Central Bank Digital currencies in an Independent Scotland. Craig speaks to Peter Ryan – expert on currency and banking systems and author of several papers for Common Weal and the Scottish Independence Convention - on currency in an independent Scotland.
Craig speaks to Peter Ryan – expert on currency and banking systems and author of several papers for Common Weal and the Scottish Independence Convention on currency in an independent Scotland. They discuss recent radical changes to the global currency landscape with the creation of Central Bank Digital Currencies. These could potentially allow Central Banks to create money in the event of a future stimulus programme such as was needed in the wake of the Covid pandemic or the 2008 Financial Crisis but could do so in a way that means giving it directly to people rather than pumping up assets via Quantitative Easing and could allow Central Banks to avoid losing control of monetary policy due to the rise of cryptocurrencies or private digital currencies such as Facebook’s Libra. Peter also discusses some of the risks of this policy such as the potential for the direct collection and control of data on what we buy and sell using our CBDC funds.
The Common Weal Policy Podcast – Episode #101