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Should the Federal Reserve create a digital dollar?

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Contributors: Joseph T. Abate, Zoso Davies & Michael Gapen

Central banks are investigating whether they should launch digital currencies. But why? Barclays Research analysts dug deep into this emerging area, with specific focus on the US Federal Reserve’s initial exploration of its own digital currency, often referred to as ‘Fedcoin’.

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Contributors: Joseph T. Abate, Zoso Davies & Michael Gapen

Crypto currency price chart
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Chesapeake and Ohio Canal Company note (1841)
The primary threats cryptocurrencies pose to financial system stability: 1) Fresh competition to the dollar's position; 2) Available to broad - even global - populations; 3) Introduce systemic risks; 4) Resistant to regulation and taxation; 5) Bundled with non-money services
Important Research Content DisclosuresImportant Research content disclosures
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About the experts

Joseph T. Abate

Managing Director, Fixed Income Research

Joseph T. Abate is a senior member of the Barclays Fixed Income Research team based in New York, focusing on short-term dollar funding and money markets. In this role, he writes extensively on fed funds, Libor, regulation and liquidity. Prior to joining Barclays in 2008, he was a Senior Economist at Lehman Brothers. Before he joined Lehman, Mr. Abate worked at the Federal Reserve Bank of New York in the Domestic Research Division. Mr. Abate is a Phi Beta Kappa graduate from Vassar College and has an MBA from New York University.

Zoso Davies

Director, European Credit Strategy

Zoso Davies is a Director in the European Credit Strategy team at Barclays, covering Investment Grade and Macro Credit. As part of his role, Dr. Davies regularly contributes to cross-asset and thematic research. In particular, he has worked extensively on central bank corporate bond purchases and the impact of monetary policy on the European banking system. Dr. Davies was also a key contributor to the development of Fundamental ESG Research and contributed to Barclays BlueTrack™, Barclays methodology for measuring our portfolio emissions. Dr. Davies joined Barclays in 2010, prior to which he was awarded a PhD in Physical Chemistry by University College London.

Michael Gapen

Managing Director, US Economics Research

Michael Gapen is Head of US Economics Research at Barclays. Based in New York, he is responsible for the firm's outlook for the US economy, in particular, US monetary policy and the effect of financial markets on the economy. Prior to taking on this role, Mr. Gapen was a Senior US Economist and, following his appointment as Asset Allocation Strategist in January 2012, he took on additional responsibility for forming the firm's asset allocation views. Mr. Gapen holds a PhD in Economics from Indiana University.

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