A clash of cultures is holding back digital currencies

"JUST because you've been relevant for the last 100 years does not mean you'll be relevant for the next 100 years."

Sunayna Tuteja's reflections stood out at a digital currency conference in Washington, D.C. last month for 2 reasons. First, because few people challenge central bankers so directly on the threat posed by digital currencies and second, because this challenge came from a serving central bank official.

As the chief innovation officer of the Federal Reserve System, she brought some of the Silicon Valley mentality of her former career as head of strategic partnerships and emerging technologies at TD Ameritrade to a room full of central bankers, who are beginning to see the first outlines of a new digital financial landscape.