BREAKDOWN: The Federal Reserve Has Its ‘Come to Satoshi’ Moment
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 February 2020
⏱️ 17 minutes
🧾️ Download transcript
Summary
That’s the way Meltem Demirors described Federal Reserve Governor Lael Brainard’s remarks at Stanford yesterday. For the first time, the Fed has said that it is actively researching and experimenting around digital currencies and distributed ledger technologies. This is a change in tone from a Fed that, when asked previously, has more or less dismissed digital currencies.
On this episode, @nlw looks at Brainard’s speech, along with: the latest from Japanese lawmakers proposing a digital currency to counteract the influence of a forthcoming Chinese digital yuan; a Bank for International Settlements digital currency working group with 6 major central banks; and the potential implications of CBDCs on bitcoin.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to the breakdown. |
| 0:22.6 | It is Thursday, February 6th, and today we are talking central bank digital currencies |
| 0:28.0 | and in particular new comments from the U.S. Fed that suggests that finally the U.S. |
| 0:35.3 | Federal Reserve is getting off the sidelines at least a little bit |
| 0:39.0 | and is actively engaging in the conversation about central bank digital currencies that is |
| 0:44.5 | taking over all over the world that was at the center of Davos a few weeks ago. And that is |
| 0:50.1 | clearly an essential part of the economic conversation, the macroeconomic conversation going |
| 0:55.5 | forward. So we'll be looking at that. We'll be also looking at a little bit more CBDC information |
| 1:00.4 | coming out of a new working group from the Bank of International Settlements and from the government |
| 1:04.8 | of Japan. So it is a regulatory day with big implications. The Federal Reserve has its come to Satoshi moment. |
| 1:14.5 | That's how Meltem DeMir's described what has just happened with the Federal Reserve in a |
| 1:19.8 | tweet thread today about this topic. So yesterday, February 5th, Governor Lail Brainerd, |
| 1:26.2 | who's one of the Federal Reserve governors, gave a speech |
| 1:29.1 | at the symposium on the future of payments at the Graduate School of Business at Stanford |
| 1:33.3 | called the digitalization of payments and currency, some issues for consideration, which |
| 1:38.5 | has to be one of the most boring names of a speech of all time. But I digress. So in the speech, |
| 1:43.7 | she basically goes through a huge of all time. But I digress. So in the speech, she basically goes through a huge |
| 1:46.6 | amount of background on digital players and how technology firms and big tech are driving new |
| 1:54.2 | potential business models and new focus on new business models as it relates to payments and |
| 1:58.6 | other parts of the financial economy. She touches |
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