In 2013 the price of Bitcoin surged to over $1100 causing central banks around the world to take notice. Four years later, the price of Bitcoin is twice as high as its previous peak and central banks around the world are exploring the benefits of issuing crypto-based digital representations of fiat monies, more commonly known as central bank digital currencies. Rod Garratt, UCSB Professor of Economics, describes his work on a project to build a proof of concept for a wholesale interbank payment system that facilitates payments of central bank digital currency using a distributed ledger. Series: "Great Minds Gather Here" [Business] [Show ID: 32757]