In 1949 the Japanese government, determined to stabilize its currency, set a rate of 360 yen to the US dollar. This was not the result of economic calculation of its exchange value, but instead, culture. The word yen derives from the character for round, as in a coin, and a circle has 360 degrees. The yen remained at that exchange rate until 1971, when the end of the Bretton Woods system broke all of that apart.
It is my belief that we are seeing the birth of a new financial architecture, the Internet of money, that goes far beyond the usual discussions of the price volatility of cryptocurrencies. One of the organizations at the forefront of building this new architecture is called, appropriately, Circle. The company supplies payments & treasury infrastructure for the Internet utilizing a digital dollar called USDC, connecting traditional payment systems and blockchain technology.
My guest for the 33rd episode of the Hale Report is Chief Strategy Officer and Head of Global Policy for Circle, Dante Alighieri Disparte. He is also aptly named, an excellent writer and an eloquent speaker on a range of topics from risk managment to the future of money. I heard him ask a very smart question at an event at the Council on Foreign Relations, and decided to ask him to be a guest on this podcast. I promise that you will not be disappointed; we had an engrossing conversation.
Disparte says he is neither a crypto utopian nor a crypto anarchist, but a pragmatist who believes that regulatory guardrails need to be in place, and that the future will incorporate both the old and the new.
In 2050, you will have banks, you will still have banking, you will still have the dollar, but you will also have these important companion innovations that recognize that all of that trust must also live at a device-centric level, empowered by open software and open technology that’s additive.
Before joining Circle, Disparte was executive vice chair at Facebook’s cryptocurrency project Diem, formerly Libra. A Harvard Business School grad, he also served on the National Advisory Council for FEMA. His take on preventing the next pandemic: we need to have financial resources in place now, instead of scrambling for ad hoc funding when the inevitable occurs.
Taking lessons from Covid, he believes that delivery systems for financial relief need to be fast, inclusive, and digital. His committment to creating resiliency and inclusivity is personal. He grew up in Puerto Rico, the first member of his family to graduate from high school or college.
One thing Disparte does not believe in are central bank digital currencies (CBDC’s) -just one of the many topics we discuss in this special episode of the Hale Report. We’ve provided a selection of Dante’s writing and comments below, but you can find more at his personal website, dantedisparte.com
More by Dante Disparte
August 10, 2022 / Forbes
For a sure career path, bet on the risk business. For a sure dividend, bet on diversity.
August 3, 2022 / The Scoop
CBDCs are 'anti-democratic' says Circle's Dante Disparte (Podcast)
Davis Quinton and Frank Chaparro
In this episode of The Scoop, Chief Strategy Officer and Head of Global Policy at Circle, Dante Disparte, joins host Frank Chaparro to share his take on what a responsible approach to stablecoin regulation might look like and why he believes central bank digital currencies are "anti-democratic."
July 29, 2022 / Diplomatic Courier
The rules that govern the world need upgrades because they are only exacerbating financial exclusion and creating an insidious drag coefficient on the global economy. The era of blockchain-based financial services is extending financial access to once excluded populations
July 25, 2022 / Real Clear Markets
Why Congress Must Act On Stablecoin Legislation
How responsible dollar digital currency innovations (aka payment stablecoins) are nationally regulated is the cornerstone of stability in the otherwise volatile, but vital blockchain finance market.
July 19, 2022 / Coindesk
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, Rohan Grey, Assistant Professor of Law at Willamette University join Custodia Bank CEO Caitlin Long at Consensus 2022 for a conversation around crypto regulations and who should be allowed to issue digital dollar.
July 11, 2022 / Geopolitical Intelligence Services
Borderless money in a hot, flat and crowded world
Countries are beginning to realize that they can benefit from more inclusive forms of device-centric money, payments and financial services.
July 7, 2022 / Project Syndicate
Yes, Crypto Still Matters
Large, bureaucratic, highly regulated industries like banking and finance generally do not evolve with the pace of technological innovation unless they are confronted with a new competitive challenge. “Crypto winter” or not, blockchain continues to represent precisely such a transformative force.
June 28, 2022 / ABANA
ABANA and the Atlantic Council’s empowerME Initiative hosted a conversation on cryptocurrency – its landscape, challenges, risks and opportunities.
August 5, 2022 / ODI Global
Could Crypto be the key to global financial inclusion? (Podcast)
Sara Pantuliano, Cathal Long, Sheila Warren, Mercina Tillemann Perez
In this episode, experts weigh up these arguments and assess the potential of crypto to create more inclusive, democratic financial systems.
September 2022 Release
Black & Latino Crypto Footprint Since 2009
This is an introductory digest that captures the journey & footprint of Black & Latino pioneers in blockchain & cryptocurrency since 2009.
August 4, 2022 / The Block
About 5% of payments withdrawn from Deel’s platform monthly were taken in cryptocurrency in the first half of the year, up from 2% in the previous six months.
Latin America leads demand for crypto payments amid local currency volatility.
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I remember the days when my clients were deciding whether or not to compete in global markets, and later, whether or not to participate in the Internet. Pretty soon, every major corporation will have to have a strategy for the Internet of money, both to minimize risks and reach more customers worldwide. Luckily, some of the smartest minds, and the smart money are working on this.