The growth, volatility and instability of unregulated cryptocurrencies have captured the interest of many critics, particularly due to the enthusiasm over a new technology, known as Blockchain, to resolve some economic development limitations and power decentralized payment systems. Central Banks have been under pressure to respond to the dramatic advances of cryptocurrencies and improve the effectiveness of legacy payment systems. Therefore, they have embarked on experimental projects to study the potential for issuing Central Bank Digital Currencies. This interest has grown in response to changes in payments, finance and technology, as well as the disruption caused by Covid-19 pandemic. As a result, an increasing number of countries and central banks are assessing CBDCs and will put them into practice.
This GLOMACS training course provides a complete overview of the topic of CBDCs for finance and banking professionals, including an overview of central banks thinking and the possible allegations of introducing a CBDC. A switch from public fiat towards private electronic money challenges the initial definition of money, the access to legal tender, the role of central banks, the financial intermediation model and the transmission of monetary policy.
This training course will highlight:
By the end of this training course, you will be able to:
This training course will be a combination of brief presentations, round table discussions and brainstorming group sessions. Participants will have a chance to look closer at how to embed banking and technology, to work together on developing central bank digital currencies. Finally, participants will compete to create a new CBDC based on the guidelines discussed during the workshop.
The impact of this workshop on the organization can be summarized as follows:
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