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2021

‘It’s the End of the World as We Know It (And I Feel Fine)'

By Richard B. Levin, Kevin Tran

Law Business Research

‘It’s the End of the World as We Know It (And I Feel Fine)’ – (R.E.M, Document 1987). If you believe critics of digital assets and blockchain technology like Nouriel Roubini and Charlie Munger, you might believe the rise of these technologies is the ‘end of the world.’ Supporters of blockchain technology and digital assets, however, “feel fine.” (Roubini, N. 2018 and La Roche, J. 2021). One apparent supporter of  blockchain technology is former Chairman of the Federal Reserve Bank and current Treasury Secretary Janet Yellen, who has noted:

It makes sense for central banks to be looking at [central bank digital currencies]… We do have a problem with financial inclusion. Too many Americans really don’t have access to easy payment systems and to banking accounts, and I think this is something that a digital dollar – a central bank digital currency – could help with. I think it could result in faster, safer, and cheaper payments.