With expressions ranging from enthusiasm to serious interest, central banks from China to Europe have been actively exploring the potential for Central Bank Digital Currencies (CBDCs). On June 28, Federal Reserve Board Vice Chairman for Supervision Randal Quarles offered comments that, far from equivocal, expressed great doubt about the feasibility and desirability for the Federal Reserve sponsoring such a currency.
On July 29, the Federalist Society hosted a webinar of CBDC experts breaking down and debating Vice Chairman Quarles’ remarks. What were the key points he made, what did he not say, what is the significance of his comments, and what issues remain? Most important of all, what are the prospects for CBDCs, abroad as well as in the U.S.?
Controversies focus on CBDC implications for privacy, greater personal financial inclusion, government control of credit, innovation, government assumption of banking activities, broadening the tax base, and more.
Featuring:

Peter Earle, Research Fellow, American Institute for Economic Research
Bert Ely, Principal, Ely & Company, Inc.
J. Christopher Giancarlo, Senior Counsel, Willkie Farr & Gallagher LLP
[Moderator] Wayne A. Abernathy, Former Assistant Secretary for Financial Institutions, U.S. Department of the Treasury

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