Segments in this Video

Digital Dollar (09:42)


Moderator John Donvan outlines the debate topic and introduces panelists. Editorial Board Chair and Financial Times Editor-at-Large Gillian Tett and Circle Head of Global Policy Dante Disparte define what a digital dollar is and what it is not and state their positions.

Supporting a U.S. Digital Dollar (02:48)

Central banks and companies like Circle create digital dollars. Tett believes the U.S. needs to create a digital dollar to avoid being outmaneuvered by countries like China.

Opposing a U.S. Digital Dollar (03:59)

Approximately 105 central banks are experimenting with digital dollars to some degree. Digital bank currencies fail to recognize how money moves. Disparte cites challenges.

Central Bank Digital Dollar Model (06:36)

Tett has concerns about privacy issues but supports the Fed introducing the model as an adjunct to the current system. A sudden shift in the dollar regime would be destabilizing. Disparte agrees that the U.S. should have a stake in the evolution of money.

Privately Issued Digital Currency (08:25)

The Fed should not displace the private system. Disparte discusses digital legal tender and interoperable payment systems. The U.S. is behind in real time gross settlement. Tett discusses retail and wholesale finance.

Digital Efficiency and Speed (03:20)

The breakthrough innovation is the networks that move the money; digital currency is the sum of its institutions. Disparte states that we are at the mercy of duopolies.

Privacy and Anonymity (09:55)

The logistics of finance matter and who controls it is critical; decentralized currencies allow the crowd to create the money. Disparte discusses guidelines defined by Project Hamilton. Crypto revolutions could significantly improve legacy systems; consumer culture constantly shifts.

Retail Users (05:03)

Disparte explains banked and unbanked persons; digital currency would provide advantages. Approximately 75% of merchants are considering accepting digital currencies.

Intelligence Squared (01:10)

Donvan thanks listeners, encourages continued funding of the program, and cites the names of key individuals. IQ2 works to combat extreme polarization through civil discourse.

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Does America Need a Digital Dollar?: A Debate

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Since the creation of Bitcoin, the first open-source, digital currency, in 2008, the use of cryptocurrency has skyrocketed in use. Unlike traditional money, which is minted and regulated by a national government, cryptocurrency, or crypto, is unregulated and free of government oversight. Digital currency has become so popular that central banks in more than 80 countries have begun the process of gearing their monetary systems in that direction. Supporters applaud this trend and want the United States to adopt a digital dollar. Such a move, they argue, would modernize banking and serve as a check against the growth of crypto. It would also, they contend, create a safe, new means of exchange, help "unbanked" Americans gain access to the digital economy, and ensure that the dollar retains its preferred global standing. Opponents, however, caution that digital currency is fraught with problems and subject to wild fluctuations in value. A digital dollar, they argue, would be risky, liable to hacking and privacy breaches, and give federal regulators unprecedented access to personal bank accounts. Does America need a digital dollar? Audio only.

Length: 51 minutes

Item#: BVL284220

Copyright date: ©2022

Closed Captioned

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