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From YouTube: Fireside Chat on Central Bank Digital Currencies - Dave Treat, John Velissarios, & Jennifer Peve
Description
Fireside Chat on Central Bank Digital Currencies - Dave Treat & John Velissarios, Accenture; Jennifer Peve, DTCC
Central bank digital currency (CBDC) is fast approaching and here to stay. Join Dave Treat, Accenture, and Jennifer Peve, DTCC, for a fireside chat on the benefits and different approaches to developing a third form of central bank money for our digital world, followed by insights from John Velissarios, Accenture, into the current landscape of CBDC research and experimentation across the globe.
To learn more about Hyperledger, the open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments. Which serves as a neutral home for various distributed ledger frameworks including Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper and libraries like Hyperledger Ursa click here: https://www.hyperledger.org/
Session Details & Slides (if available)- https://sched.co/jtUD
Access All Sessions: https://events.linuxfoundation.org/hyperledger-global-forum/program/schedule/
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
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#Hyperledger #HyperledgerGlobalForum2021 #Blockchain
A
All
right,
let's,
let's
get
going,
looks
like
we've
got
20
20
people
with
us.
My
name
is
dave,
treat
I
I
lead
our
blockchain
and
multiparty
systems,
business
at
accenture
and
and
we've
been
focused
on
central
bank
digital
currency
for
years
now,
in
the
second
half
of
this
session,
our
global
lead
for
central
bank
digital
currency.
John
vilisarios
is
going
to
is
going
to
take
over
and
join
us
and
there's
john.
Now
he
can
yeah.
A
He
could
wave
he's
gonna
he's
gonna
come
back
in
the
in
a
few
minutes,
but
I
am
thrilled
to
have
here
with
me.
Just
a
fantastic
partner
partner
friend
colleague
in
gen,
pv
from
the
dtcc
jen
is,
is
leading
some
transformational
work
in
this
in
the
space
of
how
distributed
ledger
technology
is
going
to
fundamentally,
you
know,
has
that
has
the
potential
to
fundamentally
reshape
capital
markets
and
is
doing
some
of
the
deepest
thinking
around.
A
What
does
it
really
mean
and
how
does
it
really
work,
and
so
we're
gonna
start
this
session,
with
with
a
focus
on
just
the
the
this
specific
use
case
and
I'll
and
and
and
let
me
pause
here-
I
guess
I'm
gonna
start
with
a
little
bit
of
a
background
on
cbdc
and
then
jen
and
I'll
get
into
it
back
and
forth.
But
jen
do
you
want
to
say
hi
or
introduce
yourself
any
better
than
that.
B
Nice
job
yeah,
we
know
happy
to
be
here
looking
forward
to
the
discussion,
and
I
do
think
that
now
is
just
a
really
interesting
and
exciting
time
across
our
industry
for
in
a
lot
of
different
ways
and
the
use
of
technology,
including
blockchain,
is
really
changing
how
we
work
what
our
future
is
going
to
look
like,
and
so
this
is
just
as
fun.
It's
actually
just
a
lot
of
fun
to
be
a
part
of
it
right
now,.
A
Yes,
now
and
and
you're
you're
you're
in
a
privileged
position,
you
know
as
a
as
a
leading
thought
thing
thought
leader
in
terms
of
where
it
plays
out.
So
let
me
just
set
the
stage
for
the
for
for
any
for
anyone
in
the
audience
who
is
who's
not
up
to
speed
on
on
the
whole
central
bank,
digital
currency
phenomenon,
I'm
just
gonna,
spend
three
minutes
and
then
and
then
we'll
get
into
the
into
the
details
of
of
core
capital
markets.
So
across
the
board.
A
A
It's
it's
it's
gotten
very
loud
as
the
as
the
promise
of
introducing
a
third
form
of
money,
a
tokenized
form,
a
digitally
native
form
of
fiat
currency
and
and
the
power
that
that
can,
you
know,
bring
to
a
whole
range
of
use,
cases
that
that
do
range
from
financial
inclusion
and
retail
transactions.
To
you
know
two
core
capital
markets,
infrastructure,
cross-border
payments,
remittances,
etc,
and
so
lots
of
work
has
been
done.
A
The
bis
put
out
a
report
in
the
fall
saying
that
80
percent
of
the
world's
central
banks
are
are
embar,
have
embarked
on
this
journey
and
that
a
material
number
of
them
will
be
in
a
production
or
pre-production
stance
by
2024
and
and
so
we
can,
we
can
we
we
can
attest
to
that.
I
think
that's
a
great
report
and
those
are
good
numbers
based
on
what
we're
seeing
in
the
market.
