#19: Testing DLT-based Central Bank Solutions

CBDC Broadcast

3 Jul

6th July 2023

With:

| Aniko Szombati (Magyar Nemzeti Bank)

| Chris Ostrowski (SODA)

In this session, Anikó Szombati (Chief Digital Officer, Magyar Nemzeti Bank) and Chris Ostrowski (CEO, SODA) join FNA to pull back the curtain on Hungary’s unique "edutainment" approach to retail CBDCs. While most central banks focus on the technical plumbing, the Magyar Nemzeti Bank (MNB) is focusing on the mindset of the user.

By leveraging the Money Museum mobile app, the MNB has successfully engaged thousands of citizens in blockchain-based activities. Users solve financial literacy quizzes to earn NFTs and collect digital commemorative coins, providing the central bank with invaluable data on how the public interacts with DLT-based assets. This session explores how "gamifying" the early stages of a CBDC can bridge the trust gap and ensure a smooth transition from physical to digital cash.

The Session Covered:

The Edutainment Strategy: How Hungary’s approach to rCBDC differs from standard pilots by prioritizing public engagement and financial literacy.
DLT in Production: Insights from implementing a private blockchain-based ledger on the central bank's own infrastructure.
NFTs as Education Tools: Using token swapping and digital coin collecting to demystify complex concepts like digital ownership and wallets.
Consumer Use Cases: Analyzing whether "gamified" engagement actually leads to long-term adoption of digital currencies.
Global Lessons: What other central banks can learn from Hungary’s "test-and-deploy" methodology.

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