CBDCs and Stablecoins: Strategic Management and Regulatory Implications of Digital Money 2021 Main page

CBDCs and Stablecoins: Strategic Management and Regulatory Implications of Digital Money

CBDCs and Stablecoins: Strategic Management and Regulatory Implications of Digital Money

October 25 – 28

Chair: Elisabeth Noble, senior policy expert, European Banking Authority 

Changes in payments, finance and technology, alongside the disruption of the Covid-19 pandemic have led to a growing interest in CBDCs. For many central bankers, the questions is no longer ‘if’ but ‘when and ‘how’. Digital currencies represent an opportunity to improve efficiency in payment systems, enable faster and better cross border payments, and expand financial inclusion.

Yet, while central bankers explore the ways in which digital currencies could help to achieve their objectives, they naturally have reservations. Questions around issuance, regulation and use crowd in, overriding concerns about the implications for monetary policy and financial stability remain.

This course is designed to equip central bankers to meet these challenges.

Each day will feature three hours of expert-led Live Content to maximise the opportunity to share and learn. The chair will ensure participants have opportunities to network throughout the course, culminating in the Practical Implementation Workshop.

Timings: 8am-12pm (ET) | 1pm-5pm (BST) | 8pm-12am (SGT) 

Course Agenda

Two weeks prior to your training course you will be emailed access to our content hub with course materials, including a trial to Central Banking if you are not already subscribed. There will be a combination of articles, reports and presentations that will contribute to two hours of preparation time for the live content. Presentations for the sessions will also be held here subject to the speaker approval.

The Challenges and Implications of Central Banks Issuing Digital Currencies


Course introduction

11:00 - 11:15

  • Introductions and welcome from the chairperson
  • Overview of the training course
  • Discussion of the delegate expectations


CBDCs in 2021: the state of the art

11:15 - 11:45

  • Basic overview: defining and understanding the differences (and similarities) between CBDCs, so-called stablecoins and crypto assets
  • What are the different use cases of CBDCs?
  • Overview of implications for central bankers, regulators and supervisors 
  • Discussion: what are the next steps and key dynamics?
John Kiff

Former senior financial expert

Former International Monetary Fund

From 2005 to 2021 John Kiff was a Senior Financial Sector Expert at the International Monetary Fund (IMF). 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 covering innovative financial products. More recently he has been focusing on fintech issues and central bank digital currency.



15:15 - 15:45


The potential impact of so-called stablecoins on monetary policy

13:00 - 13:45

  • What are the implications of so-called stablecoins for the implementation of monetary policy?
  • Do they impact the transmission channel?
  • Are retail CBDCs the solution?
Aleksi Grym

Head of digitalisation, financial stability department

Bank of Finland


Networking break
An opportunity to share experiences with your fellow participants.

14:30 - 15:00


Understanding implications for financial stability and monetary policy

12:00 - 12:45

  • Overview of considerations regarding the introduction of CBDCs as an instrument for monetary policy
  • Interactions of CBDCs for interest rates and quantitative easing
  • Examples of risks and opportunities of introducing CBDCs – comparison with El Salvador  
  • Discussion: can CBDCs be an effective instrument for implementing monetary policy?
Mohammad Davoodalhosseini

Principal researcher

Bank of Canada

Currently a Principal Researcher at the Bank of Canada, Mohammad joined the Bank as a Senior Economist after he received his Ph.D. in Economics from the Pennsylvania State University in 2015. Prior to that, he received his B.Sc. in Electrical Engineering and M.Sc. in Economics from Sharif University of Technology in 2007 and 2009, respectively.

His research interests can be classified into two broad categories: monetary economics and search theory. On monetary economics, he studies new developments in the field of electronic money and payments and explores how introducing a central bank digital currency (CBDC) can affect the implementation and transmission of monetary policy as well as the efficiency and stability of financial system. On search theory, he has explored the role of information asymmetries in markets with search frictions, with applications to inter-bank, labor and over-the-counter markets. His work has been published in academic journals such as Journal of Economic Theory, International Economic Review and Journal of Economic Dynamics and Control.

