One sentence summary: Do people see privacy as an attribute of media of payment? In the economic literature, a medium of payment has two properties: liquidity and store of value. The fast and increasing development of digital currencies raises the question: is privacy a third attribute? We test...

Central bank digital currency (“CBDC”) is a crucial FinTech development which aspires to overhaul the current payment system. In the wake of the COVID-19 pandemic, CBDCs' promises to reduce personal contact, facilitate socially desirable use of money, and initiate more targeted monetary...

The aim of this paper is to analyze the demand of both traditional and new media of exchange – as cryptocurrencies and central bank digital currencies – proposing a novel specification of the demand for money. In this specification, the medium of payment (MOP) has three properties: the first...

Most central banks in advanced economies consider issuing central bank digital currencies (CBDCs) to address the declining use of cash and to position themselves against increased competition from Big Tech companies, cryptocurrencies, and stablecoins. One crucial design dimension of a CBDC...