Wholesale CBDCs: Tomorrow’s Case for Payments and Securities Settlement
About this event
According to Fabio Panetta (Member of the Executive Board of the European Central Bank (ECB)), the Eurosystem is committed to providing settlement in central bank money for wholesale transactions through infrastructures that are fit for purpose and seemingly also for a digitalizing financial world. News surrounding projects on the exchange and settlement of financial assets and transactions on Distributed Ledger Technologies (DLT) not just in the eurozone but rather worldwide have been densifying over the past years. While certain private company solutions offering cross-chain interoperability for simultaneous delivery and payment have already secured significant funding, the banking sector worldwide has also geared up to further explore central bank settled transactions with the likes of the DLT Pilot Regime in the eurozone, the DLT settlement project by the Australian Securities Exchange (ASX) and the advanced project Helvetia by the Swiss National Bank, to name just a few. According to the ECB, delivery versus payment transactions account for 72.66% of the entire settlement volume of the Target2 system in the eurozone, highlighting the need and challenge connected to finding a wholesale settlement solution fit for the 21st century.
The arising challenge is further complicated by the unprecedented need to settle securities by transferring account-based securities in exchange for cash tokens or transferring security tokens in exchange for cash in accounts. Not only do these cases require technical compatibility but also a sound regulatory environment in order to move from theory and sandbox environments into practice. A balancing act that is yet to be reached, as ongoing wholesale CBDC projects are currently at most in advanced proof-of-concept (PoC) phases due to these questions remaining unanswered until now.
The goal of this webinar is to discuss and assess the current wholesale CBDC landscape and their implications for cross-border security and payment settlement, factors currently preventing these projects from moving forward and unanswered paradigms such as cross-jurisdictional and technological interoperability.
In particular, in this webinar, we focus on addressing the following questions:
Where do we stand with regards to wCBDC development worldwide?
Should a wCBDC use DLT as an infrastructure? If yes, why would it be beneficial?
What are the limiting factors for wCBDC projects currently in the PoC phase?
How could a wCBDC landscape with different regulations work?
How would wCBDC payments differ from current RTGS systems?
Which technological approaches to interoperability are there?
Which learnings does the DLT Pilot Regime offer?
When can we expect wCBDC projects to move to a pilot or realization phase?
During the webinar, you will also have the opportunity to ask direct questions to the speakers.
Panelists
Dr. Jan Rosam (Partner, EY)
Dr. Holger Meffert (Head of Securities Services & Digital Custodian, DZ Bank)
Johannes Duong (Treasurer, Austrian Central Bank)
Kevin Spur (DSGV - Deutscher Sparkassen- und Giroverband e.V.)
Moderator
Sarah Palurovic (Executive Director, Digital Euro Association)
Location and Date
Location: Online. Details for the live broadcast will be sent to you on the day of the event (no prior software installation required)
Date: Nov 23, 2023
Time: 16h00–17h30 (CET)
Language: English
Agenda
16:00 - Welcome and introductory words
16:05 - Panel discussion: Wholesale CBDCs: Tomorrow’s Case for Payments and Securities Settlement
17:15 - Q&A
17:30 - End of webinar
Tickets and registration
Required via Lu.ma; you will receive the URL for the webinar in advance.
Who should participate?
Employees and decision-makers from the financial sector interested in digital money (i.e., CBDCs) and advancements of the monetary system
Decision-makers and employees from the financial and capital market industry who are affected by the introduction of CBDCs
Lawyers and consultants with a focus on capital market law and digitization
Decision-makers and employees from the financial and capital market industry who are affected by the regulation of the financial sector
Journalists from the economics and technology department
Researchers, academia with an interest in legislation, financial systems and banking
Other groups of people with an interest in capital markets, crypto assets, technology, and digitization
Contact
Digital Euro Association
E-Mail: info@digital-euro-association.de
Web: www.digital-euro-association.de
About the Digital Euro Association
The Digital Euro Association (DEA) is a think tank specializing in crypto assets, stablecoins, central bank digital currencies (CBDC), and other forms of digital money. Our mission is to contribute to the public and political discourse through research, education, and by providing a platform for discussion and a community for policy-makers, technologists, and economists. We are committed to independence and excellence, aiming to set the agenda and to shape policy by encouraging new ideas and forward-thinking in the field of digital money. We deal with new and innovative topics such as the digital, programmable Euro and Libra, but also with “classical” crypto assets such as Bitcoin and Ether. More information on the Digital Euro Association can be found on our website, LinkedIn and Twitter.
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