What is money? A lawyer’s perspective on the evolution of the US payment system and dollars in the digital age

Jess Cheng and Joseph Torregrossa
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Jess Cheng: Senior Counsel, Board of Governors of the Federal Reserve System, USA
Joseph Torregrossa: Associate General Counsel and Vice President, Federal Reserve Bank of New York, USA

Journal of Payments Strategy & Systems, 2022, vol. 16, issue 1, 28-38

Abstract: This paper analyses the current frictions, and opportunities for evolution, in the US dollar payment system, by viewing money through the lens of network effects, interoperability, and their legal underpinnings. It gives a lawyer’s perspective on the workings of the US payment system and lessons from history, including the free banking era. This paper also discusses current developments, such as various central bank digital currency proposals and private sector stablecoin developments, in this context. The goal is to contribute to the discussion around the future of the US payment system, toward greater efficiency that does not risk introducing instability.

Keywords: US payment system; central bank digital currency (CBDC); Federal Reserve; legal framework; crypto currencies; money; stablecoins (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2022:v:16:i:1:p:28-38

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