The ongoing digitalisation of economies worldwide is rapidly transforming the payment system landscape. Central banks are considering issuing their own digital money (CBDCs) as a substitute for cash and an alternative to the growing use of private digital money like bitcoins or stablecoins. CBDCs would provide the public with a safe and attractive form of money, but their development raises many questions. How to preserve the anonymity of transactions and avoid unfair competition with commercial banks? In African countries with less developed financial systems and the informal economy striving for anonymity, the development of CBDCs is still more challenging. This could be an opportunity to promote more transparency and improve fiscal revenue collection
- the EU's international role | international cooperation
- Tuesday 22 November 2022, 10:30 - 12:00 (CET)
Practical information
- When
- Tuesday 22 November 2022, 10:30 - 12:00 (CET)
- Where
- InfoPoint
- Languages
- English
- Organisers
- International Partnerships InfoPoint
Description
Central bank Digital Currencies (CBDCs) are digital tokens (similar to cryptocurrencies) issued by a Central Bank. They are pegged to the value of that country's currency.
Many African countries are developing CBDCs and some have even implemented them such as Nigeria, Ghana and South Africa.
The objective of the conference is to share the experience of Countries developing CBDCs and elaborate on the advantages and risks of this new form of currency.
Mr Antti Karhunen (Dir E) will introduce the topics and explain why CBDCs could be a vector for development and better financial inclusion in Africa.
Mr Landau (ex-deputy Governor of Bank de France) will present his views and opinion on how countries should prepare for issuing CBDCs.
Lyle Horsley from the South Africa Central Bank (SARB) will present the project of CBDC in South Africa and the state of play of this pilot experiment with the Bank of International Settlements (BIS) and Central Banks of Australia, Malaysia and Singapore for cross-border operation.
The European Central Bank will brief on the introduction of the euro digital.
DG FISMA will emphasize on the implications for the financial stability and control of Illicit Financial Flows.
Speakers
Antti Karhunen, Director of INTPA.E - Economy that works for the people, DG INTPA
Lyle Horsley Divisional head, Fintech at the South African Reserve Bank
Jean-Pierre Landau, professor at Sciences-po Paris and former Deputy-Governor at Banque de France
Ignacio Terol, Product manager for the euro digital project, European Central Bank ECB
Jerome Deslandes, DG FISMA B4 - Digital Finance
Moderated by Erica Gerretsen Head of Unit, INTPA E1 Macro-economic Analysis, Fiscal Policies and Budget Support
Language: English
Language of Q&A session: English
Registration