A
That
can
be,
you
know
that
can
be
directly
transferred
that
can
have
some
of
the
characteristics
of
physical
cash,
but
do
so
much
you
know,
do
do
many
more
things
and
john
may
go
into
you
know
more
of
that,
but
across
the
board
there
are
just
material.
You
know
material
initiatives
underway
to
explore
the
valuable
use
cases
figure
out
where
there's
real
value
where
there
isn't
it
isn't
a
panacea
for
for
all
money.
A
A
B
Central
bank
digital
currencies
in
particular,
I
think
I
think
we
all
want
faster
payment
rails.
I
think,
even
in
our
personal
lives,
we
want
faster
payment
rails.
We
all
love
the
immediacy
of
things,
and
so
this
is
you
know,
by
by
rethinking
how
we
can
process
settlements
and
payments
across
our
various
asset
classes
and
functions.
I
think
there's
just
some
really
interesting
opportunities
to
hopefully
reduce
costs.
I
think
I
don't.
I
don't
personally
have
any
numbers
behind
that
to
to
justify
that.
B
It's
a
way
to
lower
costs,
but
ultimately,
when
you
think
about
how
blockchain
works
and
you
think
about
the
distributed
nature
of
the
data
and
its
ability
to
to
have
you
know
this,
the
overall
transparency
to
the
over
to
the
network
and
what's
happening,
I
think
you
know
you
can
assume
that
there's
some,
you
know,
cost
reduction
over
time
that
you
could
see.
I
think
efficiency.
B
I
mean
we
love
efficiency
in
our
industry
as
well,
and
I
think
that's
another
reason
why
I
think
it
to
the
extent
that
the
the
better
use
of
capital
you
have,
the
more
you
can
do
right,
the
more
liquidity
you
can
bring
to
the
to
the
markets
and
being
able
to
have
a
better
control
over
that,
I
think,
is
probably
top
of
mind
for
many
of
the
folks
in
our
industry.
Today.
A
A
You
know
with
project
project
ion
and
whitney
just
that
just
you
know
just
talk
for
talk
for
a
minute
around
the
importance
of
tokenization,
broadly
and
and
the
you
know
the
whole,
the
the
you
know,
tokenization
as
a
concept
and
and
maybe
maybe
sorry,
I'm
definitely
leading
the
witness
here,
maybe
maybe
also
focus
on
where
you
know
there
was
some.
Was
there
some
wild
exuberance
early
on
right,
particularly
in
the
startup
community
or
the
community
that
was
kind
of
outside
of
core
capital
markets
around
you
know?
A
Well,
this
just
you
know
instant
settlement
is
that
is
the
thing
and
it's
all
going
to
be
bilateral
and
instant,
and
wouldn't
that
be
great,
just
you
know,
spend
a
few
minutes.
Let's,
just
let's
just
dispel
the
you
know
some
of
the
myths
around
where
it's,
where
it,
where
tokenization
of
the
of
the
securities
and
the
cash
and
and
the
and
the
pro
you
know
the
settlement
processes.
You
know
people
need
to
have
a
an
understanding
of
where
it's
valuable
and
where
it's
definitely
not.
B
Yeah,
I
I
like
so
for
me
so
a
lot
of
these.
These
projects
that
you
just
mentioned
have
been
fantastic
experiences
for
us
and
and
and
we've
been
able
to
partner
on
them,
and
with
that
it's
been,
it
has
been
great
talk.
You
know,
working
with
clients
around
the
concepts,
validating
the
concepts,
understanding
what
their
real
pain
points
and
needs
are.
All
of
that
has
been
fantastic,
but
all
it's
all
been
driven
and
this
stays
with
me.
B
I
think
I've
been
with
dtcc
now
six
years
and
I
think
a
year
in
you
know
mike
came
out
to
one
of
our
fintech
forums
and
said
if
anyone's
gonna
disintermediate
us
it's
gonna,
be
us
right.
You
know,
I
think
that
the
concept
that
blockchain
just
intermediates
at
this
in
this
day
and
age,
I
think
is-
is
not
so
so
much
of
a
it's
not
so
prevalent.
But
what
is
prevalent
is
that
in
you
know,
firms
really
need
to
think
about
how
to
operate
differently
in
the
future.
B
You
know
what
is
that
going
to
look
like,
and
you
know
I
think
we've
got
so
you
know
technology,
advancements,
communication
advancements
have
just
changed
the
narrative
for
us,
and
so
it's
it's
imperative
that
we
start
to
look
at
these
things.
Tokenization
just
fit
right
into
that
right.
It
was
a
again
another
question
from
mike
who
has
been
a
tremendous
innovation
leader
for
us
who
said
hey
guys.
What
is
you
know
all
this
ico
stuff
is
going
on.
Like
you
know,
what
is
this
going
to
mean
for
us?
