Zoom Webinar: Brave New World – Why the UK needs to get ready for a Central Bank Digital Currency

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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. China, most notably, has already launched its digital currency platform and is now seeking to expand its global footprint.

In this session, we will cut through the hype and 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

Jim Ford is a senior payments professional with over thirty years in the business working on key regulatory and technological developments and analysing the practical impacts of these on the payments industry.
He sits on the board of the Whitechapel Think Tank (WTT) which promotes the UK blockchain and digital agenda in the UK. He has helped to write a number of key industry papers including a report by Lord Holmes entitled “Distributed Ledger Technology for the public good: leadership, collaboration and innovation”.

He has worked with three major central banks on a report assessing how central bank digital currencies could resolve challenges in cross border payments and has made extensive contribution to thought leadership around the impact of blockchain on payments in general. He also contributed to the Bank of England consultation on central bank digital currencies and is currently working with them on the response to the HM Treasury consultation on private stablecoins.

Jannah Patchay is the founder of Markets Evolution, a consultancy specialising in financial markets innovation and in helping financial institutions and fintechs to define, develop and execute their commercial strategies in a highly regulated environment. Her passion lies in building the capital markets of the future, harnessing frontier technologies to create new and innovative financial services and products that can promote wider social and environmental benefit, and greater access to financial services. Her current focus areas include sustainable and green finance, and the development of digital asset markets and central bank digital currencies.

She is a member of the Whitechapel Think Tank and an active contributor to its Future of Payments Working Group, and their development of policy and advocacy around the evolution of the UK’s payments infrastructure and the case for a UK central bank digital currency. She is also a member of the steering committee for Global Blockchain Convergence, a Director and Regulatory Advocacy Ambassador for the London Blockchain Foundation, and she writes on financial and technology innovation for Best Execution magazine.

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