In the course of their growth and their more recent crisis, cryptocurrencies suffered from tremendous volatility. Volatility impaired cryptocurrencies' ability to serve the needs generally associated with currencies, i.e. serve as a store of value as well as a medium of exchange and a unit of...

Private entities have recently attempted to invade the realm of central banking activities. This Article identifies this activity as “Shadow Central Banking,” and draws analogies with the previous emergence of “shadow banking” more generally. The “shadow banking” system emerged as a...

Among the countries currently considering issuing a central bank digital currency (CBDC), including nearly all of G20, there is a strong preference for a retail CBDC made available to the general public through private intermediaries. This Policy Brief sheds light on the technical complexities...