About this learning event

In a series of two webinars, we will explore various forms of Central Bank Digital Currencies (CBDCs), the motivations behind them, and the priorities they aim to address. CBDCs represent a digital form of central bank money, designed to enhance the efficiency, stability, and inclusivity of the financial system.

We will delve into the differences between retail and wholesale CBDCs, examining their distinct purposes and the specific needs they cater to. Retail CBDCs are intended for the general public, aiming to improve financial inclusion and provide a secure digital payment option, while wholesale CBDCs are designed for financial institutions to streamline interbank transactions and securities settlements.

Our discussion will feature an overview of current global practices, following with a focus on Europe and South East Europe. We will highlight key projects such as the digital euro, which aims to complement cash and support the digital economy, and the digital lira, which is in the pilot phase in Turkey. These case studies will provide valuable insights into the diverse approaches and progress made by different countries. More in details, we will hear from the expert from the Central Bank of Hungary on Hungary's initiative of micro-level project.

The webinar will also address the observations, challenges, and lessons learned from technical assistance provided to central banks. We will discuss the considerations and risks central banks must navigate, including regulatory compliance, cybersecurity, and the impact on monetary policy. This session is essential for policymakers, financial professionals, and anyone interested in the future of digital currencies and their potential to transform the global financial landscape. Join us to stay informed and engaged with the cutting-edge developments in CBDCs.

Webinars:

• December 16, at 14:00-15:00 CET
• December 19, at 14:00-15:00 CET

Target audience

The webinars are tailored for central bank employees, policymakers, and experts in financial markets, banking, and monetary operations. Representatives from payments and settlement systems departments, as well as those involved in financial market regulation, will find the sessions particularly relevant. Additionally, banking regulators, banking supervisors, and experts from other government agencies, including financial supervisory authorities and ministries of finance, are encouraged to participate.

Faculty

• John Kiff, independent expert

John was a Senior Financial Sector Expert at the International Monetary Fund (IMF) from 2005 to 2021. Prior to that, he was at the Bank of Canada for 25 years, where he spent most of his time managing the funding and investment of the government’s foreign exchange reserves, including running its interest rate and currency swap book. At the IMF he was part of the team that produces the semi-annual Global Financial Stability Report. More recently he has been focusing on fintech issues, digital currencies, OTC derivative market infrastructure, and longevity risk transfer markets. He is active on Twitter (@Kiffmeister) and blogs at the Kiffmeister Chronicles.

• Ádám Nyikes, Head of FinTech and Digitalization, Central Bank of Hungary

Ádám has been working at the Central Bank of Hungary since 2020. In this role, he is actively supporting the digitalization of the incumbent banking system, promoting FinTech innovation and playing a crucial role in the development of CBDC-related initiatives. As a CBDC expert he participated in the successful development of the first retail CBDC pilot project in the European Union involving retail users and played a pivotal role in the MNB’s blockchain testing pilot project. He also leads the annual evaluation of the Hungarian banking system's digitalization level and regularly contributes to central bank publications. Ádám graduated in 2021 with a degree in economic analysis at Corvinus University of Budapest.

Partners

This learning initiative was supported by: