Davos | LATOKEN
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Bef Davos
Debate on decentralized
Financial system trans

decentralized financial system or centralized?

against decentralized system

Nouriel Roubini
New York University
Stern School of Business
“You cannot have a system that’s scalable and decentralized. There’s no reason to keep your P&L, your balance sheet on 100,000 computers. It’s a waste of energy, of computing space.”

for decentralized system

Rosen Plevneliev
Bulgaria President
“Decentralized systems always work better than centralized. The most sustainable rich developed countries are those who build up decentralized systems. Decentralized systems are worth fighting for them.”
should EVERYONE have EQUAL access to capital markets?

yes

Anthony Scaramucci
SkyBridge Capital
We need policies that provide equal opportunities. Of course there will be no equal outcomes, but same oppportunities for everyone is crucial.

no

Jeff Schumacher
BCG Digital Ventures
The government doesn’t want uneducated and unwealthy people to invest and then lose all their money, therefore they shouldn’t have access to capital markets.
how money emerged?
The emergence of money solved what’s called the “double coincidence of wants” problem. Money is a very important finacial intermediation tool which helps to reduce the number of unnecessary transactions.
Laura Tyson
Ex Director of US President’s National Economic Council
what is the aim of modern central banks?
Modern Central Banks’ main objective is to assure price stability. The implementation of price stability over the last 20-25 years is basically doing inflation targeting.
Alex Cukierman
Bank of Israel
Monetary Comittee
Could decentralized central bank be managed by board of governors?
In most modern Central Banks decisions on monetary policy are made in a collegial way. Modern inflation targetting and monetary policy should be pursued through decentralized and collegial decision making, too.
Sergei Guriev
Chief Economist of EBRD
how to resolve the problem of the unbanked?
Blockchain might be a solution, one solution among many to think about how to serve the unbanked. Now fintech companies are also banking the unbanked in Africa, Asia, etc.
Laura Tyson
Ex Director of US President’s
National Economic Council
who will replace PRIVATE bank layers?
common:blockchain
Laura Tyson
Ex Director of US President’s
National Economic Council
Greg Medcraft
Financial and Enterprise Affairs, OECD
With permissioned distributed ledgers financial system could significantly reduce unnecessary costs and enhance the speed of transactions.

central banks

Nouriel Roubini
New York University Stern School of Business
Central Bank digital currencies will dominate any cryptocurrencies, current digital payment systems, and the deposits that the individuals have in the private banks.
what are the mAJOR flaws of modern financial system?
There's a lot of intermediaries in a financial system and a lot of friction as well. Private banks are inefficient layers that create significant addictional costs.
Jeff Schumacher
BCG Digital Ventures
what are the main problems in developing countries?
The two main problems are lack of market infrastructure and lack of trust to goverment. Other issues are having access to finance in order to be able to start small businesses, and having ecosystem of financial management.
Kate Roberts
PSI, Maverick Collective
How to achieve financial stability in developing countries?
One way is to peg that particular currency to a stable regular currency, like many South American countries did in the past. This could be a stable digital currency, too.
Alex Cukierman
Bank of Israel
Monetary Comittee
What is the value of currency?
Value of a currency is proportional to the trust we have in the institution. It is essentially representing the value of goods and services that are available in the economy.
Ansgar Belke
Author
Laura Tyson
Ex Director of US President’s National Economic Council
How money supply should be managed?
The supply should be managed in such a way so people trust that money will retain its value in the future, which is basically reaching financial stability.
Albert Menkveld
VU Amsterdam
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Bef Davos
Debate on decentralized
Financial system trans

decentralized financial system or centralized?

against decentralized system

Nouriel Roubini
New York University
Stern School of Business
“You cannot have a system that’s scalable and decentralized. There’s no reason to keep your P&L, your balance sheet on 100,000 computers. It’s a waste of energy, of computing space.”

for decentralized system

Rosen Plevneliev
Bulgaria President
“Decentralized systems always work better than centralized. The most sustainable rich developed countries are those who build up decentralized systems. Decentralized systems are worth fighting for them.”
should EVERYONE have EQUAL access to capital markets?

yes

Anthony Scaramucci
SkyBridge Capital
We need policies that provide equal opportunities. Of course there will be no equal outcomes, but same oppportunities for everyone is crucial.

no

Jeff Schumacher
BCG Digital Ventures
The government doesn’t want uneducated and unwealthy people to invest and then lose all their money, therefore they shouldn’t have access to capital markets.
how money emerged?
The emergence of money solved what’s called the “double coincidence of wants” problem. Money is a very important finacial intermediation tool which helps to reduce the number of unnecessary transactions.
Laura Tyson
Ex Director of US President’s National Economic Council
what is the aim of modern central banks?
Modern Central Banks’ main objective is to assure price stability. The implementation of price stability over the last 20-25 years is basically doing inflation targeting.
Alex Cukierman
Bank of Israel
Monetary Comittee
Could decentralized central bank be managed by board of governors?
In most modern Central Banks decisions on monetary policy are made in a collegial way. Modern inflation targetting and monetary policy should be pursued through decentralized and collegial decision making, too.
Sergei Guriev
Chief Economist of EBRD
how to resolve the problem of the unbanked?
Blockchain might be a solution, one solution among many to think about how to serve the unbanked. Now fintech companies are also banking the unbanked in Africa, Asia, etc.
Laura Tyson
Ex Director of US President’s
National Economic Council
who will replace PRIVATE bank layers?
common:blockchain
Laura Tyson
Ex Director of US President’s
National Economic Council
Greg Medcraft
Financial and Enterprise Affairs, OECD
With permissioned distributed ledgers financial system could significantly reduce unnecessary costs and enhance the speed of transactions.

central banks

Nouriel Roubini
New York University Stern School of Business
Central Bank digital currencies will dominate any cryptocurrencies, current digital payment systems, and the deposits that the individuals have in the private banks.
what are the mAJOR flaws of modern financial system?
There's a lot of intermediaries in a financial system and a lot of friction as well. Private banks are inefficient layers that create significant addictional costs.
Jeff Schumacher
BCG Digital Ventures
what are the main problems in developing countries?
The two main problems are lack of market infrastructure and lack of trust to goverment. Other issues are having access to finance in order to be able to start small businesses, and having ecosystem of financial management.
Kate Roberts
PSI, Maverick Collective
How to achieve financial stability in developing countries?
One way is to peg that particular currency to a stable regular currency, like many South American countries did in the past. This could be a stable digital currency, too.
Alex Cukierman
Bank of Israel
Monetary Comittee
What is the value of currency?
Value of a currency is proportional to the trust we have in the institution. It is essentially representing the value of goods and services that are available in the economy.
Ansgar Belke
Author
Laura Tyson
Ex Director of US President’s National Economic Council
How money supply should be managed?
The supply should be managed in such a way so people trust that money will retain its value in the future, which is basically reaching financial stability.
Albert Menkveld
VU Amsterdam