Can cryptocurrencies, stablecoins, and other digital assets make paying for goods and services and exchanging money cheaper and more efficient? Or are they a solution in search of a problem? How should the U.S. government regulate these new technologies to encourage useful innovation while protecting consumers, investors, and the stability of the financial system? Should the Federal Reserve issue its own digital dollar? The Biden administration, the Federal Reserve, and Congress are all wrestling with these questions.
On Thursday, September 22, the Hutchins Center on Fiscal and Monetary Policy and the Center on Regulation and Markets at the Brookings Institution convened a virtual event to offer some answers. Nellie Liang, under secretary for domestic finance at the U.S. Treasury, opened the conversation and discussed the new Treasury report, “The Future of Money and Payments.” Her remarks were followed by a panel discussion.
Viewers followed along with the conversation on Twitter using the hashtag #DigitalPayments, and submit questions for the panelists at sli.do, using code #DigitalPayments.