Investment Goldman achs . . Management a Central Banks Have Begun Exploring Cryptocurrency Options Division rt it —_ a Al ) i mm : i ae fi wf ti SEs Sy ‘a fY wal ND rf it s = Sovereign central banks have begun exploring cryptocurrency options. = A retail central bank cryptocurrency would effectively give the public access to accounts at the central bank with the ability to transfer payments peer-to-peer. = Cryptocurrency proposals are being considered by several central banks, including Singapore’s MAS, China’s PBOC, Russia’s Central Bank, Sweden’s Riksbank and Ecuador’s Banco Central. = A successful central bank cryptocurrency could substantially reduce fraud and tax evasion. Source: Investment Strategy Group, “Central Bank Cryptocurrencies,” Morten Bech, Rodney Garratt, Bank of International Settlements. 23 HOUSE_OVERSIGHT_025686