B
So
breaking
down,
you
know
that
you
know
being
able
to
take
assets,
put
them
on
a
blockchain,
create
automation,
wrap
that
automation
around
the
asset.
If
you
will
and
drive
efficiency
through
better
data
distribution,
transparency,
you
know,
etc
and
even
ease
of
access,
there's
also
just
over
time.
You
know:
do
you
ease
the
access
to
your
networks
and
your
platforms
and
drive
greater
business
opportunities,
and
I
know
I've
heard
a
lot
of
people.
We
talk
a
lot
about
new
business
models
that
can
come
off
of
the
back
of
this.
B
What
does
it
mean
if
we
want
to
re-represent
tokens
or
securities
on
a
blockchain,
that's
ion,
and
then
what
does
it
mean
if
we
want
to
natively
issue
tokens
and
manage
those
assets
et
cetera?
That
became
whitney
two
different
markets,
public
markets,
private
markets
so
really
interesting
opportunities
for
us
to
explore
the
concepts
and
understand
what
the
real
value
is.
Now
I'll
close
with
this
one
thing
you
you
said
you
know:
can
we
get
faster
settlement
on
blockchain?
B
You
know
you
can
get
faster
settlement
on
a
better
payment
rail
period,
so
I
don't
know
it
has
to
be
blockchain,
but-
and
I
certainly
don't
think
that
you
know
with
regards
to
the
securities
markets-
blockchain
doesn't
actually
reduce
the
capital
requirements
or
the
capital
considerations
that
firms
have
who
are
transacting
in
that
space.
Right
that
you
know
what
really
drives.
B
That
is
reducing
the
date
by
which
you
settle,
and
so
if
the
industry
gets
behind-
and
you
know-
as
I
think,
as
everyone
knows,
is
getting
behind
right
now-
a
t1
settlement
that
will
inevitably
reduce
the
capital,
that's
required
and
therefore
free
up
that
capital
for
other
uses
and
improve
the
end-to-end
process.
You
don't
need
blockchain
to
do
that.
Can
blockchain
potentially
take
us
a
step
further.
A
Yeah,
no
thank
you.
You
know
for
that.
I
think
it's
there's
it's
a
it's!
Obviously,
on
the
surface
you
know
it
seems,
you
know,
there's
lots
of
misunderstanding
of
the
simplicity
of
well,
I'm
just
buying
and
selling
an
asset.
You
know
what
you
know,
the
the
the
massive
you
know,
value
and
and
service
that
the
clearinghouses
provide
and
the
dtc
provides.
You
know
you
know
around
being
able
to
net
and
compress
that
activity
so
that
the
for
the
efficiency
of
the
system,
the
liquidity,
is
key.
A
It
has
to
rank
up
there
right
in
in
its
history
of
you,
know,
170
clearing
participants,
you
know
trillions
in
value
flowing
through
it
and
you
know
all
on
a
systemically
important
infrastructure
basis.
How
do
you
think
about
kind
of
how
the
you
know
as
as
modernization
you
know,
as
as
we
hit
a
wave
of
modernization?
How
do
you
think
about
the
you
know,
the
the
you
know,
the
current
you
know
highest
standard
of
security
resilience.
You
know,
control
predictability
that
that
you
know
the
dtcc
provides
to
the
system
today.
B
You
know,
I
think
it's
it's
somewhat
like
any
new
technology,
really
even
cloud
technology
cloud
has
been
around
now
for
at
least
a
decade,
and-
and
you
know,
financial
institutions
are
still
getting.
You
know
themselves
ready
to
adopt
in
a
more
meaningful
way
around
tier
one
applications,
etc.
There's
still
there's
still
time
for
that
technology
to
mature,
to
meet
the
resiliency
and
the
performance
and
the
scalability
needs
and
and
things
of
that,
nature
of
of
our
highly
regulated
entities
and
so
with
blockchain.
B
Again,
I
think
you
know,
as
we
look
at
tokenization
and
blockchain
and
and
the
combination
and
use
of
multiple
technologies,
I
think
we
have
to
apply
that
same
lens.
I
mean
our
we've
spent
decades,
learning
about
the
pitfalls
of
implementing
new
technology
and
dealing
with
bugs
and
and
things
of
that
nature,
not
good
things
seem
to
work
really
well
right.
Now
that
doesn't
mean
we
shouldn't
modernize
and
we
shouldn't
think
about
how
to
how
to
get
us.
B
You
know
moving
into
and
become
even
more
operationally
efficient,
but
we
do
have
to
keep
in
mind
that
what
we,
what
we
do
today,
matters
and
it
in
it
and
it's
critical
and
those
critical
applications
should
not
be
taken
lightly.
