Privacy protection is among the key features to consider in the design of central bank digital currency(CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment with treatments to examine how the willingness to use CBDC as a...

Using a standard Ramsey approach, we examine the optimal allocation of social cost for an electronic payment system in the context of a dynamic general equilibrium model. The benevolent government provides electronic payment services and allocates relevant social cost through taxation on the...

In this study, we describe the fintech and cryptoassets-related trends in the Republic of Korea and review the measures and assessments of the Government of the Republic of Korea and the Bank of Korea. We also provide discussion on central bank digital currency. Fintech in the Republic of Korea...

Can introducing Central Bank Digital Currency (CBDC) improve social welfare? We construct a dual currency model to study whether introducing CBDC with a recordkeeping technology can reduce tax evasion incentives in cash transactions, and further achieve a better allocation than in a cash-only...

We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its value. We first document a network effect: the value of a given unit of money is higher when its distribution is even, rather than skewed. We also find some distributions to be...