Placing bank and fiat money off balance sheet, using the distributed transaction technologies of Bitcoin and other cryptocurrencies, avoids the need for centralised payment settlement (in central bank money). Just like earlier proposals for ‘narrow-banking' or 100-percent reserving this...

In the context of recent developments with cryptocurrencies, as well as the potential rise of central bank digital currencies, we present a new visualisation of money. Using three novel figures, we distinguish between the relevant mechanisms, technologies, recordkeeping, and transactions of...

This paper is an examination of adoption of distributed ledgers in financial services. We review more than one hundred initiatives and a large practitioner literature, considering fourteen areas of application and seven case studies, in order to provide both a conceptual analysis of these...

This paper analyses the challenges for financial regulation posed by new financial technologies. It provides a conceptual framework incorporating both new financial products and services and new institutional arrangements including decentralised finance without intermediaries. Four possible...