- Before watching Part 1 of the video discuss the vocabulary below with your teacher.
- Watch the video with the English subtitles. Pay attention to how the new vocabulary is used. Pause the video when you need to.
- Try to answer the comprehension questions. Rewatch the video until you are happy with your answers.
Note: “discuss” means that you should understand the quote or statement and be ready to share your opinion about it. Do you agree/ disagree/ expand on the idea?
Let’s start by looking at some of the more important vocabularies from 11 minutes to the end of the video
“It seems imperative that the move to a CBDC will grow over time. The truth is that CBDC’s might actually be our best hope for digital currencies to be adopted”
Starting with the words “allow me to explain“
Name some tech’s that have been mass adopted in the last 30 years
What does it mean to interface with a financial system?
What does your backbone do?
When the coach makes a good call in a match, what happens?
How can something be inflated into oblivion?
Chap is British English for …..?
Rate the level of “bog-standard” between 1 and 10.
What does it mean to roll out a new project
What does a privacy-preserving blockchain do?
What do we need resilience for?
What should happen when you reach a threshold?
KYC = know your customer
AML = Anti-money laundering
When we talk about the meat and potatoes of a subject, what are we talking about?
If someone tells you to buckle up what are they preparing you for?
If you rack up debt, what is happening?
What is financial innovation?
What is quantitative easing?
If you can conjure what can you do?
What is the expression “too big to fail“a reference to?
What doe a bailout do?
What does a snazzy outfit/costume look like?
What happens when something goes bust?
fintech = financial tecnology
Continue the video from minute 11 with the English subtitles
Do you agree that for cryptocurrency to be widely adopted they need the support of the central banks?
What are the Marshall islands trying to do?
What restrictions do the Marshall islands CBDC have? and why?
Describe the following challenges
What are some examples of privacy-preserving blockchains?
What is the privacy paradox?
What do you think about the idea of regulation for large transfers? (KYC&AML)
Do you think it’s possible to have privacy for transactions below a certain threshold and auditability for higher volume transactions?
Can this technology be implemented in a decentralized CBDC ledger?
CBDC potential Impact on crypto (minute 15)
Do you agree that the central bank interest rate tool is useless?
What happens when taxes can’t pay for government debt repayments?
Will central banks replace debt-based money with debt-free money?
What does it mean to kill fiat?
What does he predict about China?
CBDC’s for every major currency
Comment on the follow:
Fintech companies use new tech and API keys to create new money supplies not backed by debt (no need to create debt to create new money)
There are no systemic risks of debt but what are the risks?
Can the government use CBDC’s be used to track everything we do?
Will CBDC’s need a certain level of user technology knowledge and hardware?
What can we do for people without a smartphone?
What do you think about the suggestion for an app that allows customers to convert their cash into a digital currency in the event of a bank going bust?
What’s the problem with this scenario?
Can CBDC’s be used to automate tax collection?
Do you agree or disagree that CBDC’s will be used to attach freedom and privacy?
Bitcoin (minute 21)
What do you think about Bitcoin as a counterweight to CBDC’s in the future?