Use of CBDCs to Improve Payment Systems


Making the most of opportunities in national and cross-border payments

11:00 - 11:45

  • Why do cross-border payments need to be improved? What has been learned from previous efforts?
  • CBDCs potential for improving cross-border payments efficiency (comparison also with so-called stablecoin initiatives)
  • Examples of experiments and successful projects and initiatives
  • Discussion: what are the next steps and key dynamics?
Adolfo Sarmiento

Head of economic consultancy, advisor to the board

Central Bank of Uruguay

Adolfo Sarmiento is Head of Economic Consultancy, advising to the board at the Central Bank of Uruguay, he is responsible for Financial Stability and Economic Research and coordinator of the FinTech Group for the financial system in the country. As advisor he is also involved in the negotiation of MERCOSUR financial services issues and in Risk evaluation of the financial system.
He holds a degree in Economics of the University of the Republic of Uruguay, a Master in Applied Macroeconomics of the Catholic University of Chile and is PhD (Candidate) for the Catholic University of Argentina. 



15:15 - 15:45


CBDC design principles: decision making: the need for cross-jurisdictional thinking

12:00 - 12:45

  • What is BIS doing?
  • What is the IMF’s current approach to CBDC technical assistance?
  • What are the open questions that central banks are considering on CBDC decision making?
  • Discussion: what CBDC design elements would most benefit from cross-border consideration?
James Chapman

Senior research director, funds management and banking

Bank of Canada

James Chapman is the senior research director in the Funds Management and Banking Department at the Bank of Canada. He received a Ph.D. in Economics and an MSc in Statistics from the University of Iowa in 2006. He joined the Bank of Canada as a senior analyst in that year. His primary research focus has been on interbank market and financial market infrastructure issues such as liquidity risk and credit risk in large-value payment systems as well as the efficiency of interbank markets. Recently his research focus has evolved to include research on fintech related topics. These topics include the use of distributed ledger technology in financial market infrastructure, specifically the Bank’s Project Jasper, as well as questions related to digital currencies such as Bitcoin, Ethereum and initial coin offerings.



12:45 - 13:00


So-called stablecoins and CBDCs: a driver for financial inclusion?

13:00 - 13:45

  • Overview financial inclusion strategies
  • Risks and opportunities for financial inclusion policies and strategies
  • Effective regulation in order to facilitate the potential digital money for financial inclusion
  • Discussion: to what extent should so-called stablecoins and/or CBDCs be incorporated into financial inclusion strategies?
Abhaya Prasad Hota

Former head of payment systems

Former Reserve Bank of India

Abhaya Prasad Hota, - former Head of Payment Systems in Reserve Bank of India is known for his valuable contribution in design and development of payment system in India. After his central banking experience for 27 years mostly in the area of payments and technology, he headed the umbrella retail payments institution named National Payments Corporation of India (NPCI) during 2009-2017 as its founding CEO. NPCI today handles 10 out of 13 types of retail payment systems in the country accounting for almost 80 percent of all  inter-bank retail payment transactions.  He played the key role in building the real time 24x7 retail money transfer system ( handling 110  million transactions  a day), domestic card payment system (the largest in the country in terms of number of cards issued in the country) and identity based Direct Benefit Transfer system  ( all government subsidies for social welfare programs passing through this DBT system).

Currently he serves as an Independent Director in the Boards of a few organisations in the area of banking and finance and speaks at various fora on design and development of national level payment system. During the year 2018-19, he was also in the World Bank Panel of Experts on Payment Systems.