So
when
it
comes
to
thinking
about
implementing
a
new
blockchain
technology
or
network,
you
know
you
have
to
think
about
the
governance
of
that
network
and
you
have
to
think
about
who's,
providing
that
governance-
and
you
know
who's
managing.
B
You
know,
updates
who's,
resolving
issues
or
problems
who's,
ultimately
to
a
regulator
accountable
for
that
network.
And
how
are
you
going
to
maintain
it?
How
are
you
going
to
provide
transparency
to
how
the
participants
will
operate
on
the
platform
and
who
does
what
and
how
new
technology
or
new
smart
contracts
or
new
elements
of
the
blockchain
technologies
are
deployed?
And
when
and
what
does
that
mean
for
your
ecosystem
or
your
network
of
participants
and
how
they've
adopted
nodes
or
apis
and
things
of
that
nature?
B
So
I
think
you
know
thinking
about
all
of
those
components.
That's
what
trusted
intermediaries
do
today
right.
We
put
those
wrappers
around
our
platforms,
our
infrastructure,
to
help
protect
and
ensure
the
integrity
of
our
markets,
and
so
this
is
this
technology
is,
is
no
different.
The
way,
the
way
that
we
look
at
it.
We
just
hope
that
it
it
enables
and
drives
some
even
greater
value
than
what
we
have
today,
but
in
terms
of
just
operating
it.
A
Yeah,
I'm
looking
at
some
of
the
questions
coming
in
a
good
one
from
john
carpenter
here
around
around
t,
plus
one
settlement
and
envisioning
going
to
t
zero,
and
maybe
let
me
let
me
extend
the
question
a
little
bit
like.
Is
that
even
you
know
what
about
dynamic
or
variable
or
opportunistic
settlement
windows
like?
What's
the
what's
your
view
on
what
we
should
be
thinking
about
or
or
you
know,
what
are
you
thinking
about
as
an
industry
and
talking
about
from
as
a
potential
person?
You
know
you
know
binary.
You
know.
B
Rather
than
prescribing
something,
I
feel
like
there's
a
there's,
a
better
opportunity
to
set
ourselves
up
with
technology
to
do
what
the
industry
needs
when
they
need
it
right,
and
so
you
know
I
look.
We've
we've
spent
a
lot
of
time
with
clients.
We
continue
to
spend
a
lot
of
time
with
our
clients
to
understand
the
impacts
of
moving
to
different
settlement
dates
and
and
without
without
critical
mass
moving
to
a
settlement.
A
short
settlement
cycle
doesn't
add
a
lot
of
value
right.
B
B
You
know
multiple
settlement
slices
throughout
the
day
or
real-time
settlement
or
whatever
is
to
really
is
just
to
think
about
the
implementation
of
technology
on
a
going
forward
basis
in
a
more
flexible
manner,
so
including
things
like
real-time
netting
capabilities
and
positioning,
so
that
you
know
where
you're
at
at
any
given
point
in
time.
And
then
you
know
the
settlement.
A
You
know
we
started
lots
to
be
gained
and
we
could
get
money.
You
know
we
could
get
much
faster
on
today's
systems
as
mike
and
you
and
robin
you
know
to
talk
about.
You
know
all
the
time,
but
but
if
we
think
about
the
tech,
you
know
the
technology
capabilities
that
can
be
applied
and
that
are
being
tested
right.
That
ultimate.
You
know.
I
think
that
ultimate
flexibility
that
you
reference
to
then
configure
to
what
the
what
the
users
want.
A
You
know
that
that
notion
of
doing
delivery
versus
payment
in
in
a
single
step-
you
know
at
the
right
moment
of
you
know,
of
the
cash
and
the
security
creates
mac.
You
know
creates
that
maximum
flexibility,
and
I
think
that's
you
know,
that's
the
that's.
What
we
have
to
explore
is
to
the
implications
of
that
right.
B
That's
really
important
david,
because
again
this
isn't
about
you
know
this
is
the
industry.
Moving
towards
a
different
settlement
date
is,
is
a
huge
positive
right.
Getting
to
t1
is
going
to
is
going
to
create
a
lot
of
value
for
the
industry,
but
this
isn't
you
know
this
again.
This
really
is
about
thinking
more
broadly
about
how
you
improve
your
end-to-end
processes.
Not
just
this
one
thing,
and
I
do
believe
that
asset
class
is
a
really
important
conversation
here.
B
You
know
and
regions
and
locate
like
locations
like
you
know
when
you
think
about
the
volume
you
mentioned,
that
you
referenced
it
earlier,
you
know
going
to
tease,
you
know
real
time
gross.
