{"id":6309,"date":"2021-04-19T11:10:35","date_gmt":"2021-04-19T11:10:35","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6309"},"modified":"2021-05-05T14:43:18","modified_gmt":"2021-05-05T14:43:18","slug":"plumbing-cryptocurrency-and-cbdc","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/04\/19\/plumbing-cryptocurrency-and-cbdc\/","title":{"rendered":"Smoothing the system&#8217;s sharp edges"},"content":{"rendered":"<p>John Kiff, our guest on <a href=\"https:\/\/blubrry.com\/newmoneyreview\/76266675\/plumbing-cryptocurrency-and-cbdc\/\">the latest <em>New Money Review<\/em> podcast<\/a>, prefers what he calls the \u2018edgy\u2019 areas of finance\u2014from over-the-counter (OTC) derivatives to fintech and cryptocurrency. He also wants to make sure the system functions as intended.<\/p>\n<p>\u201cI\u2019ve been called \u2018the plumber\u2019: my interest is in how things work,\u201d says Kiff.<\/p>\n<p>For 25 years, Kiff was an employee of Canada\u2019s central bank, where he helped manage his country\u2019s foreign exchange reserves.<\/p>\n<p>He then moved to the International Monetary Fund (IMF) to focus on questions of global financial stability.<\/p>\n<p>Kiff now publishes <a href=\"http:\/\/kiffmeister.blogspot.com\/\">a widely followed daily digest of developments in the booming financial technology (fintech) and digital asset markets<\/a>.<\/p>\n<p>As our money turns digital and central banks experiment with new, mobile phone-based replacements for cash, there&#8217;s one area Kiff is now watching particularly closely.<\/p>\n<p>\u201cI focus very much on which central bank digital currency (CBDC) design features those central banks are playing around with. That\u2019s where my interest lies.\u201d<\/p>\n<blockquote><p>\u201cI\u2019ve been called \u2018the plumber\u2019\u201d<\/p><\/blockquote>\n<p>In the podcast, Kiff argues the ongoing changes in the structure of the global financial system are important for all of us\u2014and he suggests which developments we should be paying attention to.<\/p>\n<p><strong>Hidden network connections and financial crises<\/strong><\/p>\n<p>\u201cThe things that can blow up in your face are often unseen. We missed too much back in 2007. I\u2019m trying to atone for past sins and look for those hidden connections in this [cryptoasset] market.\u201d<\/p>\n<blockquote><p>\u201cThe things that can blow up in your face are often unseen\u201d<\/p><\/blockquote>\n<p><strong>Risks in DeFi<\/strong><\/p>\n<p>\u201cDecentralised finance (DeFi) is definitely a concern to the financial stability and regulatory authorities to the extent that it is purposely designed to operate outside the regulatory sphere. But the major players\u2014the likes of Morgan Stanley and Goldman Sachs\u2014are not involved yet. When they get involved and perhaps take advantage of leverage opportunities, that might put them in danger if something goes off the rails.\u201d<\/p>\n<p><strong>Programmable money<\/strong><\/p>\n<p>\u201cThere are some useful things you can pull out of a smart contract in a CBDC: the distribution of stimulus payments, for example. Smart contracts in the stimulus payments could direct the users to only spend that money at certain places. You couldn\u2019t park the payment in your bank account or use it to buy cryptoassets, for example.\u201d<\/p>\n<p><strong>Interest rates on CBDC<\/strong><\/p>\n<p>\u201cThey could become a tool that enhances the implementation of monetary policy. So far no central banks I know of are talking openly about introducing a CBDC that\u2019s remunerated in any way. But in the case of runaway demand for CBDC, you might want to have the option of calibrating the rate on CBDC to make it less attractive.\u201d<\/p>\n<p><strong>Motivations for introducing CBDC <\/strong><\/p>\n<p>\u201cMost developing economies are looking at CBDC to save money. They\u2019re hoping they can reduce the amount of cash in circulation. And that goes hand-in-hand with the financial inclusion aspect of CBDC.