Digital Currencies: Coexistence or Competition


Thursday 12th January 2023


| Catherine Gu, Visa

| Carmelle Cadet, Emtech


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 Carmelle 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 On-Demand:



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.




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