Cryptocurrency, Security, and Financial Intermediation
通过微观基础的货币交换模型，论证了加密货币在银行系统中的重要作用，以及金融中介在提供代币安全保管方面的价值，并探讨了央行数字货币对私人银行中介水平的影响。
Abstract In recent years, the use of cryptocurrencies has increased. As these currencies continue to play a larger role, they eventually will be an important component of banking system activity. Moreover, in addition to the standard role of financial intermediaries to facilitate lending, intermediaries can be valuable firms that help provide safekeeping of tokens. The objective of this paper is to demonstrate these important functions in a microfounded model of monetary exchange. Furthermore, we also consider the possibility that central banks issue their own digital currencies that may affect the level of intermediation in the private banking system.