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QOTD -- #CBDC and #crypto

When one sees a 360-degree view of all global developments in the last 24 hours, it is easy to spot policy convergences and divergences. Consider the speeches delivered yesterday by the two most powerful women in central banking today:

Specialized cryptocurrency media outlets are going wild this morning over the FRB quote, but those of us that have been following CBDC policy for the last year are not surprised. It is a significant shift for the Federal Reserve to acknowledge publicly that it is experimenting with a central bank digital currency....but this has already been clear from a range of publicly available information sources for the last year, as our C | P | C Report subscribers already know.

The significant shift visible in these two speeches, which occurred on the same day on opposite side of the Atlantic, is that central banks are publicly acknowledging that reserve currency competition is a component of their CBDC policy assessment process. This is more of a game changer from a public policy perspective.


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