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CBDC: short- and medium-term opportunities ​ and challenges for central banks and the industry

CBDC: short- and medium-term opportunities ​ and challenges for central banks and the industry

Day 1 Morning

Wednesday 23 February

Room :

QUEEN MARY (ground floor)

Speakers

Chair
Ulrich Bindseil
Director General, DG Market Infrastructure & Payments - European Central Bank (ECB)
Public Authorities
Denis Beau
First Deputy Governor - Banque de France
Anna Breman
Deputy Governor - Sveriges Riksbank
Jon Cunliffe
Deputy Governor, Financial Stability and Chair of the CPMI - Bank of England
Marcel Haag
Director, Horizontal Policies - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Industry Representatives
Kristine Braden
Europe Cluster Head & Chief Executive Officer - Citigroup Global Markets Europe AG
Alejandra Kindelán Oteyza
Head of Research, Public Policy and Institutional Relations - Grupo Santander
Marion Rouso
Managing Director of Retail Banking, Member of the Board of Executive Directors - La Banque Postale

Objectives of the session

The role of cash is being challenged by digitalisation. Central Banks are trying to propose an attractive modern form of money to citizens and firms, while they seek consolidating their role and sovereignty on monetary policy and trying not endangering financial stability. In this context a group of central banks, together with the Bank for International Settlements, are working together to explore central bank digital currencies (CBDCs) for the public.

Based on the experiments already launched the session is dedicated to clarifying the main use cases identified by Central banks, their specific usefulness factor, whether they will address the need for enabling innovation and how they will interact with existing payment systems and market participants. Adoption plans of CBDCs, and policy priorities will also be discussed.

Questions to be addressed

  1. What are the main retail CBDC use-cases envisaged by Central Banks and related success factors and policy priorities?
  2. How would Central banks define what they are currently doing on retail CBDC: experimentation, research, project, etc? What their current timelines and deliverables?
  3. What are the specific issues raised by retail CBDC? How to integrate retail CBDCs into the existing payment ecosystem – and what are the key trade-offs?