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

 

Thursday 30th June

With: 

| John Kiff, CBDC Think Tank

| Harish Natarajan, The World Bank

 

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

Satoshi Capital Advisors

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.

 

Missed our previous sessions?

 

You can catch up with The CBDC Broadcast on-demand. View all episodes > 

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