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Fintech, Central Banking and Digital Currency — Money, Banking and Financial Markets

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"A central bank that provides deposits will not supply this full set of services, but it will have to offer accounting, payments system access, liquidity, and the tracking of information. As a consequence, the central bank will need to have compliance and risk management functions—including systems that prevent money laundering, tax evasion and other illegal activities potentially aided by finance. Like banks, they must know their customer.

This brings us to the first conclusion: the cost of providing these services is significant, averaging between 2 and 3 percent of assets for U.S. banks"

Fintech, Central Banking and Digital Currency — Money, Banking and Financial Markets

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