The way we pay and the types of money available to us are evolving rapidly. Developments in technology and digital networks and the increase in online retail have created the demand for digital transactions, which could drive radical change in payment systems.
The Hutchins Center on Fiscal & Monetary Policy at Brookings hosted Andrew Bailey, governor of the Bank of England, to discuss how these trends are evolving and the growing role of stablecoins, which are cryptocurrencies linked to the price of some stable asset or basket of assets. He talked about the risks and benefits of these innovations and how they must be safe so we can use them with confidence. He also explained how public authorities are enhancing existing infrastructure and consider the potential development of central bank digital currencies.
Following Governor Bailey’s remarks, he then was joined for a panel discussion with Christopher Brummer of Georgetown Law School, Blythe Masters of Motive Partners, Eswar Prasad of the Global Economy and Development program at Brookings, and Fennie Wang of Dionysus Labs.
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Read Governor Bailey’s remarks on the Bank of England site.