Board of Governors of the Federal Reserve System

Research & Publications

Federal Reserve Research

• Jess Cheng and Joseph Torregrossa, "A Lawyer's Perspective on U.S. Payment System Evolution and Money in the Digital Age" (February 4, 2022)
• Peter Lone, Kumar Nagarajan, Trish Supples, and Paul Wong, "Using Distributed Ledger Technology for Payment Directories" (February 3, 2022)
• Tarik Hansen and Katya Delak, "Security Considerations for a Central Bank Digital Currency" (February 3, 2022)
• John Caramichael and Gordon Liao, "Stablecoins: Growth and Impact on Banking" (February 2, 2022)
• Alexander Lee, "What is programmable money?" (June 23, 2021)
• Jess Cheng, Angela Lawson, and Paul Wong, Preconditions for a General-Purpose Central Bank Digital Currency (February 2021)
• Alexander Lee, Brendan Malone, and Paul Wong, "Tokens and accounts in the context of digital currencies" (December 23, 2020)
• Francesca Carapella and Jean Flemming, "Central Bank Digital Currency: A Literature Review" (November 9, 2020)
• Paul Wong and Jesse Leigh Maniff, "Comparing Means of Payment: What Role for a Central Bank Digital Currency?" (August 13, 2020)
• Jillian Buttecali, Zachary Proom, Paul Wong, "Observations from the FooWire Project: Experimenting with DLT for Payments Use" (August 13, 2020)
• David Mills, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria Baird, "Distributed ledger technology in payments, clearing, and settlement (PDF)," (2016)

International Publications

• Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements, Press release: Central banks and the BIS explore what a retail CBDC might look like (September 2021)
  • Executive summary (PDF)
  • System design and interoperability (PDF)
  • User needs and adoption (PDF)
  • Financial stability implications (PDF)
• Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements, Central bank digital currencies: foundational principles and core features (PDF) (October 2020)
• G7, Public Policy Principles for Retail Central Bank Digital Currencies (CBDCs) (PDF) (October 2021)
• Committee on Payments and Market Infrastructures, Markets Committee, Central bank digital currencies (PDF) (March 2018)

For more information on innovation at the Federal Reserve, see here.