Analysing the Role of Central Banks in Digital Currencies


Legal aspects of issuing a CBDC

13:00 - 13:45

  • What are the key legal issues?
  • CBDC design: account-based vs. token-based approaches
  • Can CBDCs be granted “currency” status?
Klaus Löber

Chair, CCP supervisory committee

European Securities and Markets Authority (ESMA)

Marianne Bechara

Senior fintech counsel

International Monetary Fund

Ms. Marianne Bechara is a Senior Fintech Counsel in the International Monetary Fund’s Legal Department, where she provides legal advice on Fintech, central banks legislation and supervision regimes of financial institutions. Prior to relocating to U.S., Ms. Bechara was senior legal counsel directly assisting the General Counsel of the Lebanese Central Bank and Capital Market Authority at the time. Ms. Bechara received her a Bachelor of Laws in both Lebanese and French laws from Saint-Joseph University, Lebanon, and her LL.M in Banking and Financial Law from Boston University, U.S. She also completed the Fundamentals of FinTech and Banking Law Program at the University of California, Berkeley, U.S. She is an attorney admitted to practice law in both California and New York, U.S.



15:15 - 15:45


Role of private sector with regards to CBDC usage

12:00 - 12:45

  • Are public/private partnerships useful for CBDC development?
  • What is the current role of the private sector in CBDC experimentation?
  • What are the areas in which private sector implementation can be most useful (e.g. AML/CFT, payment system)?
  • Discussion: should central banks be granted a monopoly for the issuance of digital currency?
Sharmyn Powell

Chief risk officer

Eastern Caribbean Central Bank

Ms Sharmyn Powell has been employed at the Eastern Caribbean Central Bank for the past 24 years and currently holds the position of Chief Risk Officer.  She leads the Office of Corporate Strategy and Risk Management with responsibility for Enterprise Risk Management, Compliance, Strategic Plan development and monitoring and Business Continuity Management.  Prior to assuming this role, she served in various capacities at the Bank including, Deputy Director, Accounting Department, Director, Currency Management Department and Director, Support Services Management Department.  She is the Chairperson of the Bank’s internal Fintech Working Group, which is leading the implementation of the pilot project for the issuance of a block-chain based digital version of the EC Currency. 

Ms Powell is a Certified Accountant (ACCA), and also carries the designations of Chartered Director (C. Dir) and Audit Committee Certified (A.C.C). 



12:45 - 13:00


If CBDCs are the solution, what is the problem?

11:00 - 11:45

  • What are the issues that CBDCs need to address?
  • Why would central banks issue a retail CBDC?
  • Why would central banks issue a wholesale CBDC?
Douglas Arner

Kerry holdings professor in law

University of Hong Kong

Douglas W. Arner is the Kerry Holdings Professor in Law, RGC Senior Fellow in Digital Finance and Sustainable Development and Associate Director of the HKU-Standard Chartered Foundation FinTech Academy at the University of Hong Kong. In addition, he is Associate Dean (Taught Postgraduate and Development) of the Faculty of Law at HKU and co-founder and former Director of HKU’s Asian Institute of International Financial Law, as well as Faculty Director and co-founder of the LLM in Compliance and Regulation, the LLM in Corporate and Financial Law, the Law, Innovation, Technology and Entrepreneurship (LITE), and the East Asian International Economic Law and Policy Programmes. Douglas served as Head of the HKU Department of Law from 2011-2014, as Director of the Duke University-HKU Asia America Institute in Transnational Law from 2005-2016, and as an inaugural member of the Hong Kong Financial Services Development Council from 2013-2019. He is a Visiting Professor and Senior Visiting Fellow of Melbourne Law School of the University of Melbourne, a Visiting Professorial Fellow of the Faculty of Law of UNSW Sydney, a non-executive director of NASDAQ and Euronext listed biotechnology firm Aptorum Group, an Advisory Board Member of the Global Impact FinTech (GIFT) Forum, Policy 4.0 and of the Centre for Finance, Technology and Entrepreneurship (CFTE), and co-founder and an executive board member of the Asia Pacific Structured Finance Association. In 2020 he was awarded an inaugural Hong Kong Research Grants Council Senior Fellowship to study the role of digital finance in financial inclusion and the UN Sustainable Development Goals. Douglas has published eighteen books and more than 200 articles, chapters and reports on international financial law and regulation, including most recently Reconceptualising Global Finance and its Regulation (Cambridge 2016) (with Ross Buckley and Emilios Avgouleas) and The RegTech Book (Wiley 2019 (Janos Barberis and Ross Buckley). His recent papers are available on SSRN at https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=524849 , where he is among the top 50 authors in the world by total downloads, as well as among the top 15 law authors. Douglas led the development of Introduction to FinTech – launched with edX in May 2018 and now with over 100,000 learners spanning almost every country in the world – and the foundation of the edx-HKU Online Professional Certificate in FinTech. In addition, he has served as a consultant with, among others, the World Bank, Asian Development Bank, UN, APEC, Alliance for Financial Inclusion, and European Bank for Reconstruction and Development. He has lectured, co-organised conferences and seminars and been involved with financial sector reform projects around the world. Douglas has been a visiting professor or fellow at Duke, Harvard, the Hong Kong Institute for Monetary Research, IDC Herzliya, McGill, Melbourne, National University of Singapore, University of New South Wales, Shanghai University of Finance and Economics, and Zurich, among others.

