Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet
the motivations for issuance vary across countries, as do the policy approaches and …

We establish that cryptocurrency returns are driven and can be predicted by factors that are
specific to cryptocurrency markets. Cryptocurrency returns are exposed to cryptocurrency …

The technologies underlying money and payment systems are evolving rapidly. Both the
emergence of distributed ledger technology (DLT) and rapid advances in traditional …

We offer a general equilibrium analysis of cryptocurrency pricing. The fundamental value of
the cryptocurrency is its stream of net transactional benefits, which depend on its future …

The purpose of this paper is to identify research that has been carried out about
cryptocurrency regulation contributions and the current challenges that need to be …

The rise of digital currencies challenges practices of monetary sovereignty and impacts the
international monetary order. Drawing on recent IPE debates about the public‐private nature …

We study whether news and sentiment about bitcoin regulation, the hacking of bitcoin
exchanges and scheduled macroeconomic news announcements affect the volatility of …

Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors.
Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the …

Banks have come a long way since medieval times, enduring and surviving many crises.
The economic crisis induced by the Covid-19 pandemic may provoke another financial …

The hypothetical benefits and risks of central bank digital currencies are being widely
discussed. This BIS paper adds to these discussions by taking stock of how progress and …