You
know
without
having
that
benefiting
the
industry
benefiting
from
that
netting
capability
is,
you
know,
could
be
work
like
could
be
worse
for
them
right,
and
so,
ultimately
you
know
you
have
to
think
about
the
market
you're,
addressing
the
asset
classes
that
you're
addressing
the
size
of
that
marketplace,
the
volume
of
activity,
the
value
you
get
in
netting
birth.
B
A
Yeah
and-
and-
and
you
know
this,
the
I
mean
the
thing
one
of
the
things
I'm
excited
about
is
it
plays
into
our
industry.
Strength
right,
all
right,
you
know
you
get,
you
know,
provided
the
technical
capability
to
to
do
some
of
things
you're
talking
about.
We
are
fantastic
as
an
industry
of
pricing
that,
like
you,
know
the
risk
pricing,
the
transaction
pricing,
the
you
know,
the
the
you
know
the
further
refund.
You
know
the
fur
further.
A
You
know
configurability
and
product
and
services
that
can
be
built
up
around
it
to
to
you
know,
increase
liquidity.
You
know,
you
know,
increase.
You
know:
cash
management,
collateral
management.
You
know.
All
of
that
is
just
I
think,
a
fantastic
frontier.
We
gotta
have
the
foundation
to
be
able
to
work
from
it
and
again
you
know
what
what
what
what
you
started
to
build
gives
us.
You
know
those
first
insights,
I
think
it's
fantastic,
craig,
I'm
gonna
and
and
eric
I'm
gonna.
A
Some
of
these
questions
that
are
out
there,
I'm
gonna
unless
jen
wants
to
you,
know
jen's
jen's
cat.
You
know
our
capital
markets,
you
know
core,
you
know
global
expert,
I'm
gonna
save
some
of
the
retail
stuff
for
for
belisarius
to
handle
here
in
a
minute.
Unless
jen
you
want
to
jump
in
on
it.
I'm
happy.
A
Yeah,
so
let
me
let
me
save
some
of
those
for
for
john
in
a
few
minutes,
but
you
know
jen
in
terms
of
in
terms
of
you
know.
Certainly
there
are
you
know
in
the
hyperledger
community
we've
got,
you
know,
we've
got
a
large
number
of
of
your
clients
and
our
clients.
You
know
you
know
here
and
in
the
ecosystem
and
we're
all
working
together.
You
know
what
what
would
you
you
know?
What
would
you
recommend
with
respect
to
how
you
know
how
and
where
to
engage?
B
I
think,
to
the
extent
that
that
there's
interest
across
the
open
source
community
and
just
under
better
understanding
kind
of
what
we're
doing-
and
I
think
we've
got
a
you
know
on
our
website-
you
can
reach
out
and
submit
you
know
some
requests
to
to
meet
and
things
of
that
nature.
I
think
we
post
a
lot
around
what
we're
doing
from
a
fintech
standpoint.
Rob
platnick
is
chair
of
the
governing
board
for
hyperledger,
so
there's
opportunities
through
there
and
I
think
on
different
projects.
A
No
that
that
you
know
that
that's
great
and-
and
I
suppose
you
know
important
to
say
that
you
know
in
in
in
some
of
the
work
that's
been
done
already.
We've
we
put
good
use,
you
know,
put
put
some
of
the
hyperledger
code
to
good
use.
You
know
in
particular
the
you
know,
cactus
and
blockchain
automation
framework.
You
know,
focus
it's
yeah.
B
A
B
B
I
think
it's
only
gonna,
you
know
ramp
up
and
be
you
know,
accelerate
over
time,
so
I'd
say,
don't
lose
faith.
People
are
still
do
we're
working
really
hard.
It's
just
that.
Some
of
these
problems
are
just
not
easy
things
to
solve
overnight.
So
so
I'd
say.
That's
all
all
good
things
are
happening
right
now,.
A
Awesome
well,
jenna.
I
appreciate
you
joining
joining
in
this
discussion
with
us
and
and
yes
yeah
between
you
know,
jen
rob.
You
know
you
know
me
there.
There
are
a
number
of
of
of
of
the
leadership
team,
you
know
very
focused
on
central
bank,
digital
currency
and
the
and
you
know
wider
tokenization
potential
for
core
capital
markets
infrastructure.
So,
let's
see,
if
there's
one
last
question
before
we
have
to
pivot
here,
say
we
already
have
the
technology
this
by
trying
fabric
yeah,
there
are
a
number
of
technologies.
A
Being
you
know
are,
are
being
applied
and
yes
it's
you
know
the
there's
we
you
know,
as
you
can
imagine,
right
with
jen
and
rob,
and
my
focus
on
the
you
know.
Hyperledger
board
that
you
know
open
source
is
a
key.
You
know
is
key
to
this
whole
space,
particularly
as
we
get
you
as
we
talk
about
interoperability
and
and
how
important
that's
going
to
be
as
we
connect
these
islands
of
implementation
of
different
ecosystems,
so
jen.
