October 30, 2019, Paper, "Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? We explore whether a large platform’s ability to guarantee value and liquidity by issuing prototype digital tokens for in-platform purchases constitutes a signiﬁcant advantage that could potentially be leveraged into wider use. Our central ﬁnding is that unless introducing tradability creates a signiﬁcant convenience yield, platforms can potentially earn higher revenues by making tokens non-tradable. The analysis suggests that if platforms have any comparative advantage in issuing tradable tokens, it comes from other factors."
Non-HKS Author Website - Kenneth Rogoff