Digital Currencies and the Modernization of Cross-border Payments
OnDemand Video Module
Whether the topic is stablecoins or Central Bank Digital Currencies (CBDCs), there is a steady drumbeat in the conversation about the potential to improve cross-border payments. The Bank for International Settlements has published two seminal papers that give credence to this idea. The first, written by the G7 Working Group on Stablecoins and published in October 2019, investigates the impact of global stablecoins. The second, published in July 2021, considers domestic CBDCs and the potential they hold to streamline cross-border payments.
The opportunity to have a 24/7 global settlement network is, for the first time in history, being seriously contemplated by the people who could make it happen.
Topics covered include a survey of various central bank and private sector initiatives (such as Project Dunbar, Project Aber and the Digital Euro) supporting cross-border payments using CBDC or stablecoins. We will look at these select initiatives to understand objectives and key learnings, and to consider what must be addressed to truly disrupt institutionalized correspondent banking. The session will conclude with a discussion on how these activities will reshape cross-border payments in fundamental and profound ways.
This webinar is designed to provide an overview of the progress being made with Central Bank, commercial bank and private sector initiatives aimed at using digital currency technology to streamline cross-border payments.
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Key Payments Terminology
All the key terms explained on one place.