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The surge in interest in Central Bank Digital Currencies (CBDCs) has been driven by evolving payment systems, technological advancements, and disruptions such as COVID-19.
CBDCs, essentially digital versions of banknotes, are being considered for their potential to enhance financial inclusivity, streamline cross-border transactions, and maintain trust in monetary systems as economies increasingly digitize. Many central banks are considering them; the Bank for International Settlements is guiding them in the process.
As an advisor on the project, I played a critical role in analyzing the technological feasibility and potential economic impacts of implementing CBDCs.
My contributions included providing strategic guidance on the design and deployment of CBDC prototypes, and advising on regulatory and security aspects.
I collaborated closely with various central banks, aiding in the development of proofs of concept and prototypes to test the practicality and effectiveness of CBDCs in diverse financial environments.
The project’s findings underscored the potential of CBDCs to revolutionize financial systems but also revealed many of their drawbacks.
In trying to look “beyond the hype” I led the team to explore practical problems with CBDC implementation, both technological, legal, and social. The skeptical tone of some of these publications was appreciated by many of my counterparts.
Over the course of the project, I forged excellent relationships with management and technical teams of more than 30 central banks, leading to formal and informal tutoring, as well as a collaboration on an upcoming book.