Money of the future

As both the main store of value and means of payment, money is a core pillar of our economy.  The concept and mechanics of money have materially evolved in the last few years. In particular, stablecoins are a rapidly growing fully digital asset (typically denominated in US$) which can be used to settle payments and is backed by portfolios of “safe” assets such as government bonds.  In parallel major central banks have launched work on the introduction of central bank digital currencies which resemble digital banknotes. These material structural changes in our financial system raise a large number of wide-ranging questions which this high-level webinar will discuss:

• Implications of evolution of “money” for the financial system and central banks
• SC vs CBDC: “The winner takes it all”?
• Remuneration of SCs?
• SCs and Central Bank access
• Do all central banks need to issue CBDCs?
• Impact of SCs  and CBDCs on banks?
• US vs EU (vs China): What is the likely evolution?

Scientific coordination: Martin Scheicher, Adviser, DG Horizontal Line Supervision of the SSM & SUERF Fellow