\u201d<\/p>\n<blockquote><p>\u201cMost developing economies are looking at CBDC to save money\u201d<\/p><\/blockquote>\n<p><strong>Digital dollar substitutes\u2014Tether and Diem<\/strong><\/p>\n<p>\u201cSo far, the main use cases for unregulated stablecoins like Tether seem to be inter-exchange and inter-platform flows. So many [crypto] platforms don\u2019t have links to the traditional banking system. In Asia, Tether is also being used to bypass capital and exchange controls. But Facebook\u2019s proposed stablecoin\u2014Diem\u2014would be orders of magnitude bigger than Tether. That\u2019s why [regulators\u2019] focus has been so far mainly on Diem. Overnight, it would be on people\u2019s iPhones and Android phones. That\u2019s what scares the authorities.\u201d<\/p>\n<blockquote><p>\u201c\u2018Same risks, same regulations\u2019 should be what we\u2019re aiming for\u201d<\/p><\/blockquote>\n<p><strong>Convergence of traditional finance and cryptocurrency<\/strong><\/p>\n<p>\u201cWe now see big firms like PayPal, Visa and Mastercard saying they\u2019re embracing crypto rather than fighting it. I suspect we\u2019re heading towards a meeting of minds. But it could still be that crypto and blockchain dramatically change the plumbing of the financial system.\u201d<\/p>\n<p><strong>Improving payments and settlements systems<\/strong><\/p>\n<p>\u201cBlockchain and distributed ledger technology can play a big role in lubricating the payments and settlement systems. But you need to get both the payment rails and the settlement rails operating on blockchain, which means you have to tokenise securities. There are lots of experiments going on in this area. There are gains to be made in terms of both efficiency and safety.\u201d<\/p>\n<p><strong>A level regulatory playing field for traditional finance, crypto and fintech<\/strong><\/p>\n<p>\u201cRight now, many firms operate outside the regulatory sphere. The challenge for global financial regulators will be in finding ways to bring everybody under the same umbrella. \u2018Same risks, same regulations\u2019 should be what we\u2019re aiming for.\u201d<\/p>\n<p style=\"text-align: center;\">************<\/p>\n<p><em>From bitcoin to central banks, technology to politics, law to cybercrime and science to culture\u2014<a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">the New Money Review podcast<\/a> helps you stay abreast of the key trends in the rapidly changing world of money<\/em><\/p>\n<p><em><a href=\"http:\/\/eepurl.com\/du6eTr\">Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n<p><em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n<p><span style=\"text-decoration: underline;\">Related content from New Money Review<\/span><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/02\/the-new-money-rails\/\"><em>The new money rails<\/em><\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2018\/09\/25\/why-settlement-matters\/\"><em>Why settlement matters<\/em><\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/06\/26\/wheres-my-money-wirecard-tether-and-stablecoins\/\"><em>Where&#8217;s my money? Wirecard and tether<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>John Kiff, our guest on the latest New Money Review podcast, prefers what he calls the \u2018edgy\u2019 areas of finance\u2014from over-the-counter (OTC) derivatives to fintech and cryptocurrency. He also wants [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6308,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014,1011],"tags":[1289,1869,1315,1995],"class_list":{"0":"post-6309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-cbdc","13":"tag-cryptoasset","14":"tag-fintech","15":"tag-john-kiff"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Smoothing the system&#039;s sharp edges - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/04\/19\/plumbing-cryptocurrency-and-cbdc\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smoothing the system&#039;s sharp edges - New Money Review\" \/>\n<meta property=\"og:description\" content=\"John Kiff, our guest on the latest New Money Review podcast, prefers what he calls the \u2018edgy\u2019 areas of finance\u2014from over-the-counter (OTC) derivatives to fintech and cryptocurrency. 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