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
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.
The COVID-19 lockdowns have upended no part of our lives more than K-12 education, with virtually no public schools open for business with full-time...
We use cookies to optimize our website and our service.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.