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Defining Central Bank Digital Currency (CBDC) with Elliot Hentov | Tao of Chao 13
Manage episode 382463990 series 3457350
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Welcome to Tao of Chao, where we explore some of the most important topics in finance and economics. Join Philip Chao as he welcomes Elliot Hentov back for an important discussion on Central Bank Digital Currency (CBDC). Elliot is the head of macro policy research and chief geopolitical strategist at State Street Global Advisors, so he's got a unique insight into this topic. Discover why CBDCs are growing in popularity, how they differ from cryptocurrencies, and what implications they have for public policy. Watch now!
DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.
Chapters
1. Show Open (00:00:00)
2. Introducing Elliot Hentov (00:00:41)
3. Today's topic: Central Bank Digital Currency (CBCD) (00:01:57)
4. Current state of payment systems and fees (00:02:37)
5. Credit example: current hidden or indirect fees (00:04:55)
6. Definitions: digital money, currency, stable coins, blockchain, etc (00:06:18)
7. Digitizing currency to reduce transaction costs (00:09:24)
8. One dirty secret for digital currencies (00:10:34)
9. Do digital currencies disrupt retail banking? (00:12:09)
10. Inefficiencies of current financial systems (00:13:33)
11. Definition: digital representations of physical things vs. the blockchain (00:15:07)
12. Blockchain reduces middlemen and brokers (00:16:49)
13. CBCD's roll in the blockchain — streamlining transaction settlement (00:17:35)
14. Two credible digital currencies today (00:19:07)
15. Efficiency and gains come from entire market transition (00:21:00)
16. Naming the benefits of blockchain and CBDC (00:22:58)
17. Other advantages of code-based smart contracts (00:24:36)
18. Uncertainty of cross-border exchange cost savings (00:26:03)
19. Understanding efficiencies of digital wallets (00:29:10)
20. Do we need banks if there are central bank digital currency? (00:31:17)
21. Developed markets facing privacy and constraint concerns from public (00:34:45)
22. Emerging markets inverse: state control of capital (00:35:41)
23. Declining relevance of physical cash (00:36:43)
24. Geopolitical implications of CBCD and new financial ecosystems (00:38:18)
25. Russia/Ukraine Sanctions highlight alternative financial ecosystems (00:42:32)
26. The myth of dedollarization — where money is invested counts more (00:43:39)
27. Good luck investing in equities without investing in the US market (00:45:43)
28. Risk of fracturing of financial ecosystem due to CBCDs (00:47:59)
29. Wrapping up (00:50:19)
30. Show close and disclaimer (00:51:10)
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