Fed week: The impact of digital currency on the financial system
Following a year of unparalleled disruption, loose monetary and fiscal policies have become the new normal and many long-term economic and societal changes remain uncertain. As vaccination programmes pick up pace amid talk of policy normalisation, OMFIF and the Federal Reserve Bank of Philadelphia are hosting a series of seminars to discuss the Federal Reserve’s priorities. Over five days, Fed Week will cover topics from the economics of artificial intelligence, a green recovery, central bank digital currency, financial stability, macroeconomic developments and how all of this is feeding into the decisions the Fed is making.
In session three of the series, the panel will cover:
• The wider impact and potential benefits of distributed ledger technology on the financial system
• DLT design choices, the use of smart contracts or ‘programmable money’ to enable interoperability across blockchain networks within and across borders
• The ideal technological infrastructure to operate central bank digital currencies
• The initiative at the Federal Reserve Bank of Boston to determine design requirements for a US-based CBDC
• The extent that scalability, the balance between privacy and decentralisation, and interoperability are holding back adoption of DLT
• How DLT can interact with existing technologies or vendors
• Underlying policy and political preferences concerning privacy, data administration, market power, cybersecurity and the division of labour between the public and private sectors
Register for additional sessions here.
Opening remarks:
Bill Foster
Congressman
Congressional District of Illinois
Panellists:
Jim Cunha
Senior Vice President, Secure Payments and FinTech
Federal Reserve Bank of Boston
Antoine Martin
Senior Vice President, Money and Payments Studies Function
Federal Reserve Bank of New York
David Mills
Associate Director, Reserve Bank Operations and Payment Systems
Board of Governors of the Federal Reserve System
Timings:
14:45-16:00 (London)
09:45-11:00 (New York)
In partnership with:Â
This virtual discussion is part of the OMFIF Digital Monetary Institute. OMFIF, the global central banking think tank, proudly announces the launch of the OMFIF Digital Monetary Institute on 5 May. The OMFIF Digital Monetary Institute creates a high-level college which convenes key policy-makers, technologists, financiers and regulators to explore the challenges, opportunities and implications of digital finance in the 2020s. See more information on OMFIF’s DMI here. Please contact julia.demidova@omfif.org directly for membership details or register your interest below and we’ll be in touch.
