Exploring central bank digital currency: Evaluating challenges & developing international standards

The Atlantic Council’s GeoEconomics Center and the Digital Dollar Project are hosting a first-of-its-kind convening of leaders from international financial institutions, central banks, businesses, technology providers, and governments on November 28, 2023.

Over one hundred countries around the world are now exploring a Central Bank Digital Currency (CBDC) and there are approximately two hundred globally distributed stablecoins, most of which are backed by the U.S. dollar. This conference will offer the first-of-its kind convening of international financial policymakers and launch new research on critical areas in this rapidly developing field. The goals of this conference are to level-set on the key technology and policy considerations before a country decides to develop a CBDC, outline areas of potential public-private cooperation, and create a roadmap to eventual global standards.

CBDCs and dollar-backed stablecoins are increasingly relevant to domestic and international financial infrastructure. However, in the absence of international standards, dozens of different models with varying degrees of safety, privacy, and efficiency are being built worldwide. As the issuer of the world’s reserve currency and “peg” of choice for 98 percent of all stablecoins, the United States should play a key role in international standard-setting regardless of whether the United States eventually issues a CBDC or not.

Join us on November 28 as we bring together the public and private sectors to discuss the next steps for a responsible future for digital currencies.

The full speaker lineup and detailed agenda will be announced in the coming weeks.

Keynote Speakers

Cecilia Skingsley

Head of the Bank for International Settlements Innovation Hub

Tobias Adrian

Financial Counsellor and Director of the Monetary and Capital Markets Department of the International Monetary Fund

Speakers

Tony McLaughlin

Head of Emerging Payments and Business Development, Citi Treasury and Trade Solutions

Miguel Diaz

Head of the Bank for International Settlements Innovation Hub Toronto Centre

Daniel Gorfine

Founder & CEO, Gattaca Horizons LLC

Christopher Giancarlo

Senior Counsel Willkie Farr & Gallagher and former Chairman of the US CFTC

Jennifer Lassiter

Executive Director, The Digital Dollar Project

Josh Lipsky

Senior Director, GeoEconomics Center, Atlantic Council

Ananya Kumar

Associate Director, GeoEconomics Center, Atlantic Council

Darrell Duffie

The Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University

Sheila Warren

Chief Executive Officer, Crypto Council for Innovation

David Treat

Senior Managing Director, Accenture

Michael Mosier

Co-founder of Arktouros PLLC

Jose Fernandez da Ponte

Senior Vice President and General Manager Blockchain Crypto and Digital Currencies, Paypal

Knowledge Partners

Key themes

The conference will be built around five key themes:

Reports

Report Jun 15, 2022

Missing Key: The challenge of cybersecurity and central bank digital currency

By Giulia Fanti, Kari Kostiainen, William Howlett, Josh Lipsky, Ole Moehr, John Paul Schnapper-Casteras, and Josephine Wolff

New research on the cybersecurity challenges posed by digital currencies and design models that can provide a more secure financial system.

Cybersecurity Digital Currencies

Issue Brief Sep 28, 2022

Privacy in cross-border digital currency: A transatlantic approach

By Giulia Fanti and Nadia Pocher

As a growing number of countries explore Central Bank Digital Currencies (CBDCs) for the domestic context, multi-country cross-border CBDCs pilots are also proliferating. Cross-border CBDCs could make cross-border payments faster, cheaper, and simpler.

Digital Currencies Digital Policy

Trackers

Central Bank Digital Currency Tracker

Our flagship Central Bank Digital Currency (CBDC) Tracker takes you inside the rapid evolution of money all over the world. The interactive database now features 130 countries— triple the number of countries we first identified as being active in CBDC development in 2020.

Cryptocurrency Regulation Tracker

Cryptocurrencies may significantly alter financial structures and transform the next generation of money and payments. Governments around the world are looking to create regulations to prevent the harms caused by cryptocurrencies while encouraging the innovative capabilities of cryptocurrencies. We analyze how 45 countries have regulated cryptocurrency in their jurisdictions.

Further reading

Econographics Mar 21, 2023

Snapshot: Which countries have made the most progress on CBDCs so far in 2023

By Alisha Chhangani

Despite only being three months into 2023, these 18 countries have made significant progress on central bank digital currencies.

Digital Currencies Economy & Business

Econographics Mar 11, 2022

Biden’s Executive Order on Digital Assets has been Released. Now What?

By Ananya Kumar

Biden signed an Executive Order on CBDCs, Stablecoins and Cryptocurrencies. What does this mean for the future of digital assets and their regulation in the United States?

Digital Currencies Economy & Business

New Atlanticist Dec 15, 2022

It’s official: The United States is developing a bank-to-bank digital currency

By Josh Lipsky, Ananya Kumar

The New York Federal Reserve’s latest project shows the United States making its presence felt in the digital-currency race.

Digital Currencies Economy & Business

Econographics Mar 1, 2022

A Report Card on China’s Central Bank Digital Currency: the e-CNY

By Ananya Kumar

China’s CBDC, the e-CNY debuted at the world stage during the Olympic Games. Here’s what we know so far.

China Cybersecurity

GeoEconomics Center

At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.

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Digital Dollar Project

The Digital Dollar Project (DDP) encourages research and public discussion on the potential advantages and challenges of a digital dollar. DDP identifies options for a CBDC solution to help enhance monetary policy effectiveness and financial stability; provide needed scalability, security, and privacy in retail, wholesale, and international payments; and integrate with existing financial infrastructures, including US Federal Reserve-related projects.

Learn more