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Controlling interest rates is the Fed’s primary way to stimulate or cool the economy — but it comes with limits. Banks can drop interest rates on regular money only so low, known as the zero bound, leaving central banks with few options when interest rates are already low and the economy needs a boost. A digital currency could make the kind of stimulus payments of the coronavirus pandemic nearly instantaneous and far more efficient, he said, possibly even reaching people who have previously been shut out of banking services. “Once the central banks start co-opting the technology, it’s pretty much game over." What Are The Potential Benefits Of Central Bank A cryptocurrency is a digital or virtual currency that uses cryptography and is difficult to counterfeit. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from o...