“The Future of Money 10 years after Lehman and Nakamoto“. Frankfurt School, on November 24, 2018, in collaboration with Monetative e.V. and the International Movement for Monetary Reform will hold a conference adressing the crisis of the monetary system.
While financial institutions and economists warn of new crises and crashs, crypto currencies and the underlying blockchain technology are increasingly regarded as a new technological solution for the monetary system and are included in the future planning.
At a speech in Singapore, Christine Lagarde, Director of the International Monetary Fund, invited central banks worldwide to think about issuing digital currencies. This could make digital money transfers more secure. Crypto currencies are no real currencies, but rather assets, said Sabine Lautenschlaeger, Member of the Executive Board of the European Central Bank, at a Frankfurt School event.
Professor Dr Philipp Sandner, head of the Frankfurt School Blockchain Center, points to the difference between digital currencies and crypto currencies. A distinction, that does not appear that big, when looked at more closely.
“A digital currency would for instance be a future Euro running on a blockchain system. Mrs. Lagarde spoke in favour of digital currencies. This can full well be in tune with crypto currencies. If you look at it more closely, the currency of tomorrow, so to speak a “digital Euro“ will probably run on a blockchain system, a software that stems from the realm of crypto currencies“.
Startups establishing crypto currencies on the blockchain and central banks could close ranks, says Professor Sandner and sees early proof:
“Starting in June, 2018, on the basis of the Ethereum-Blockchain, representing the second largest crypto currency, the Euro was installed. This means, the Euro is “on chain“ on Ethereum, which serves as platform. This is technically brilliant, because old and new systems start to overlap. In this fashion, traditional currencies and crypto currencies will be able to merge in the future“.
What will the future of money look like? Supporters of “Vollgeld“ ask for full monetary responsibility in the hands of the federal banks, because for them private banks are fragile to risk and at times even responsible for crises. Digital currencies, issued by central banks could lead to a system, in which private banks only act at intermediaries.
The keynotes at the conference on November 24 will be held by William White (Chief Economist at OECD, prior Chief Economist of BIZ), Miguel Ordonez (former President, Central Bank of Spain), Dr. Katrin Assenmacher, (Head of Monetary Policy Strategy at ECB), Professor Dr. Thomas Mayer (Flossbach von Storch Research, former Chief Economist Deutschen Bank), Dr. Michael Kumhof (Bank of England, formerly IWF), and Professor Dr. Peter Bofinger (University Wuerzburg, German Council of Economic Experts). Dominik Schiener, founder of the German crypto currency IOTA will speak about the future of money as well. In addition to that, many economists coming from central and private banks, universities and NGOs will give talks and participate in a panel discussion about the future of money.
Professor Sandner is convinced:
“The digital Transformation will most likely establish digital and crypto currencies. There will be more finance, not less. Who will benefit? Startups and the industry. Who will suffer? Probably the traditional financial institutions“.
The conference „The Future of Money 10 years after Lehman and Nakamoto“ takes place on the Frankfurt School of Finance & Management campus November 24, 2018.
Further information about the programme, speakers and registration: http://conference2018.monetative.de/