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

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? Watch the series on-demand


23rd February 2023

Project mBridge: Real-Value Transactions through a Cross-border CBDC Platform

With: Daniel Eidan (Bank for International Settlements) & Ousmène Jacques Mendang (Accenture)

Watch Now >


12th January 2023

Digital Currencies: Coexistence or Competition

With: Catherine Gu (Visa) & Carmelle Cadet (EMTECH)

Watch Now >


8th December 2022

CBDC Interoperability in Cross-border payments

With: John Kiff (Satoshi Capital Advisors) & Simon Chantry (Bitt)

Watch Now >



17th November 2022

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

With: Commissioner Hester M. Peirce (The U.S Securities and Exchange Commission) & Patrick McCarty (Georgetown University)

Watch Now >


5th October 2022

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

With: Anneke Kosse & Illaria Mattei (Bank for International Settlements)

Watch Now >


29th September 2022

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

With: John Velissarios (Accenture) & Raoul Herborg (G+D)

Watch Now >


10th August 2022

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

With: Larissa de Lima (Oliver Wyman Forum) & Erica Salinas (Amazon Web Services)

Watch Now >


20th July 2022

CBDC Motivations and Challenges – A Perspective from Asia-Pacific

With: Masaki Bessho (Bank of Japan) & Dr Steven Hu (Standard Chartered Bank)

Watch Now >


30th June 2022

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

With: John Kiff (Satoshi Capital Advisors) & Harish Natarajan (The World Bank)

Watch Now >


18th May 2022

CBDC Motivations and Challenges – A Perspective from Latin America

With: Ludmilla Butueau Allien (Bank of the Republic of Haiti) & Dr Adolfo Sarmiento (Central Bank of Uruguay)

Watch Now >

28th April 2022

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

With: Dr Francisco Rivadeneyra (Bank of Canada) & Mehregan Ameri (Bank of England)

Watch Now >

16th March 2022

HSBC & IBM’s Joint CBDC Project

With: Mark Williamson (HSBC) & Soren Mortensen (IBM)

Watch Now >

15th February 2022

Critical policy issues & Lessons Learned from UK and China

With: Jean-Michel Godeffroy (JMG Consulting) & Keith Bear (University of Cambridge)

Watch Now >

11th January 2022

Quantifying the Impact of CBDCs

With: Dr Kimmo Soramäki (FNA) & Dr Carlos León (FNA)

Watch Now >


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