Cryptocurrency, Blockchain, and the Evolution of a Central Bank Digital Currency

Let’s face it. To most of us, words like “cryptocurrency”, “digital ledgers”, and “blockchain technology” are little more than scientific jargon that may as well have been pulled from a Dan Brown thriller novel. This, however, isn’t stopping them from becoming major players in the complex financial system of today. So much so that several nations worldwide have decided to link their central banking systems to these cryptocurrencies. Watch as The Federalist Society hosts a debate with leading experts on the matter discussing the potential pros and cons of such a decision.

The pandemic has accelerated the establishment of digital currencies, including central bank digital currencies (CBDC). One of the biggest draws of cryptocurrency and even the blockchain, in general, is its leaning towards decentralization. Even so, CBDCs are now in active pilot programs across the world with the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank and the People’s Bank of China all exploring the technology. Proponents of CBDCs argue they will bring multiple advantages for an average consumer, including fast and cheap cross-border transactions, pseudo-anonymity, personal data protection, and international operability. However, Alexander Hamilton might ask if it is tendency of CBDCs to increase public and private credit. “The former gives power to the state, for the protection of its rights and interests; and the latter facilitates and extends the operations of commerce among individuals. Industry is increased, commodities are multiplied, agriculture and manufacturers flourish: and herein consists the true wealth and prosperity of a state.

“Featuring: – Mr. Brian P. Brooks, Acting Comptroller of the Currency, Office of the Comptroller of the Currency, United States Department of the Treasury – Hon. Brent J. McIntosh, Undersecretary for International Affairs, United States Department of the Treasury – Hon. Hester M. Peirce, Commissioner, United States Securities and Exchange Commission – Moderator: Hon. Paul S. Atkins, Chief Executive Officer, Patomak Global Partners, LLC; Former Commissioner, United States Securities and Exchange Commission
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Chris Spangle is the publisher and editor of We Are Libertarians, a news site and podcast that covers national and Indiana politics from the libertarian perspective. Spangle previously worked in marketing for the Englehart Group on behalf of the Advocates for Self-Government. He also served as the Executive Director of the Libertarian Party of Indiana and producer of the Abdul in the Morning Show. He now works as the web director of a nationally syndicated morning show.

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