Central banks are fully embracing the need for innovation to improve payments. Central bank digital currencies, particularly in the wholesale space, offer a promising avenue to improve domestic payments efficiency, foster competition and set high standards for safety and risk management.
During this period of rapid innovation, collaboration and communication between governing authorities and those implementing new technology solutions, it is crucial to ensure that the pace of change does not result in additional risks or unintended consequences.
OMFIF’s Digital Monetary Institute, in partnership with Visa, convened a high-level panel discussion to explore the path to improvements in wholesale payments and the complementary roles of the public and private sectors. We examined the motivation behind central bank interest in wholesale CBDCs, understood the various roles of domestic payments participants and explored strategies to facilitate compatibility with other systems and jurisdictions. We addressed the need for cybersecurity and operational resiliency and considered what could be learned from projects and real-world examples.
Speakers:
Catherine Gu, Global Head, CBDC and Protocol, Visa
Claudine Hurman, Director, Innovation and Financial Market Infrastructures, Banque de France
Philipp Müller, Banking Operations Analyst, Swiss National Bank
Basak Toprak, EMEA Head of Coin Systems and Global Product Owner Deposit Tokens, Onyx by JP Morgan
Supported by:
Recorded: 12/09/2023
Disclaimer: This video experienced technical difficulties during the original recording session. Portions have been re-recorded to ensure delivery of complete and accurate information. We apologise for any inconvenience and appreciate your understanding.