ECB issues expression of interest for CBDC prototype user interfaces
ECB issues expression of interest for CBDC prototype user interfaces
The European Central Bank has launched a call for expression of interest for payment service providers, banks and technology companies to join an exercise to develop prototype user interfaces for a digital euro.
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Panel on Central Bank Digital Currencies and Digital Euro
The ECB is in an exploratory stage with regards to the possible launch of a digital euro. Views still differ as to the design and market impact that a digital euro could have. Studies suggest a number of use cases from making cross-border retail payments more efficient to wholesale market applications in clearing and settlement. The EU is not alone in exploring a digital euro. Similar initiatives are underway across the world with China announcing it would launch a digital RMB shortly. Central bank digital currencies have also gained the attention of numerous international standard setting bodies, notably the Basel Committee, FSB, CPMI and FATF.
What is the ECB’s latest thinking with regards to the digital euro? Which design elements would bring the most significant economic value? How will the digital euro interact with existing market solutions, for example in retail payments or securities clearing and settlement? Will we see a crowding-out effect? What changes are required to the legal framework to make the digital euro a success? How do we ensure international consistency in the respective jurisdictions’ approaches to CBDC? Is there a possible first mover advantage associated with launching a CBDC?
Digital Currencies beyond Borders International Implications of CBDCs
About this event
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)
Location and Date
Location: Online Streaming via YouTube. Details for the live broadcast will be sent to you on the day of the event (no prior software installation required)Date: June 30, 2021Time: 17h00–18h30 (CEST)Language: English
17:00 – Welcome and introductory words (Jonas Gross, co-founder and member, Digital Euro Association)
17:05 – Introduction of the Digital Euro Association (Jonas Gross)
17:10 – Keynote speech by the Bank for International Settlements (Dr. Jon Frost)
17:30 – Panel on the international impact of CBDC
18:15 – Q &A
18:30 – End of Webinar
Tickets and registration
Required via Eventbrite; you will receive the URL for the webinar in advance.
Who should participate?
Supervisory and regulatory bodies that are empowered to design digital currency systems and/or would be affected by the changes in these systems
Employees and decision-makers from the financial sector interested in blockchain technology and advancements of the monetary system
Decision-makers and employees from the financial and capital market industry who would be affected by the introduction of digital currencies
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 crypto market
Journalists from the economics and technology department
Other groups of people with an interest in capital markets, crypto assets, technology, and digitization
Digital Euro Association
E-Mail: [email protected]
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.
ECB’s Ulrich Bindseil about the new digital euro, a central bank digital currency
Paul Buitink talks with Ulrich Bindseil, Director General Market Infrastructure and Payments at ECB, about the upcoming digital euro, a central bank digital currency (CBDC).
Electronic payments are becoming popular and that’s why the ECB believes it makes sense to update cash to the digital era. One reason would be to protect market abuse of strong private players, to have a fall back solution from the central bank, like bank notes today. This argument is about monetary sovereignty.
He expects the central banks worldwide to coordinate whenever they launch central bank digital currencies, for example to control capital flows. In principle Ulrich would be okay if non-euro residents would be able to hold digital euro’s. It should not be an attractive investment though, so it would probably have negative interest rates.
Paul and Ulrich discuss whether you need to register for the digital euro or whether it can also be an anonymous bearer instrument like cash. Users like tourists, homeless people and refugees are mentioned. There is full commitment though to maintain cash.
Ulrich also explains what the balance sheet consequences for banks and commercial banks would be. People should not fear financial repression.
ECB is not driven by the desire to have more power says Ulrich, nor is helicopter money planned by the ECB.
They also discuss crypto currencies, stable coins and what the timeline for the digital euro looks like.