Company
Date Published
Author
Team Circle
Word count
448
Language
English
Hacker News points
None

Summary

At the Reinventing Bretton Woods Committee's Washington Economic Festival in 2024, Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy, emphasized the transformative potential of internet-scale money in the global financial architecture. The event brought together central bankers, finance ministers, and executives to discuss key issues like market resilience and macroeconomic trends, with a significant focus on the digital transformation of money. In a session titled "Cross-Border Payment and the Future of Money in a Deglobalized World," Disparte highlighted the potential efficiencies and increased financial inclusion that could arise from upgrading to permissionless and frictionless financial systems. He stressed the importance of credibility as a fundamental component of currency and described central bank money as the safest form of currency, underscoring the critical role of central bankers in protecting monetary policy. Disparte argued that the technological breakthrough of always-on, internet-scale money could revolutionize financial portability, enabling devices to become payment endpoints and enhancing the movement of money. He called for integrating this concept into the regulatory framework to ensure digital money on open rails is backed by the central bank's trust and credit, aiming to make money movement more accessible, inclusive, and efficient globally.