00000nam 2200000za 4500 9.833266 CaOODSP 20221107150202 cr ||||||||||| 170302s2017 oncad ob f000 0 eng d CaOODSP eng eng fre n-cn--- n-us--- FB3-5/2017-5E-PDF Fung, Ben S. C. Canadian bank notes and Dominion notes [electronic resource] : lessons for digital currencies / by Ben Fung, Scott Hendry and Warren E. Weber. [Ottawa] : Bank of Canada, 2017. iii, 35 p. : col. ill., col. charts Bank of Canada staff working paper, 1701-9397 ; 2017-5 "February 2017." Includes bibliographical references. “This paper studies the period in Canada when both private bank notes and government issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform. The paper begins with a brief historical review of how these notes came into existence and of the regulations regarding their issuance. It examines historical evidence on how desirable bank notes were as media of exchange by examining how well they functioned with respect to ease of transacting, counterfeiting, safety, scarcity, and par exchange (a uniform currency). It then examines whether the introduction of government-issued notes improved how bank notes functioned as media of exchange. It finds that they did not. Improvements in the functioning of bank notes were due to changes in government regulation. Using the Canadian experience and that of the United States, the paper concludes that privately issued digital currencies will not be perfectly safe without government intervention, government issued digital currency will not drive out existing private digital currencies, and government intervention will be required for privately issued and government-issued digital currencies to be a uniform currency"--Abstract, p. ii. Includes abstract in French. gccst Currency gccst Financial services gccst Internet Hendry, Scott. Weber, Warren E. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2017-5 (CaOODSP)9.806221 PDF 11.40 MB https://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-5-eng.pdf