Innovation in payments: Libra, blockchain and crypto-assets

The implications of crypto-assets, emerging payment technologies and Facebook’s plans to create a global digital currency, Libra – discussed by our host, Michael Steen, and guests, Dirk Bullmann, Maria Teresa Chimienti, and ECB Executive Board member Benoît Cœuré.

Recorded on 6 and 9 September 2019.

In this episode:

(01:03) Benoît Cœuré

The big picture: what is money, why is there a demand for digital currencies and what is the role of central banks in this field?

(11:47) Maria Teresa Chimienti

Getting technical: what are crypto-assets, what makes Facebook’s Libra different, and why is it important for central banks to research these phenomena?

(17:32) Dirk Bullmann

Talking innovation: what is blockchain and DLT, why are they so fascinating and how does innovation at the ECB help make payments instant?

Further reading:

Explainer: What is money?

https://www.ecb.europa.eu/explainers/tell-me-more/html/what_is_money.en.html

Explainer: What is bitcoin?

https://www.ecb.europa.eu/explainers/tell-me/html/what-is-bitcoin.en.html

Explainer: How could new technology transform financial markets?

https://www.ecb.europa.eu/explainers/tell-me-more/html/distributed_ledger_technology.en.html

Research – special feature: Distributed Ledger Technology (e.g. blockchain)

https://www.ecb.europa.eu/pub/annual/special-features/2016/html/index.en.html

Research – Occasional Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures

https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op223~3ce14e986c.en.pdf

Research – Economic Bulletin Article: Understanding the crypto-asset phenomenon, its risks and measurement issues

https://www.ecb.europa.eu/pub/economic-bulletin/articles/2019/html/ecb.ebart201905_03~c83aeaa44c.en.html

European Central Bank website

https://www.ecb.europa.eu/

The views expressed are those of the speakers and not necessarily those of the European Central Bank.