Christine Lagarde, President of the European Central Bank stated on Bloomberg Finance, November 27, 2021, “Cryptocurrencies are not currencies. End of story!” U.S. Federal Reserve Chairman Jerome Powell said he does not intend to ban cryptocurrencies, although he stated last July that “one of the stronger arguments for the U.S. central bank to set up a digital currency is that it could undercut the need for private alternatives such as cryptocurrencies and stablecoins”. These two statements sound contradictory. Are the banks being forthcoming, or are they not?
Today, consumers can buy anything with a crypto debit card. Does this qualify them as currency? These cards are preloaded with the cryptocurrency of your choice. While you spend crypto, the retailer receives fiat money as payment. And the options to spend cryptocurrency as currency are growing. Where can the average citizen go to get the full story?
Join the GBA for a panel discussion about central banks, blockchain & cryptocurrency moderated by Mike Wise of the Boston Blockchain Association (BBA). The panel includes:
- Federal Reserve Bank of Boston, Executive Vice President, Jim Cunha
- Union of Arab Banks, Senior Advisor & Head of Ecosystem Digital Transformation Unit, Suleiman Barada
- US Federal Regulator, Mark Montoya
They will address questions like:
- What is the role of central banks (why are they important)?
- How are current trends and the advances of technology changing the need for central banks?
- What is the impact of blockchain on central banks?
- how are central banks are using blockchain technology?
- What are some of the various public positions announced by central banks?
- What are stable coins and what involvement do central banks have in the issuance of stable coins?
- How will stable coins impact national economic systems?
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