Federal Reserve Bank of St. Louis President James Bullard discussed “Public and Private Currency Competition” on Friday at the Central Bank Research Association’s 2019 Annual Meeting. Bullard, who has contributed to the literature on “private money,” said research on the subject suggests that public and private currencies can compete and coexist. “Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced,” he said. Bullard noted that the international monetary system features non-uniform currency ... (full story)