The economics of digital currencies

Robleh Ali (), John Barrdear, Roger Clews () and James Southgate ()
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Robleh Ali: Bank of England
Roger Clews: Bank of England
James Southgate: Bank of England

Bank of England Quarterly Bulletin, 2014, vol. 54, issue 3, 276-286

Abstract: Although digital currencies could, in theory, serve as money for anybody with an internet-enabled device, at present they act as money only to a limited extent and only for relatively few people. The economics of the schemes as currently designed, both in terms of individuals’ incentives and at a macroeconomic level, pose significant challenges to their widespread adoption. Digital currencies do not currently pose a material risk to monetary or financial stability in the United Kingdom. The Bank continues to monitor developments in this area.

Date: 2014
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