Bankless 172 - DEBATE: Why We Need a Digital Dollar | Rohan Grey vs. RSA
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May 22, 2023 Rohan Grey, an assistant professor at Willamette University College of Law and author of the eCash Act, delves into the heated debate around Central Bank Digital Currencies (CBDCs). He discusses who backs and opposes the digital dollar's creation and why the crypto community might need to support it. Grey emphasizes the importance of privacy in financial transactions and critiques political resistance while highlighting potential risks and tensions in cryptocurrency regulation. The conversation advocates for a collaborative approach to ensure civil liberties in digital finance.
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Public Money and Privacy
- Rohan Grey supports public financial infrastructure like Fed accounts and public banking.
- He prioritizes a privacy-respecting, offline-capable digital cash instrument replicating physical cash features.
Importance of Public Money
- Rohan Grey believes public money is the most important type of money due to its integration with the legal system.
- He emphasizes that centralized issuance with decentralized payments processing is key for privacy.
Key Actors and Central Bank Bias
- The Treasury Department plays a crucial role, historically responsible for creating key financial instruments.
- Central bankers, prioritizing their own interests, favor private intermediaries and oppose anonymity.