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By Chris Broussard

It is said necessity is the mother of invention. In a time of pandemic, we have seen new technology rapidly change long-standing practices, meeting new and pressing needs for social distancing and remote operations. In this time of rapid change, we find central bank consideration of digital currencies. Could central bank digital currencies (“CBDC”) along with their private contemporaries, be the next, new technology to drastically change our social and professional experience? This post reviews recent comments from Jerome H. Powell (“Powell”), Chairman of the Federal Reserve, and considers related developments to analyze that possibility. 

What is a CBDC? 

While a universally agreed definition is elusive, CBDCs are generally described as a digital form of the fiat currency of a particular country or region, issued directly by its monetary authority without the involvement of a commercial bank intermediary, and inherently backed by suitable reserve assets. By way of comparison, existing cryptocurrencies, such as Bitcoin (BTC), generally transact through largely decentralized blockchains, are not inherently backed by reserve assets, and have been particularly susceptible to price volatility. 

On October 19, 2020, Powell spoke to the International Monetary Fund, as part of a session on Cross-Border Payments and Digital Currencies (the “IMF Conference”). At the IMF Conference, Powell explained: “We are committed to carefully and thoughtfully evaluating potential costs and benefits of a central bank digital currency from the US Economy and payment system as well as for its international implications.” The commitment Powell describes is likely motivated by developments regarding both Libra and the digital yuan. 

 Our Christmas Eve is not complete without Abuelita’s black beans and rice.

• 1 bag of black beans

• 4 spoons of oil

• 1 onion

• 6 cloves of garlic

• 1medium pepper 

• 1bay leaf

• 1 teaspoon of cumin 

• ½ teaspoon of milled oregano

• ½ spoon of milled bay leaf 

• 1 tablespoonful of dry wine

• 1 teaspoon of sugar

• 1 pinch of salt

Clean and wash the beans well. Leave them to soak overnight with a bay leaf.

The next morning, empty them into a pressure cooker together with the water and the bay leaf; we cook it from 30 to 45 minutes, until they get tender.

Making sofrito- place the oil in a frying pan. When it gets hot, add mashed garlic, the onion and the pepper finely cut. Fry lightly over a low heat for some seconds

Once the beans are tender, uncover the pressure cooker and extract one cup that we reserve to use it later.

Add the sofrito and continue cooking without a cover. Then add the dry wine, the sugar, the salt to taste and the rest of the ingredients.

The the cup removed before and puree it in the blender. Add the purée to the black beans to make the texture more dense.

Stir it well. Check for taste and add more salt if necessary. Remove it from the flame.

Serve it over white rice, accompany it with roasted pork and plantains.