Enhancing domestic payments with wholesale CBDC
Central banks are fully embracing the need for innovation to improve payments. Central bank digital currencies, particularly in the wholesale space, offer a promising avenue to improve domestic payments efficiency, foster competition and set high standards for safety and risk management.
During this period of rapid innovation, collaboration and communication between governing authorities and those implementing new technology solutions, it is crucial to ensure that the pace of change does not result in additional risks or unintended consequences.
OMFIF’s Digital Monetary Institute, in partnership with Visa, is convening a high-level panel discussion to explore the path to improvements in wholesale payments and the complementary roles of the public and private sectors. We will examine the motivation behind central bank interest in wholesale CBDCs, understand the various roles of domestic payments participants and explore strategies to facilitate compatibility with other systems and jurisdictions. We will address the need for cybersecurity and operational resiliency and consider what can be learned from the various projects and real-world examples under development.
