00000nam 2200000zi 4500 9.950030 CaOODSP 20250416082355 m o d f cr mn||||||||| 250411t20242024oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2024-35E-PDF Chiu, Jonathan, author. Public and private money creation for distributed ledgers : stablecoins, tokenized deposits, or central bank digital currencies? / by Jonathan Chiu and Cyril Monnet. [Ottawa] : Bank of Canada = Banque du Canada, 2024. ©2024 1 online resource (ii, 51 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2024-35 ISSN assigned to different series. "Last updated: October 8, 2024." Includes bibliographical references (pages 22-24). "This paper explores the implications of introducing digital public and private monies (e.g. tokenized central bank digital currency [CBDC] or tokenized deposits) for stablecoins and illicit crypto transactions. When they pay a high interest rate and guarantee a high degree of anonymity, these tokenized currencies crowd out stablecoins as payment methods in the crypto space. Conversely, with low anonymity and low interest rates, tokenized currencies become collateral, promoting the development of stablecoins. CBDCs dominate tokenized deposits because a central bank can better economize on scarce collateral assets and internalize the social costs of crypto activities. Prohibiting tokenized deposits may be necessary to implement the optimal CBDC design"--Abstract, page ii. Includes abstract in French. Digital currency Canada. Fintech. Monetary policy Economic aspects Canada. Monnaie électronique Canada. Technologie financière. Politique monétaire Aspect économique Canada. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2024-35. (CaOODSP)9.806221 PDF 797 KB https://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-5-2024-35-eng.pdf