The Future of Money: CBDCs and Beyond
Wednesday 21st June 2023
| Dr Tony Richards, Chair CBDC Committee, Digital Finance CRC
| Sonja Davidovic, CBDC Lead, BIS Innovation Hub Singapore
In session #17 of the CBDC Broadcast, guests Dr Tony Richards and Sonja Davidovic offered valuable insight into their work exploring digital currencies and how they contribute to shaping the future of money.
We gained insight into the RBA’s collaboration with DFCRC exploring rCBDC use cases in Australia, while Sonja discussed the BISIH’s Project Nexus investigating the scalability and interoperability of digital money, as well as cross-border transactions in the Asia-Pacific region.
Throughout the session, we addressed the key considerations and challenges associated with CBDCs, including technological considerations, regulatory frameworks, financial stability, and user adoption. We also looked at the importance of international collaboration among central banks, payment system operators and technology providers.
In this session, we covered:
- The Reserve Bank of Australia’s collaboration with DFCRC exploring rCBDC use cases in Australia
- Overview of Project Nexus and the next steps for the scalability and interoperability of digital money in facilitating cross-border transactions beyond the Asia-Pacific Region
- The collaborative efforts and standardization measures necessary to ensure global CBDC compatibility
- The challenges and considerations to ensure financial stability, compliance with monetary policy and user adoption
- The importance of international cooperation and public-private partnerships in realizing the full potential CBDCs and other forms of digital money
- Other innovations currently being explored that will likely shape the future of money and payments
Session #17 Guests
|Dr Tony Richards|
Chair, CBDC Committee Digital Finance CRC
CBDC Lead, BIS Innovation Hub Singapore Singapore
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