Retail-wholesale integration: building a unified framework for digital public money
Wholesale and retail use cases for central bank digital currencies do not alter their core monetary attributes as public money. A unified model can address both wholesale and retail use cases by defining the distinction at the wallet level and tokens can move across these wallets without changing their nature.
OMFIF’s Digital Monetary Institute, in collaboration with Giesecke+Devrient, convenes a private roundtable to explore how central banks can design such integrated CBDC frameworks. Participants gain insights into how a single, flexible infrastructure can preserve monetary uniformity while enabling phased activation of wholesale and retail use cases in accordance with national priorities.
This in-person roundtable provides a forum for informal exchanges and a deeper understanding of participants’ perspectives. The discussion covers:
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Whether the differences between wholesale and retail CBDC approaches reflect fundamentally different policy goals
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The case for a unified CBDC system beyond just improving interoperability
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If a unified CBDC architecture can effectively balance the operational and risk requirements of both wholesale and retail systems
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How a unified CBDC system could reduce fragmentation and bring different forms of money together into a coherent digital public infrastructure
Speakers
Wolfram Seidemann
Chief Executive Officer
Giesecke+Devrient Currency Technology
Wolfram Seidemann
Chief Executive Officer
Giesecke+Devrient Currency Technology
John Orchard
Chairman, Digital Monetary Institute
OMFIF
John Orchard
Chairman, Digital Monetary Institute
OMFIF
Kateryna Zhabska
Financial Sector Expert, Payments, Currencies and Infrastructure
International Monetary Fund
Kateryna Zhabska
Financial Sector Expert, Payments, Currencies and Infrastructure
International Monetary Fund
Kateryna Zhabska is Financial Sector Expert at Monetary and Capital Markets Department of the International Monetary Fund, specialized on Payments and Digital Currencies. Before joining the Fund Kateryna spent 9 years at the National Bank of Ukraine and left as a Head of Innovations in Payments. Where she was leading research project on CBDC, supervising the development of innovative payment products and regulations for payment innovations. Kateryna has master’s degree in international economics from Taras Shevchenko National University of Kyiv and FinTech and Regulatory Innovation Certificate from Cambridge Judge Business School. Kateryna used to be a guest lecturer at Cambridge Judge Business School, Harvard Kennedy School, and University of Chicago.
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