3 Two natural components of the definition are a digital form of money and a mechanism for specifying the automated behavior of that money through a computer program (this mechanism is termed "programmability" in this note). 2 While such references to programmable money typically describe it as being enabled by distributed ledger technology (DLT) or blockchain systems, this is not universally the case, and the term remains ill-defined. Many observers of financial technology have offered interpretations and discussion of potential use cases of programmable money. The guarantee also facilitates the view of programmable money as a concrete product, which may provide users with greater certainty about its nature and capabilities than alternative service-oriented models that can automate interaction with particular digital value records. This "coherence guarantee" is crucial regardless of specific technical choices and admits a wide range of potential designs for programmable money. This note focuses on the importance of a mechanism guaranteeing the inseparable functionality of the technical components of a programmable money system rather than prescribing the specific nature of those components. To support clearer discussion of this concept in the central banking community and the financial industry more broadly, this research note offers an investigation into the nature of programmable money. Different perspectives may presume a particular underlying technology or set of features to be a part of a programmable money system, and lack of agreement on these aspects may lead to confusion. Factors Affecting Reserve Balances - H.4.1ĭiscussions of financial technology have recently started to include the idea of "programmable money," though the specific meaning of the term is often unclear.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the.Senior Credit Officer Opinion Survey on Dealer Financing.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending.Charge-Off and Delinquency Rates on Loans and Leases at.Assets and Liabilities of Commercial Banks in the U.S.Aggregate Reserves of Depository Institutions and the.Payments System Policy Advisory Committee.International Standards for Financial Market.Supervision & Oversight of Financial Market.Sponsorship for Priority Telecommunication Servicesįinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of.Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.Federal Financial Institutions Examination Council (FFIEC)īanking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report. Community & Regional Financial Institutions.
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