Why The War On Physical Cash Is A War On Freedom
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 17 April 2020
⏱️ 59 minutes
🧾️ Download transcript
Summary
Commerce and payments are increasingly digital. This shift from physical to electronic is one that governments and businesses are eager to accelerate for a host of reasons. But what gets lost when we no longer have access to physical cash? On this episode, we speak with Rohan Grey, President of The Modern Money Network and the research director of the Digital Fiat Currency Institute about how governments can introduce digital currencies that enable electronic commerce, while preserving the privacy protections of physical cash.
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Transcript
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| 0:00.0 | Business stories aren't just about business. They're also about policy, politics, finance, and more. |
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| 0:24.7 | Bloomberg in-car apps are sponsored by interactive brokers. Hello Oddlots listeners it's Joe Weisenthall. Before we get to today's episode I wanted to let you know that we recorded this interview with Rowan Gray back in early March. |
| 0:45.6 | So things have obviously changed quite a bit since then, but we thought the interview was still |
| 0:50.2 | important one to run and actually has quite a bit to say about the role of money as it relates to government, |
| 0:56.7 | questions of privacy, all things that are going to be important. |
| 1:00.1 | So we wanted to get it out, but if it doesn't sound exactly timely with the news, |
| 1:05.2 | now you know why. Thanks for listening. Hello and |
| 1:25.0 | I'm Tracy Allaway. |
| 1:30.0 | Tracy Allaway. Tracy how are things holding up there in Hong Kong these days? |
| 1:35.0 | I don't know what to say. Most people are still wearing face masks, lots of people are working from home. I guess it just feels more normal nowadays. |
| 1:42.0 | So, normal-ish, like more normal than it was say like a month ago. |
| 1:47.8 | Yeah but I can't figure out whether or not it's actually getting back to normal or this has just become the new normal. |
| 1:55.0 | There are a lot of like extraordinary stories that we've been reading about |
| 2:01.0 | things going on in China in Asia as people and |
| 2:05.8 | government deal with this virus and one story that's probably not the |
| 2:11.0 | most important story of all of it but that was interesting was |
| 2:13.7 | the story about the government literally laundering cash. |
| 2:18.0 | Yeah, that's right. So in order to help mitigate the spread of the coronavirus, there was a moment when the Chinese government was sanitizing its actual cash bills and it was doing it with, I it was with UV light but money laundering as you say literally |
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