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

Thursday 30th June 2022, 14:00 (BST)

Throughout history, technological developments, economic growth and the requirement for the effective execution of payments have driven changes to currencies and the financial system- from the first transatlantic cable to the rise of ATMs and credit cards 100 years later. 

Today, as new technologies and innovations continue to emerge with the potential to transform the financial system, such as CBDCs, we ask, what historical and modern lessons are shaping the future of CBDCs?

To answer this question guests John Kiff, Managing Director at the CBDC Think Tank and Harish Natarajan, Lead Financial Sector Specialist, Finance, Competitiveness & Innovation at The World Bank joined FNA for Session #6 of The CBDC Broadcast.

The session covered:

    • The stability of the banking sector and consequences of instability
    • Whether banks are likely to see declines in profits or increased funding costs  when a new form of central bank currency arrives
    • Why G7 economies are still in the Research & Development phase of their CBDC projects whereas small, emerging economies like The Bahamas, which seem to be leading the deployment of CBDCs
    • Whether other nations will follow China in introducing a non-DLT-based retail CBDC
    • What CBDCs promise and what they are likely to deliver

 

Watch the recording:

Session #6 Guests

 

 John Kiff

Managing Director at the CBDC Think Tank

From 2005 to 2021, John Kiff was a Senior Financial Sector Expert at the International Monetary Fund (IMF). Before that, John was at the Bank of Canada for 25 years, where he spent most of his time managing the funding and investment of the government’s foreign exchange reserves, including running its interest rate and currency swap book. At the IMF, John was part of the team that produced the semi-annual Global Financial Stability Report covering innovative financial products. More recently, he has focused on fintech issues and central bank digital currency.

 Harish Natarajan

Lead Financial Sector Specialist, Finance, Competitiveness & Innovation, The World Bank

Harish is the Lead Financial Sector Specialist on Payments and Market Infrastructures in the Finance, Competitiveness and Innovation Global Practice. He is a core member of the cross-sectoral teams at the World Bank working on Universal Financial Access 2020, ID for Development, Government payments, Digital Economy and FinTech. Harish represents the World Bank in the working groups of the Committee on Payment Market Infrastructures (CPMI) at the Bank for International Settlements and FinTech-related working groups at the Financial Stability Board (FSB). Prior to joining the World Bank, Harish worked with VISA Inc, in the South Asia region in various senior-level positions in business development, operations and risk management. Harish has also worked with Citigroup, Infosys and other technology companies in the areas of payment systems and retail banking.

Resources & Links

Access the slides from this session here > 

John Kiff writes a daily blog on the latest CBDC news and developments, Kiffmeister Chronicles >

“Payment aspects of financial inclusion in the fintech era” Committee on Payments and Market Infrastructures Read More >

Central Bank Digital Currency: A Payments Perspective Report Read More >

Central Bank Digital Currencies: A new tool in the financial inclusion toolkit? Read More >

Casting Light on Central Bank Digital Currency Read More >

A Survey of Research on Retail Central Bank Digital Currency Read More >

Behind the Scenes of Central Bank Digital Currency Read More >

 

Missed our previous sessions? Watch the series on-demand

 

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

Why should commercial banks simulate the economic impact of retail CBDCs?

by Dr Carlos León and José Fernando Moreno Gutiérrez Central bank digital currencies (CBDCs) and other forms of digital money are here to stay. As intermediaries in the funding and payments ecosystems, commercial banks will see their business-as-usual activities affected. Commercial banks need quantitative insights into how they will be affected to thrive in this […]

The CBDC Broadcast Session #8

Aligning Technology with Policy: A look at the recent Oliver Wyman Forum and Amazon Web Services (AWS) Report Wednesday 10th August 2022, 14:00 (BST)   Guests Larissa De Lima from the Oliver Wyman Forum and Erica Salinas from Amazon Web Services will join FNA for Session #8 of the CBDC Broadcast, discussing the guests’ joint […]

Q&A: FNA’s Carlos León on how digital money can be more efficient and safe

By Lucas Mearian, Senior Reporter, Computerworld As more and more countries look to introduce Central Bank Digital Currencies. FNA’s Director of Financial Market Infrastructures and Digital Currency Solutions, Dr Carlos León, answers Computerworld’s questions on CBDCs, covering: The reasons why Central Banks are exploring the introduction of Digital Currencies The advantages CBDCs offer Potential technical […]
Copyright FNA © 2022 | Privacy Policy