Use of Technology Platforms for CBDC


Technology platforms for CBDCs

11:00 - 11:45

  • What are the technology options for a CBDC?
  • How should central banks go about choosing the technology – is interoperability a relevant consideration?
  • Is DLT necessary – could a centralised platform also work?
  • How do central banks keep pace with new technologies if they issued their own CBDC?
William Lovell

Head of future technology

Bank of England

I am Head of Future Technology and I focus on looking at how the next generation of technology, and the generation after that will change financial services.  I spend much of my time working on the renewal of central bank digital currency and the renewal of UK RTGS.  My background is in engineering, so I like to keep a practical focus but I also work with those developing policy.



15:15 - 15:45


CBDCs: the BIS perspective

12:00 - 12:45

  • Overview of CBDC projects currently underway
  • How to achieve interoperability between central banks’ digital currency projects
  • Identification and privacy challenges in CBDC design
  • How to work with the private sector when developing CBDCs


Networking break
An opportunity to share experiences with your fellow participants.

14:15 - 14:45


Closing remarks and delegate action plans

13:00 - 13:30

  • Summary of the course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points


Feedback forum
We will send a link in this session to the feedback form and would kindly ask that you help us improve the training product by completing the survey. We would also welcome any verbal feedback in this session.

16:15 - 16:30

Date: November 11
The Implementation Workshop is a chair-led forum where attendees will have the opportunity to discuss challenges around implementing the ideas they have learnt during the Live Content. Prior to the workshop you will be emailed questions to prepare in order to gain the most from the session with peers.


Implementation Workshop

11:00 - 12:00

Benefits of attending the Implementation Workshop: 

  • Developments in the area since the live content sessions, including new resource material
  • Questions arising since returning to the central bank
  • Challenges of implementation: where are the roadblocks?
  • Medium-term goals: what is realistic?
  • Establishment of group network to keep in touch with peers and share best practices

Learning outcomes

At the conclusion of the training, participants will be able to:

  • Understand the implications of CBDCs on financial stability and monetary policy
  • Assess the legal implications of crypto assets and digital money
  • Develop strategies for effective regulation of privately issued digital money
  • Assess the opportunities for improving cross-border payments and financial inclusion
  • Design a cost-benefit analysis of digital money with a focus of systemic oversight

Elisabeth Noble

Senior policy expert

European Banking Authority

Elisabeth Noble is a Senior Policy Expert at the European Banking Authority. She leads the EBA’s work on crypto-assets, DLT, and the platformisation of financial services and coordinates the European Forum for Innovation Facilitators. She represents the EBA in EU and international standard-setter policy work streams relating to FinTech, market-based finance, financial system interconnectedness, market access and the regulatory perimeter. She is contributing to the delivery of the EU Digital Finance Strategy and was a member of the European Commission’s Expert Group on Regulatory Obstacles to Financial Innovation (now disbanded). Prior to joining the EBA, Elisabeth spent 7 years at HM Treasury advising primarily on the UK government’s response to the financial crisis and the post-crisis domestic and EU regulatory reforms (2008-14), including the reforms to the regulatory architecture in the EU (Banking Union). Elisabeth has also spent some time in the private sector.