36th Annual Monetary and Trade Conference: Cryptocurrencies in the Global Economy

Regulatory and technological developments are changing the nature of financial markets, services, and institutions in ways completely unexpected. Technology innovations including Bitcoins and other cryptocurrencies promise disruptions in global transactions and offer significant efficiencies in global markets. With an open, distributed source, cryptocurrencies allow for speedy and transparent transactions. However, despite these benefits, critics have raised concerned about regulation, proliferation of fraud and asymmetric impact on public vs. private information. The conference will add to the debate of the future of this disruptive technology to the global economy.

Agenda

Opening Remarks George Tsetsekos, Drexel University Bill Spaniel, Head of SRC, Federal Reserve Bank of Philadelphia

Opening Keynote: Christine Parlour, UC Berkeley

Session 1: “Bitcoins and Other Cryptocurrencies”

Moderator: Michael G. Papaioannou, IMF

Speakers: Kim Huynh, Bank of Canada Will Cong, University of Chicago David Mills, Federal Reserve Board

Session Topics:

• An update on Trends and Developments. Recent price volatility, the Korean Cryptocurrency, the new futures contract
• Payments and Clearing Systems. Platforms and new developments
• The economics. Currency vs. commodity, Supply and Demand, cost of mining, cryptocurrency utility

Session 2: “Are Cryptocurrencies Good Investments? Who Invest in Cryptocurrencies?”

Moderator: Julapa Jagtiani, Federal Reserve Bank of Philadelphia

Speakers: Gregory Cipolaro, Digital Asset Research

Session Topics:

• Market participants
• Investment vehicles and Trading Activities
• Institutional participation Banks and other intermediaries

Lunch Keynote

Jon Nicolaisen, Norges Bank

Session 3: “The Future of Fintech and Cryptocurrencies”

Moderator: George Tsetsekos, Drexel University

Speakers: Bill Nelson, The Clearing House Jerry Brito, Coin Center Antoine Martin, Federal Reserve Bank of New York

Session Topics:

• The future in Global Regulations. Global Financial Stability Board, CBOE and BIS and other institutional positions on the future of cryptocurrencies
• The future of technology and security for cryptocurrencies
• The Future in Monetary Policy coordination

Closing Remarks: Robert Hunt, Federal Reserve Bank of Philadelphia

The views expressed at this conference are those of the speakers and other conference participants and do not necessarily reflect the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. Nothing in the speech, presentation, or discussion should be construed as an endorsement of any organization or its products or services.