RBA to commence year-long CBDC research project
The Reserve Bank of Australia is to embark on a year-long research project to explore use cases for a central bank digital currency (CBDC).
Episode 18: Will Digital Dollar Stablecoins & CBDC Co-Exist?
3:59 Introductions
5:11 What is the role of cash?
8:36 Cashless Society
10:54 Tradeoffs of Digital Cash
15:00 Will USDC and CBDCs co-exist?
17:47 Auditing Open-source Software
19:19 Stablecoin Payment Innovation
25:15 How USDC and CBDCs Work Together
30:37 Stablecoin Public-Private Partnership
34:14 The Fed on Security and Privacy
38:14 Designing a CBDC Dollar
41:39 Programmability of the Dollar
48:26 Stablecoin Predictions
The rapid rise of digital dollar stablecoins has been paralleled by accelerating interest from central bankers on the role and possibilities of Central Bank Digital Currencies (CBDC). To some in the industry, these are viewed as at odds with one another, to others these are ultimately two sides of the same coin, converging trends that will emerge through broader public sector and private sector collaboration in the coming years and decade ahead.
No matter, everyone seems to agree that digital dollars and digital currency more broadly are the future of electronic money and the broader global financial system. How will these two phenomenon interact, compete or simply just co-exist?
On this week’s Money Movement we’re joined by Visa’s Head of Crypto, Cuy Sheffield; Neha Narula, the Director of MIT’s Digital Currency Initiative, an institute leading research and development in crypto, digital currency and now CBDC models; and Robert Bench, AVP at the Federal Reserve Bank in Boston, and a key contributor and collaborator on the future of digital currency with the Federal Reserve.
Tune-in and join us live on YouTube every Thursday at 1pm EDT, and subscribe on Apple Podcasts, Spotify and YouTube.
About the Show
The global economy is experiencing unprecedented challenges and change. Business leaders everywhere are grappling with how to transform their companies to become more digital, resilient and efficient. As we face this change, a new global movement is building around the promise of digital currencies and blockchains — forming a new architecture for the global economy and creating new opportunities for companies everywhere. The Money Movement explores and chronicles the issues and ideas driving this brave new world of digital money.
The Money Movement is brought to you by Circle. Our mission is to raise global economic prosperity through programmable internet commerce. Learn more about Circle Business Accounts and Platform APIs at https://hubs.ly/H0qWzwG0.
Cross border “multi-CBDC” arrangements
Cross-border “multi-CBDC” arrangements: what is different from current payment systems, what are the opportunities and what challenges remain? https://www.bis.org/publ/bppdf/bispap115.htm
US Digital Dollar CBDC Tests are HERE! What Happened?!
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��Essential Videos��
Digital ID, CBDC Rollout �� https://youtu.be/uwRSzNTp2ko
Fed Digital Dollar Plans �� https://youtu.be/6_YpfvsMaVM
BIS Future of Finance �� https://youtu.be/To5ek8F7zIQ
How To Survive Great Reset �� https://youtu.be/6o02uGWuMD0
FTX Alameda Research Collapse �� https://youtu.be/WgJbWZpRWyo
Michael Barr Brookings Summary �� https://youtu.be/N2a2VvFcAg8
Jerome Powell Brookings Summary �� https://youtu.be/hhVs5HNu5gA
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⛓️ �� Useful Links �� ⛓️
► Digital Dollar Project Board of Directors: https://digitaldollarproject.org/board-of-directors/
► First Digital Dollar Project Pilot: https://www.dtcc.com/news/2022/november/30/dtcc-shares-findings-from-its-pilot-with-the-digital-dollar-project
► Future Digital Dollar Project Pilots: https://static1.squarespace.com/static/5e16627eb901b656f2c174ca/t/5f848c188da760453f6960fc/1602522137441/Pilot+Scenarios+10_12_20.pdf
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– TIMESTAMPS –
0:00 Intro
0:47 About The Digital Dollar Project
4:58 CBDC Securities Settlement Pilot
8:32 CBDC Design Assumptions
11:58 Opportunities, Tradeoffs, Privacy
15:25 Future Digital Dollar Project Pilots
19:44 What Does It Mean For Crypto?
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�� Disclaimer ��
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#CBDC #Dollar #Crypto
RBA to investigate economic benefits of a central bank digital currency
The Reserve Bank will spend the next 12 months investigating the economic benefits of a central bank digital currency in Australia.
Sky News Business Reporter Edward Boyd says the RBA is going to create a pilot digital Australian dollar and then operate it for the next 12 months as part of a research project to understand what it can be used for.
“And how it differs from just regular cash that you might have in your bank account,” Mr Boyd told Sky News Australia.