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Innovation in payments: Libra, blockchain and crypto-assets

By European Central Bank

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? Explainer: What is bitcoin? Explainer: How could new technology transform financial markets? Research – special feature: Distributed Ledger Technology (e.g. blockchain) Research – Occasional Paper: Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures Research – Economic Bulletin Article: Understanding the crypto-asset phenomenon, its risks and measurement issues European Central Bank website The views expressed are those of the speakers and not necessarily those of the European Central Bank.

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