Thank
you.
Thank
you.
A
So
much
jen
and
I
are
gonna
drop
here,
but
I'm
gonna
bridge
to
john
velosarios
who's
going
to
you've
been
patient.
John
we're
basically
waiting
here,
I'm
going
to
pivot
a
bridge
to
john
who,
who,
as
I
said
in
the
opening,
leads
our
central
bank
digital
currency
work
at
accenture
globally,
and
it's
been
at
it
for
gosh.
You
know
six
years
officially,
but
probably
more
like
eight.
A
A
A
A
D
D
Everyone
for
sticking
around
look
forward
to
sort
of
this
presentation,
thanks
for
for
taking
the
time
today
to
listen
to
dave
and
jen
about
more
about
sort
of
cbdc
and
the
work
that
we're
doing
in
this
space-
and
I
know
what's
been-
what's
been
happening,
I
think
just
globally
in
terms
of
the
whole
topic
of
cbdc,
I
I
just
want
to
share.
I
guess
a
little
bit
of
background
behind
behind.
What's
been
going
on
over
the
last
several
years.
D
D
But
before
we
do
that,
I
think
I
want
to
mention
a
couple
of
things
about
what's
the
innovation
behind
cbdc,
and
I
think
this
is
there's
some
questions
as
well-
that
sort
of
came
up
before
but
I'll
try
to
answer
them
as
they
sort
of
come
across
here.
But
the
real
innovation
is
the
ability
to
sort
of
bundle,
both
the
value
and
the
ownership.
D
D
The
innovation-
I
guess,
with
cryptocurrencies
from
over
a
decade
ago,
in
addition
to
the
number
of
developments
in
the
whole
dlt
space,
have
enabled
this
kind
of
technology
to
actually
be
enabling
sort
of
a
central
bank
digital
currency
and
enabling
it
to
take
off,
and
this,
I
think,
is
a
really
key
sort
of
sort
of
milestone.
I
think,
from
from
a
financial
and
technology
innovation
perspective,
so.
C
D
They
also
don't
want
to
be
left
behind,
and
I
think
many
of
the
many
of
the
central
banks
that
we're
working
with
sort
of
are
also,
you
know
conscious
that
corporations
like
the
large
corporations
that
are
looking
at
implementing
their
own
version
of
money
and
tokenized
money,
stable
coins,
and
what
have
you
also
also
can
create
potentially
competitive
pressure
on
on
central
banks
and
some
geographies,
for
instance,
and
regardless?
I
think
this
is
also
it
opens
the
door
for
much
more
developments
to
take
off.
D
D
D
D
In
and
in
their
in
their
sort
of
progression
in
this
area
and
and
looking
at
it
from
primarily
from
a
retail
perspective,
but
also
other
central
banks,
looking
at
it
from
a
broader
wholesale
perspective,
such
as
south
africa,
that's
been
also
experimenting
with
this
in
this
area,
both
in
retail
and
wholesale
historically
bank
of
canada
mas
has
been
very
actively
involved
in
this
area,
as
well
also
central
banks
in
the
middle
east
and
so
on.
So
the
the
story
goes
on
and
on.
D
D
C
D
Now,
if
you
start
looking
at
all
of
these,
it's
almost
like
a
venn
diagram.
You
can
start
combining
all
three
three
of
these
and
sort
of
seeing
retail,
cross-border,
commercial
or
wholesale
cross-border,
and
so
on,
and
there's
a
lot
of
potential
there
for
reducing
counterparty
risk,
taking
friction
out
of
the
process
of
value
transfers
and
so
on,
but
also
creating
new
types
of
financial
instruments
that
were
not
possible
before
we
look
at
cbbc
as
a
third
format
of
format
of
money
form
of
money,
and
today
you
have
two
different
formats
of
money.
D
You
have
banknotes,
so
the
consumers
hold
in
their
wallet
and
you
have
central
bank
money
in
digital
form,
primarily
in
the
form
of
an
rtgs
platform
and
a
system
that
allows
a
ledger
to
be
able
to
be
updated
with
positions
that
a
central
bank
holds
against
a
number
of
commercial
banks
that
hold
accounts
for
the
central
bank.
But
nowhere
is
there
any
sort
of
central
bank
liability
in
digital
format
for
consumers
or
even
for
commercial
entities.
C
D
I
think
also,
you
know
what
jennifer
mentioned
in
that
we
don't
know
sort
of
you
know
we
sort
of
see
the
the
path
in
front
of
us
and
probably
a
couple
of
iterations
deeper,
but
we
really
don't
know
how
far
this
can
go
and
what
it
can
potentially
enable-
and
this
is
this-
is
where
the
innovation
can
really
kick
in.
