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Digital currencies: from myth to innovative projects
[Monnaies digitales : du mythe aux projets innovants]

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  • Pfister Christian

Abstract

As of 2009, the concept of decentrally-issued digital assets which, according to their promoters, could replace legal tender, was put forward to the public. More than a decade on, this project has still not been implemented. Stablecoins, which have emerged more recently, are designed to be more like legal tender and aim to remedy the shortcomings in the first generation of crypto-assets. However, they still carry many risks. In response to these initiatives, both central banks and private operators have launched innovative projects in the field of payment infrastructure and instruments. The Banque de France in turn has begun experiments on a digital euro. À partir de 2009, des actifs digitaux émis de manière décentralisée, susceptibles selon leurs promoteurs de se substituer aux monnaies légales, ont été proposés au public. Plus de dix ans après, ce projet ne s’est pas réalisé. D’émergence plus récente, les stablecoins tentent de se rapprocher des monnaies légales et visent à remédier aux insuffisances des premiers crypto actifs, mais ils sont également porteurs de nombreux risques. Face à ces initiatives, tant les banques centrales que les acteurs privés se mobilisent sur des projets innovants dans le domaine des infrastructures et des moyens de paiement. C’est ainsi que la Banque de France a engagé des expérimentations sur un euro digital.

Suggested Citation

  • Pfister Christian, 2020. "Digital currencies: from myth to innovative projects [Monnaies digitales : du mythe aux projets innovants]," Bulletin de la Banque de France, Banque de France, issue 230.
    • Handle: RePEc:bfr:bullbf:2020:230:01
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    References listed on IDEAS

    as
    1. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2019. "The Digitalization of Money," Working Papers 2019-13, Princeton University. Economics Department..
    2. Christian Pfister, 2019. "Monnaie digitale de banque centrale : une, deux ou aucune ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 115-130.
    3. Anastasia Melachrinos & Christian Pfister, 2020. "Stablecoins: A Brave New World?," Working papers 757, Banque de France.
    4. Christian Pfister, 2019. "2. Les monnaies digitales, un nouvel univers ?," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 40-52.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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