Session Recap: To read the key takeaways from this session, please click here.
Where: Virtual event
When: February 21, 2022
Overview: In this installment of DataTalk, an interactive monthly forum of the Institute of International Finance and knowledge partner the Oliver Wyman Forum, experts from IIF member firms, leading tech firms, and other partners and officials discussed how the public and private sectors can collaborate on CBDCs to improve cross-border payments. This note provides a summary of the key themes that emerged, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed.
Most major economies and many emerging markets are conducting research or running pilot projects on CBDCs. Digital central bank money has the potential to reduce costs and increase the speed and security of cross-border payments, but the pace of development is uneven. China is one of several markets that is piloting a CBDC but countries like the US and UK are unlikely to introduce their own CBDC for five to ten years. Greater dialogue, both between countries and between central banks and the private sector, can accelerate the development and successful use of CBDCs around the world.
This series includes two leading global experts as co-chairs:
Douglas Elliott, Partner, Oliver Wyman, and co-head of the Oliver Wyman Forum’s Future of Data initiative
Tom Wilson, Chief Executive Officer, Allianz Ayudhya