Digital Currencies beyond Borders: International Implications of CBDCs
Today, cross-border payment systems are far from being frictionless and efficient. According to data by the World Bank, for cross-border payments, on average, more than 7% transaction fees are charged. Central bank digital currencies (CBDCs) have the potential to improve these international payment processes in various ways. At this point, standardization, harmonization and interoperability between domestic payment systems with possible different payment arrangements become strikingly important. A committed cooperation to build a bridge between multi-currency cross-border payments through an enhanced financial infrastructure with the design principles supporting privacy, security, fairness, efficiency, inclusivity, and legal compliance would bring about a promising solution. Additionally, international implications of CBDCs need to be further studied as CBDCs could impact exchange rates, international capital flows, and, in general, also the supremacy of specific currencies.
In particular, in this webinar, we focus on the international dimension of CBDCs and, amongst others, address the following questions:
What is the potential of CBDCs in improving today’s cross-border payment systems?
In which ways can the interoperability of multiple domestic CBDCs be achieved?
What are the international implications of CBDCs?
How could CBDCs impact worldwide capital flows and exchange rates?
Which CBDC design principles may impact the international implications of CBDCs?
In which ways can an interoperable multi-currency financial infrastructure be built upon the best CBDC design principles?
During the webinar, you will also have the opportunity to ask direct questions to the speakers.
Dr. Jon Frost, Senior Economist, Bank for International Settlements
John Velissarios, Global Managing Director Blockchain and Multiparty Systems, Digital Assets, Custody & CBDC Lead, Accenture
Dr. Taojun Xie, Senior Research Fellow, National University of Singapore
Ashley Lannquist, Project Lead, Blockchain & Digital Currency, World Economic Forum
Jonas Gross, Co-founder, and member, Digital Euro Association (DEA)