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Bank of England Examines Macroeconomic State of Bitcoin and Blockchain 2016

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Bank of England Examines Macroeconomic
Consequences of New ‘Central Bank Digital Currency’
Source: Kumhof and Barrdear (2016)
State of Bitcoin and Blockchain 2016 79
• Bank of England researchers “explore the
macroeconomic consequences of central
banks themselves issuing digital currency
in sizeable amounts, in direct competition
with privately-issued bank deposits.”
• Preliminary findings:
• “A sizeable increase in the steady-
state level of GDP.”
• “Stabilise the business cycle by
granting policymakers an additional
policy instrument that controls either
the price or the quantity of
government-provided liquidity.”
Michael Kumhof John Barrdear

Published in: Economy & Finance, Internet
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