#20: New Digital Currencies Shaping the Future of Money

CBDC Broadcast

6 Sept

21st September 2023

With:

| Sharmyn Powell (East Caribbean Central Bank (ECCB))

In this session, Sharmyn Powell (Chief Risk Officer, ECCB) joins FNA to provide a "on the ground" perspective of the DCash rollout across the Eastern Caribbean. As the Chairperson of the ECCB Fintech Working Group, Sharmyn shares the strategic motivations behind the project—namely reducing high transaction costs and bridging the "financial divide" for unbanked citizens.

The discussion goes beyond the technical to explore the human friction of adoption: from overcoming limited internet access to educating a public accustomed to physical cash. Our guest also addresses the competition from stablecoins and cryptocurrencies, explaining why central bank backing is the essential "trust anchor" needed to protect the public while fostering private-sector innovation.

Key Discussion Points:

The DCash Mandate: Assessing the move from pilot to "DCash 2.0" and the strategic push to double the ECCU economy.
Adoption Hurdles: Analyzing how digital literacy, connectivity gaps, and entrenched payment habits impact the speed of rollout.
The "Digital Cash" Proxy: How CBDCs can replicate the anonymity and accessibility of physical cash for at-risk and vulnerable groups.
Regulator as Innovator: The evolving role of central banks in supervising diverse digital assets while maintaining financial stability.
Ecosystem Synergy: Why the coexistence of tokenized deposits and CBDCs is necessary for a resilient modern payment landscape.

Watch on Demand:

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