CBDCs and Blockchain Technology
summary
Panel argues CBDCs most plausibly appear as hybrid CBDC platforms where central banks supply base money while banks and payment providers run onboarding, KYC and user-facing apps; technical tools discussed include zero-knowledge proofs, token-based accounts, consortium consensus or centrally operated ledgers, and payment adapters to reconcile legacy rails. Claim that a multi-asset ledger plus smart contracts can eliminate clearinghouses and speed settlement. Main risks flagged are loss of privacy, easier negative interest or expiring money, and geopolitical competition (ECB timeline ~2026–28).
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chapters (17)
- 0:00Introduction
- 0:44Andrew Miller
- 3:24Erica Zeitland Jones
- 5:16Philip Zeitner
- 8:45Richard Brown
- 9:28Hybrid CBDCs
- 14:55Minimum viable CBDC
- 18:05Banks vs private sector
- 19:09One ledger and multiple assets
- 22:32Risks of interoperability
- 25:34Risks of privacy
- 29:03Current payment system
- 30:35Competition
- 35:01Programmability
- 37:44Monetary Policy
- 40:45Privacy
- 42:57Final words
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