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A Historical Perspective on Digital Currencies

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Abstract

This article reviews private currencies in U.S. history to shed light on the contemporary issue of digital currencies. This perspective suggests that government interventions have a critical role in creating a well-functioning money and payments system. Particularly, a central bank digital currency (CBDC) can be a useful tool to supplement regulation in addressing long-standing concerns and risks associated with private currencies.

Suggested Citation

  • Huberto M. Ennis & Zhu Wang & Russell Wong, 2022. "A Historical Perspective on Digital Currencies," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 22(21), July.
    • Handle: RePEc:fip:fedreb:94359
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2022/eb_22-21
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