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Professor David Yermack's joint research on cryptocurrency is referenced

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Excerpt from The National -- "Issuing retail digital cash would effectively mean the demise of fractional reserve banking. As Max Raskin and David Yermack noted in a paper for the National Bureau of Economic Research: 'A sovereign digital currency could have profound implications for the banking system, narrowing the relationship between citizens and central banks and removing the need for the public to keep deposits in fractional reserve commercial banks.'"

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