• Brave New World - Why the UK needs to get ready for a Central Bank Digital Currency
• Jim Ford and Jannah Patchay
• 9am, Tuesday 27th April 2021, Zoom
• Chaired by Lord Sharkey
Central bank digital currencies (CBDCs) have become an increasingly important topic over the past two years for governments and central banks globally.
The recently published Kalifa Review of UK Fintech advocates for the development of a CBDC in the UK, citing the potential for greater resilience and efficiency in the payments system and for driving technology innovation in financial services. The Bank of England has published a discussion paper outlining how a CBDC could help it achieve its objectives of maintaining monetary and financial stability.
Other jurisdictions, including the USA, Canada, Switzerland, the European union, Sweden and Singapore are actively exploring the business case for this new form of money, assessing its potential benefits in areas such as monetary policy, financial inclusion, domestic and cross-border payments, trade and welfare.
In this session, we will provide an overview of this rapidly developing space, covering fundamentals such as:
• What is a CBDC, and how does it differ from existing forms of digital (and non-digital) money?
• Why does the UK need a CBDC?
• How can the introduction of a CBDC enable the UK to deliver its policy objectives, and to maintain a leadership position on the global stage?
• Examples of current projects across the world
• Considerations for a well-designed CBDC
• The impact on existing payment architectures
• Next steps policymakers should take to support the development of a CBDC
Jannah is a consultant specialising in financial markets innovation, with 20 years' experience across a range of market participants ranging from exchanges and tier-1 banks to fintechs.
Jim has worked in the payments industry for over 30 years and has been providing thought leadership in the area of CBDCs working with various central banks.