May 31, 2023


It's the Technology

Circle’s head of policy calls CBDCs a ‘Preposterous Idea’: Consensus


Head of coverage for stablecoin issuer Circle Internet Economic, Dante Disparte, known as central bank digital currencies (CBDCs) a “preposterous idea” all through a panel Wednesday at Consensus 2022.

See associated write-up: CBDCs, stablecoins can coexist: Fed Vice Chair Lael Brainard

Rapid facts

  • Disparte afterwards included the Fed issuing its possess electronic greenback is “the equivalent concept of the [Federal Aviation Administration] in the United States setting up jet engines and flying planes.”
  • Joining Disparte was Forkast Editor-in-Main Angie Lau Caitlin Extended, founder and CEO of crypto lender Custodia and Rohan Grey, a regulation professor at Willamette College and ardent cryptocurrency critic, who said “F**k the Fed” in his opening remarks.
  • Disparte claimed that Circle’s USDC stablecoin was a true electronic alternative, but Grey argued that as a non-public business Circle is shielded from legal responsibility, placing the community at threat if it goes under.
  • Extensive said she was concentrating on the decentralized finance (DeFi) place and that inspite of the expansion in this sector there is not yet a answer on how to transfer resources among it and the traditional financial technique.
  • Fed Vice Chair Lael Brainard just lately reported CBDCs and stablecoins could coexist and the agency is waiting on the backing of Congress and the Biden administration ahead of proceeding with a digital greenback. 

See similar posting: Governments pushing for CBDCs scent blood in Terra Classic’s struggles


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