? Remarks Carolyn A. Wilkins Payments Canada Calgary, Alberta Senior Deputy Governor Carolyn Wilkins calls for the public and private sectors to work closely together to realize fintech’s full benefits and minimize its risks. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Digital currencies and fintech, Financial institutions, Financial services, Financial stability, Financial system regulation and policies, Payment clearing and settlement systems
April 17, 2016 Digital Disruptions to the Financial System, Opportunities and Threats Remarks Carolyn A. Wilkins International Monetary Fund Washington, D.C. Archived panel discussion at the International Monetary Fund seminar. Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Digital currencies and fintech
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
November 19, 2015 Electronic Money and Payments Bank of Canada Conference held on November 19 and 20, 2015. Content Type(s): Conferences and workshops Topic(s): Digital currencies and fintech
October 26, 2015 Payments System Modernization: Opportunities & Challenges Bank of Canada Conference held on October 26, 2015. Content Type(s): Conferences and workshops Topic(s): Digital currencies and fintech