Will crypto revolutionize the financial system?

10/17/22 • 27 min

There’s an old saying: people overestimate the impact of technology in the short term and underestimate it in the long term. Is that what’s happening with crypto? There’s a lot of news about cryptocurrencies, but are we paying too little attention to the long-term impacts of the underlying technology?

Joined by Sheila Bair, the former chair of the US Federal Deposit Insurance Corporation (FDIC), and Vicki Huff Eckert, a retired PwC US partner who served as vice chair for PwC’s US technology, media, and telecommunications sector, we’ll ponder how blockchain, and the cryptocurrencies that exist because of it, could affect financial systems and transform business and society—ready or not.

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Take on Tomorrow - Will crypto revolutionize the financial system?

Transcript

Vicki Huff Eckert: What is starting to emerge is Web 3.0, and 3.0 is the next generation of the internet. It’s really, really early days. And the computer science that Web 3.0 is built on is blockchain, and it’s blockchain networks.

Sheila Bair: There’s a difference between free markets and free-for-all markets, as we used to say at the New York Stock Exchange. And it is true.

Vicki:That is why I actually am encouraging indu