There
are
a
number
of
things
to
consider.
Of
course,
things
like
you
know:
interoperability,
standardization.
D
B
D
That,
if
I
look
at
sort
of
where
this
could
potentially
go,
I
think
there's
a
number
of
of
these
innovations
that
will
take
us.
Take
us
into
sort
of
what
the
future
looks
like.
I
mentioned
a
little
bit
about
retail
and
from
from
a
consumer
point
of
view,
it
begs
the
question
you
know:
what's
the
benefit
for
for
a
consumer
and-
and
that,
I
think,
is
it's
an
interesting
question.
A
D
There
are
a
lot
of
other
applications
that
we
see
and
and
where
we
talk
about
settlement
and
specifically
sort
of
settlement
of
securities
trading
and,
as
jennifer
pointed
out,
we
see
sort
of
you
know
having
a
digital
asset,
a
tokenized
digital
asset
and
a
tokenized
form
of
digital
cash.
Only
then
do
we
have
truly
the
ability
to
do
a
dvp
settlement
and
and
apart
from
settlement
windows
settlement
cycles
and
compressing
it
from
a
time
perspective.
D
D
There
are
a
number
of
other
sort
of
things
to
consider
with
regards
to
cross-border
payments,
liquidity
access
to
liquidity
and
so
on,
and
I
think
when
we
see
sort
of
applications
of
multiple
cbdc's
being
implemented,
then
we
will
end
up
seeing
a
lot
of
very
interesting
sort
of
cross-border
applications
of
this
taking
off.
And
I.
D
Where
there
will
be
a
lot
of
developments
that
are
going
to
be
happening
when
multiple
central
banks
issue
their
their
central
bank
digital
currency
and
allow
sort
of
participants
outside
of
their
jurisdiction
to
hold
it
and
transact
it,
then
we
will
see
very
interesting.
Fx
models
effects,
trades,
bilateral
trades
in
addition
to
sort
of
new
types
of
commercial
applications
taking
off,
and
that's
when
we
can
embed
things
like
smart
contracts,
cross-border
payments,
trade,
finance
and
so.
C
D
Into
these
end-to-end
sort
of
processes,
so
I
think
this
is
there's
quite
a
lot
of
scope.
I
think
from
from
all
those
three
dimensions
now
I'll
pause
there,
I'm
gonna
start
sort
of
looking
at
some
of
the
questions,
and
maybe
you
can
answer
some
of
the
questions,
because
I
know
that
there's
a
few
of
them
that
have
been
listed
here
and
if
you
have
any
more,
please
feel
free
to
sort
of
drop
them
in.
I
I'll
look
at
craig.
C
D
A
question:
thank
you,
craig
for
the
question.
A
key
concern
around
deploying
a
cbc
seems
to
be
the
unintended
consequences
that
could
impact
retail
banking
providers.
What
strategies
are
you
seeing
sort
of
central
banks
adopting
to
avoid
these
excellent
question
we
sort
of
when
we
look
at
sort
of
retail
cpc
projects?
D
The
first
one
is
really
looking
at.
How
do
you
ensure
that
you
know
there
isn't
a
digital
run?
Basically,
basically
everybody
withdrawing
all
of
their
deposits,
converting
them
into
cbdc's
and
then
running
off
with
it
and
creating
a
digital
run
for
from
from
from
from
the
bank's
perspective,
and
I
think
that's
a
very
important
point-
and
there
are
a
number
of
things
that
I
would
I
would
say
there
are
mitigating
factors.
One
is:
would
you
store
all
of
your
wealth
or
all
of
your
money
in
a
digital
wallet?
C
D
Mean
at
the
end,
yes,
you
can
convert
it
instantaneously
from
your
deposit,
put
it
into
the
wallet,
but
would
you
do
that?
Would
you
put
your
entire
life
savings
in
those
wallets
so
and
at
the
same
time,
would
you
put
through
policy
and
other
type
of
controls?
Would
there
be
a
single
wallet
issue
to
a
consumer?
Would
you
have
limits
on
the
wallet?
D
D
In
such
an
environment
and
in
a
stress
environment,
a
central
bank
could
intervene,
could
potentially
to
the
bank
inject
it
and
fuse
it
with
a
cbdc
to
tie
it
over
until
there's
a
until
that
run
and
scenario.
It
sort
of
sort
of
goes
away
and
there
is
an
infinite
sort
of
limit,
or
you
know,
digital
there's,
no
digital
limit
to
how
much
can
be
issued
in
such
an
environment
in
a
physical
environment.
D
C
D
C
D
You
know
mirroring
the
cash
distribution
cycle
that
you
have
today
with
the
current
banking
system.
