Digital Currencies: Coexistence or Competition

Thursday, 12th January 2023


Digital money is not a new thing. It’s been around for decades in the form of reserves at the central bank and commercial bank money. But today, we have additional forms of digital money, such as rCBDCs. We also have what we call challenger forms of money with stablecoins as the main example. With the new entrants to the money ecosystem, we must ask:  How will the different forms of money interact? Are they substitutes or complements? Is it competition or coexistence? 

To answer these questions, FNA was joined by guests Catherine Gu (Visa) and Carmell Cadet from EMTECH.


The session covered: 

  • How system providers are looking at rCBDCs as part of their business
  • The key to CBDC success following weak adoption in Nigeria, Bahamas and China
  • How new forms of money and challenger forms of money will reshape the payments ecosystem
  • The roadblocks to the successful integration of rCBDCs with existing systems and infrastructure
  • The use cases for consumers and merchants that could spur adoption without crowding the payments market
  • Whether jurisdictions could blend digital currencies to address multiple use cases, including a central bank’s motivations.
  • Whether the availability of stablecoins and cryptos is pushing some countries to preserve monetary sovereignty
  • Short and long-term predictions about the impact and market share of rCBDC and Stablecoins


Watch now:


Key Resources: 

Session 13 Slides access here > 



Session #13 Guests


Catherine Gu

Head of CBDC and Protocol | Building Crypto Infrastructure, Visa Crypto

Could you also add Catherine’s bio to the website? Catherine Gu is Visa’s Global Head of CBDC and Protocol, building digital payment and digital currencies solutions with central banks, financial partners and global infrastructure technology companies. Prior to Visa, she spent 2 years on stablecoin research while studying at Stanford University with Prof. Dan Boneh. She also worked at 2 crypto startups: Anchorage and Gauntlet. Prior to crypto, Catherine worked at J.P. Morgan and Man Group in quantitative finance. Catherine graduated with M.S. in Management Science & Engineering from Stanford University, and First Class B.A. and M.Phil in Economics from Trinity College, University of Cambridge.

Carmelle Cadet

Founder & CEO, EMTECH

Carmelle M. Cadet is the Founder and CEO of EMTECH, a technology company working with central banks around the world to make their financial infrastructures inclusive and resilient by design. At EMTECH, Carmelle leads the vision of developing the next generation central banking infrastructure to drive financial inclusion, economic development and modernization of regulatory environments. From Digital Regulatory Sandbox to Digital Cash Platform, Carmelle and her highly experienced team of former regulators and experienced engineers, present groundbreaking and actionable tech solutions to solve current economic challenges.

A thought leader and public speaker in fintech, Carmelle also advises other women, minority fintech entrepreneurs. She has won and has been nominated for several awards for her leadership and trailblazing work.

In her previous life, Carmelle was the Deputy CFO for IBM Blockchain where she spearheaded the global product commercialization and financial management strategy. With clients like Walmart, JPM Chase, Softbank, Carmelle oversaw the launch of several groundbreaking technologies that drove better food safety, strong cybersecurity and supply chain digitization. She joined the company as a Financial Analyst, and when Carmelle took over as Product CFO she helped lead a highly successful product launch that created 200+ jobs while driving strong revenue growth to over $100M in 3 years.

Carmelle earned her Executive .M.B.A. from the New York University Stern School of Business with specializations in Leadership and Global Business, and her B.A. from Florida Atlantic University. She is originally from Haiti, but now lives in NYC with her husband and son.

U.S. Congressional Hearing




Missed our previous sessions? Watch the series on-demand


12th January 2023

Digital Currencies: Coexistence or Comeptition

With: Catherine Gu & Carmelle Cadet

Watch Now >


8th December 2022

CBDC Interoperability in Cross-border payments

With: John Kiff & Simon Chantry

Watch Now >



17th November 2022

CBDC Interoperability, Benefits and Implications- A U.S. Perspective

With: Commissioner Hester M. Peirce & Patrick McCarty

Watch Now >


5th October 2022

Gaining Momentum: Options for access to and interoperability of CBDCs worldwide

With: Anneke Kosse & Illaria Mattei

Watch Now >


29th September 2022

What CBDC features will drive consumers’ and merchants’ adoption?

With: John Velissarios & Raoul Herborg

Watch Now >


10th August 2022

Aligning Technology and Policy: The Oliver Wyman Forum and Amazon Web Services (AWS) Report

With: Larissa de Lima & Erica Salinas

Watch Now >


20th July 2022

CBDC Motivations and Challenges – A Perspective from Asia-Pacific

With: Masaki Bessho & Dr Steven Hu

Watch Now >


30th June 2022

Central Banks and Private Money: The Past, Present and Future

With: John Kiff & Harish Natarajan

Watch Now >


18th May 2022

CBDC Motivations and Challenges – A Perspective from Latin America

With: Ludmilla Butueau Allien & Dr Adolfo Sarmiento

Watch Now >

28th April 2022

CBDC Motivations and Challenges- A Perspective from the UK & Canada

With: Dr Francisco Rivadeneyra & Mehregan Ameri

Watch Now >

16th March 2022

HSBC & IBM’s Joint CBDC Project

With: Mark Williamson & Soren Mortensen

Watch Now >

15th February 2022

Critical policy issues & Lessons Learned from UK and China

With: Jean-Michel Godeffroy & Keith Bear

Watch Now >

11th January 2022

Quantifying the Impact of CBDCs

With: Dr Kimmo Soramäki & Dr Carlos León

Watch Now >

More News

Liquidity Management: A New Challenge for Banks

By Phillip Straley for International Banker  “Stories of liquidity pressures have dominated the headlines recently as banks and other financial institutions feel the strain of current market challenges.” FNA President Phillip Straley writes for International Banker, explaining what actions banks can take to solve liquidity challenges. Read the article, Liquidity Management: A New Challenge for Banks, here >   

The CBDC Broadcast Session #13

Digital Currencies: Coexistence or Competition Thursday, 12th January 2023   Digital money is not a new thing. It’s been around for decades in the form of reserves at the central bank and commercial bank money. But today, we have additional forms of digital money, such as rCBDCs. We also have what we call challenger forms […]

The FMI Broadcast Session #7

A Global Standard for Payment Messaging- Everything You Need to Know About ISO 20022 Wednesday, 25th January 2023 | 2pm   ISO 20022 is expected to create a global and open message standard across all business lines of the financial industry. Several long-lived financial communication standards, such as ISO 15022 (cross-border securities settlement), ISO 8583 […]
Copyright FNA © 2023 | Privacy Policy