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 Research 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 Research 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 Research 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 Research 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 Research Topic(s): Digital currencies and fintech
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 Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E58
May 14, 2015 The Use of Cash in Canada Bank of Canada Review - Spring 2015 Ben Fung, Kim Huynh, Gerald Stuber The Bank of Canada’s 2013 Methods-of-Payment Survey indicates that the share of cash in the overall number of retail transactions has continued to decrease, mainly because of increased use of contactless credit cards. The share of cash in the total value of retail transactions was virtually unchanged from 2009 to 2013. In particular, the value share of cash transactions above $50 increased. Automated banking machines (ABMs), still the major source of cash for Canadians, were used less often in 2013 than in 2009. Cash use in Canada is broadly similar to that in Australia and the United States. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): C, C8, C83, E, E4, E42, G, G2, G21, L, L8, L81
2013 Methods-of-Payment Survey Results Staff Discussion Paper 2015-4 Christopher Henry, Kim Huynh, Rallye Shen As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech JEL Code(s): E, E4
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes Staff Working Paper 2015-3 Warren E. Weber Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E58
November 13, 2014 Money in a Digital World Remarks Carolyn A. Wilkins Wilfrid Laurier University Waterloo, Ontario Senior Deputy Governor Carolyn Wilkins discusses the benefits and risks of e-money - including cryptocurrencies - and the Bank of Canada’s role. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Digital currencies and fintech