So
hopefully
that
answers
the
question
paypal
announced
in
february
that
it
would.
It
would
like
to
be
a
cbdc
distributor.
What
do
you
foresee
as
the
primary
channels
by
which
cbdc's
will
be
rolled
out
to
the
public
commercial
banks,
payment
service
providers,
potentially
e-money
organizations
that
are
out
there
psps?
Basically,
I
don't
think,
there's
a
limit
to
sort
of
the.
D
And
I
could
see
you
know,
organizations
like
paypal
and
other
psps
and
other
sort
of
providers
globally.
Stepping
into
that
role,
because
it's
all
digital
in
nature
and
also
having
multiple
wallets
that
you
can
use,
gives
you
the
ability
to
then
run
that
as
well.
You
know
as
part
of
one
of
the
many
currency
occurrences
in
this
case,
currency
type,
that
you
could.
You
could
also
host
in
terms
of
those
kind
of
implementations.
D
So
I
think
that
that's
definitely
a
doable
one
and
I
think
there
are
going
to
be
a
number
of
psps
that
will
step
into
that
role.
We've
seen
that
in
other
projects-
and
I
see
that
that
will
be
taken
on
by
you
know,
licensed
regulated
entities
that
have
some
sort
of
a
license
to
to
provide
those
kind
of
payment
services
to
the
marketplace.
D
D
Digital
euro
digital
sort
of
initiative
papers
out
there,
and
I
encourage
you
to
sort
of
look
at
them
because
there's
there's
quite
every
every
week.
There
seems
to
be
several
of
them,
and
I-
and
I
know
that
there
are
there's
always
sort
of
people
that
are
publishing
points
of
view
and
organizations
that
are
publishing
their
points
of
view.
Bis
is
very
active
in
this
area.
Many
of
the
central
banks
are
very
active
in
this
area
and
also
the
academic
institutions
that
publishing
sort
of
their
perspective
on
cbdc.
D
D
D
Don't
want
to
devolve
that
responsibility,
fiscal
policy
objectives
to
an
external
force
and
they
want
to
be
in
ultimate
control.
I
mean
that's
a
prudent
sort
of
sort
of
central
bank
that
would
do
that
and
I
think
that's
also
going
to
play
out.
I
think,
in
terms
of
many
of
the
different
cbc
initiatives.
D
The
more
I
mean
this
is
a
policy
decision.
This
is
a
government
decision
as
well
we're
also
working
with
regulators
to
help
service
structure,
the
right
regulation,
a
lot
changes
in
law
and
what
policies
decisions
need
to
be
made
in
order
to
sort
of
even
implement
a
cbdc
to
go
all
the
way
to
sort
of
something
where
you
don't
have
that
control.
C
D
To
an
external
force,
so
I
think
it's
interesting,
but
I
don't
see
that
happening
very
often
in
many
different
geographies
as
well.
So
that's,
I
think,
that's
it
for
the
questions.
How
are
we
doing
on
time?
Two
minutes,
so
there's
no
more
questions
feel
free
to
pop
them
in
if
there's
anything
else,
I
just
wanna
make
a
couple
of
closing
remarks.
There's
this
is
a
very
fast-moving
space.
There's
a
lot
of
a
lot
of
work
being
done
globally.
D
More
and
more
so
I
encourage
you,
those
that
are
interested
in
this
to
this
topic,
to
please
reach
out
to
the
folks
that
are
that
are
like
myself
and
dave
and
myself
and
others
that
are
actively
working
in
this
area,
and
let
us
know
if
you're,
you
know
we
can
share
ideas
and
share
and
collaborate.
I've.
D
One
thing
I
would
say
is
that
in
this,
in
this
whole
space
that
has
been
incredibly
collaborative
working
experience
almost
a
semi-academic
environment
for
for
for
lack
of
a
better
description,
and
I
think,
I'm
very
encouraged
by
that
there's
a
strong
willingness
to
share
to
explore
open
source
ideas
to
open,
openly
develop
new
concepts
and
new
ideas.
I
think
that's
really
what's
driving
a
lot
of
the
developments
because
of
this
open
openness
and
the
nature
of
this
topic
in
many
central
banks.
D
D
You
know
a
social
dimension
and
implication,
I
think
than
than
other
topics
that
we
that
we
look
at
and
on
that
note
I
think
it's
it's
one
of
the
most
exciting
things
to
be
areas
to
be
working
in
and
to
be
involved
in
so
encourage
you
to
continue
to
sort
of
you
know.
Have
that
interest.
Do
the
research
you
know
keep
an
eye
on
what's
going
on
and
get
ready
for
sort
of
innovation?
That's
going
to
be
coming
our
way.
You
know
imminently
and
on.