A Future of Finance Webinar with Central Banks, Banks, Payment Organisations, Regulators and Technology Companies
Tuesday November 23 2021, 14.00 – 15.00 UK time
Perhaps one jurisdiction and a half have actually launched a Central Bank Digital Currency (CBDC). But the second largest economy in the world (China) is now promising to turn its pilot CBDC into a full-fledged digital fiat currency as soon as February 2022. It would be surprising if a member of the G7 – and especially the United States, possessor of the dominant reserve currency of today -did not feel obliged to respond. The Bank for International Settlements (BIS), whose membership encompasses 63 central banks, has followed up its paper on the foundational principles and core features of a CBDC with a further three covering the design of CBDC systems, how users can be recruited to use CBDCs and how central banks can manage the likely impact on financial stability of issuing a CBDC. The infrastructural arm of the BIS, the Committee on Payments and Market Infrastructures (CPMI), is consulting on why issuers of Stablecoins – the original rival to CBDCs, which prompted the surge of activity by central banks since Facebook unveiled Libra in the summer of 2019 – should be subject to its Principles for Financial Market Infrastructures (PFMIs). With Stablecoins now locked in a symbiotic relationship with the emergent Decentralized Finance (DeFi) markets, questions are being asked about how CBDCs will interact not just with Stablecoins but with the crypto-currencies and tokenized assets that are driving the growth of DeFi. Answers are being sought to the potential risks posed by CBDCs to the funding base of the banking industry, the monetary sovereignty of nation-states, the innovative capacity of the private sector and the privacy of citizens. The benefits, in terms of financial inclusion and improvements to the cost, speed and transparency of cross-currency payments, are being trumpeted. At this webinar, Future of Finance returns to a topic that is already established as the most important, exciting and fastest-evolving of official responses to the threats and opportunities presented by the digitization of money and payments.
The topics to be discussed will include:
- How will central banks work with the private sector after issuing CBDCs?
2. Which parts of the current payments eco-system are most likely to be disrupted by a CBDC?
3. How will central banks drive the adoption of a CBDC?
4. Are Stablecoins complementary to or competitive with CBDCs?
5. What impact will CBDCs have on the money markets, and especially bank deposits?
6. Could CBDCs threaten the monetary sovereignty of nation-states?
7. Is a CBDC compatible with the maintenance of personal privacy?
8. Will CBDCs displace banks and payments market infrastructures in cross-border payments?
9. Will CBDCs stimulate financial innovation or suppress it?
10. How will CBDCs interact with the DeFi markets?
Robert Patalano, Deputy Head of Insurance, Public Pensions and Financial Markets Division at the OECD
As deputy head of division, Rob Patalano serves as a senior financial expert and manages the OECD’s Committee on Financial Markets (CMF). He directs the analytical work for the Committee related to global financial markets, the growth of financial technologies, and sustainable finance. In this capacity, Rob represents the OECD on the Financial Stability Board’s working groups on financial stability and fintech, the Network for the Greening of the Financial System, and the European Securities and Markets Authority’s Financial Innovations Consultative Working Group.
Will Lovell, Head of Future Technology at the Bank of England
Will is responsible for looking at how new technologies are influencing the financial system, as well as how they can be exploited to meet the Bank’s mission. Among other things this involves work on distributed ledger, digital currencies and their usage with payment and settlement platforms. Much of his time is currently spent working on the renewal of UK’s RTGS to ensure that the new platform is fit for purpose for the upcoming changes in payment technology.
Ricardo Correia, Head of Digital Currencies at R3
Ricardo currently leads Product Business Development for Digital Currencies (CBDC and Stablecoins) at R3. He and his team have spent the last 12 months developing and running a global CBDC working group with over 100 members, including major central banks from around the world. Ricardo initially served as Head of APAC at R3 for the first 18 months, growing the team and working with member banks across the region. He then spent 3 years as Global Head of Strategic Alliances & Partnerships, building a network of 300+ global partners who develop solutions and offer services on Corda. Before joining R3 Ricardo worked with the Commonwealth Bank of Australia, Avanade, Accenture and Microsoft in senior, executive positions. He’s co-founded two technology startups and has spent the last 12 years commercializing early-stage, emerging technologies.
Simon Chantry, CIO and Co-Founder at BITT.com
BITT is a firm that provides Central Banks with technology solutions and services to enable them to digitize their currency and enable CBDC transactions throughout the economy and worldwide
Co-Pierre Georg, Director UCT-Algorand Financial Innovation Lab at the University of Cape Town
Co-Pierre holds the South African Reserve Bank Research Chair at the University of Cape Town where he is the Director of the UCT-Algorand Financial Innovation Lab. He is involved in several CBDC projects around the globe and has previously worked as a Research Economist at Deutsche Bundesbank focusing on payment systems.
Moderated by Dominic Hobson, Co-Founder at Future of Finance
Dominic Hobson has worked for himself for 30 years. He was one of the founders of Asset International, a transatlantic financial publishing, events and survey business, which was sold in 2009. Since then, Dominic has contributed to the work of two data businesses covering financial markets, run a peer group network for hedge fund managers, and co-founded the Future of Finance, which hosts events on innovation in finance. As one half of Hobson Cardew, Dominic also provides consultancy services to a number of financial services businesses and market infrastructures.
For any enquiries or assistance please contact Wendy Gallagher on firstname.lastname@example.org