Podcast: A Webinar on Central Bank Digital Currencies
With expressions ranging from enthusiasm to serious interest, central banks from China to Europe have been actively exploring the potential for Central Bank Digital Currencies (CBDCs). On June 28, Federal Reserve Board Vice Chairman for Supervision Randal Quarles offered comments that, far from equivocal, expressed great doubt about the feasibility and desirability for the Federal Reserve sponsoring such a currency.
On July 29 at 2 PM ET the Federalist Society hosted webinar of CBDC experts to comment on Vice Chairman Quarles’ remarks. What were the key points he made, what did he not say, what is the significance of his comments, what issues remain? Most important of all, what are the prospects for CBDCs, abroad as well as in the U.S.?
Controversies focus on CBDC implications for privacy, greater personal financial inclusion, government control of credit, innovation, government assumption of banking activities, broadening the tax base, and more.
- Bert Ely, principal of Ely & Co. Inc., long-time expert, consultant, and commentator on financial services institutions and developments, including conditions in the banking industry and the FDIC, monetary policy, the payments system, and the growing federalization of credit risk.
- Chris Giancarlo, former Chairman of the Commodity Futures Trading Commission, and currently senior counsel at Willkie Farr & Gallagher. On June 9, 2021, he testified on CBDC before the Senate Banking Committee’s Economic Policy Subcommittee.
- Peter C. Earle, economist and writer with the American Institute for Economic Research, with 20+ years as a trader and analyst at a number of securities firms and hedge funds, his research focuses on financial markets, cryptocurrencies, monetary policy-related issues, the economics of games, and problems in economic measurement.
- Moderator: Alex J. Pollock, Distinguished Senior Fellow, R. Street Institute; former Principal Deputy Director, Office of Financial Research, U.S. Department of Treasury; author of Finance and Philosophy–Why We’re Always Surprised