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Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks

Author

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  • Jesse Leigh Maniff
  • Susan Zubradt

Abstract

Private digital currencies, or “crypto-assets,” have surged in popularity recently, but they are not new to the payments landscape and may present familiar challenges for central banks. Although they have yet to fulfill the main functions of money, crypto-assets still have the potential to affect financial stability and the implementation of monetary policy.

Suggested Citation

  • Jesse Leigh Maniff & Susan Zubradt, 2021. "Déjà Vu All Over Again: What the Return of Private Currencies Could Mean for Central Banks," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-4, June.
  • Handle: RePEc:fip:fedkpb:92840
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    More about this item

    Keywords

    Crypto Assets; Digital Currencies;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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