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| Simon Chantry, Bitt

Many central banks are studying, designing, prototyping, or rolling out retail CBDCs. Motivations differ significantly across jurisdictions, but there is one potential advantage that could be common to all cases.

If central banks agree on some basic technological foundations, retail CBDCs could interoperate and become a solution to cross-border retail payments. Is this an overlooked potential benefit of retail CBDCs?

We asked guests Simon Chantry (Co-founder & CIO, Bitt) and John Kiff (Head of CBDC/ Digital Captial Markets Advisory, Satoshi Capital Advisors), who joined session #12 of the CBDC Broadcast, to discuss.

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| Commissioner Hester M. Pierce, U.S. Securities and Exchange Commission

We are in the midst of studying and discussing the potential effects of a digital dollar, a digital liability issued by the Federal Reserve, available to everyone in the United States-in other words, a retail CBDC for the United States of America.

Theoretical benefits around the idea of a CBDC include greater efficiency and redundancy in the payments ecosystem, a field for innovation, greater financial inclusion, and the potential to lay the foundations for better cross-border transactions. But not only are those benefits still to be verified, but there are also risks as well in the form of financial instability, operational, reputational, surveillance, and money laundering risks. The devil is in the details, and CBDCs are not the exception, If a digital dollar is issued, its regulation and design will be particularly responsible for its success.

Having explored CBDC motivations and challenges from an Asia-pacific, Latin American, UK and Canadian perspective, we now turn our attention to the United States. In this session, guests Commissioner Hester M. Peirce from the U.S. Securities and Exchange Commission (SEC) and Professor Patrick McCarty, Adjunct Professor, Derivatives/ICOs and Cryptocurrencies at Georgetown University Law Center join FNA to offer an insight into CBDC deployment and its relationship with other digital forms of payment and benefits/implications of a national rollout from a U.S. perspective.

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Session #2 of The Suptech Broadcast featured guests Perrtu Korhonen (Qatar Financial Centre Regulatory Authority) and Clara Machado (Banco de la República), who joined FNA to explore how payments data analytics and anomaly detection have evolved over recent years, focusing on the integration of new datasets for RTGS Stress Testing.

| Richard Dzina, The Clearing House

On the 10th of November, guests Richard Dzina (The Clearing House, TCH) and Stephen Wojciechowicz (Bank of New York Mellon) joined FNA to discuss the Relevance of Liquidity Savings in a real-time World.

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| Anneke Kosse, Bank for International Settlements

Today, 90 per cent of central banks are exploring Central bank digital currencies, with over half already developing digital currencies or conducting experiments.

In Session #10 of FNA’s 60-minute webinar series, The CBDC Broadcast, guests Anneke Kosse and Ilaria Mattei from the Bank for International Settlements joined FNA to discuss the recent report ‘Gaining Moment – Results of the 2021 BIS Survey on Central Bank Digital Currencies and the report “Options for access to and interoperability of CBDCs for cross-border payments.”

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| John Velissarios, Accenture

CBDC is a very particular product. An extremely successful rollout, with massive adoption, could affect financial stability as deposits could migrate to CBDCs. On the other hand, poor adoption could mean a reputational risk event for the central bank. Therefore, unlike most central bank products, it looks like CBDC design should be user-oriented, with consumers and merchants as the main users and commercial banks as distributors. This means that before CBDCs are rolled out, there has to be a design phase that studies under which design options the CBDC will be used will be convenient, as well as safe, reliable, and efficient.

Guests John Velissarios (Accenture/DEA/DDP) and Raoul Herborg (Giesecke + Devrient) joined FNA for session #9 of The CBDC Broadcast as we discussed how some design options could shape the rollout and adoption of CBDCs. The session played close attention to the particular balance CBDCs must achieve to be successful, that is, being effectively adopted without jeopardizing the stability of the financial system.

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Financial markets face unprecedented challenges. These challenges include fragmented and inefficient post-trade processes, liquidity constraints and complex and costly risk management.

To address these challenges, Fnality is developing a peer-to-peer payment system underpinned by Distributed Ledger Technology to enable quicker and safer exchanges of value.

In session #5 of The Payment Systems Broadcast, Jan Schoombee (Fnality) joined FNA to discuss the success of a project exploring liquidity savings calculations and what this means for banks looking to optimise their balance sheet.

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| Claudi Ceresani, DGT Solutions

| Phil Mochan, Nomos

Cross-border payments have always been in the spotlight, often criticized for being slow and costly and unable to cope with the demands for efficient payments among individuals, firms and financial institutions from different jurisdictions.

Challenger financial market infrastructures are trying to solve this long-lived claim for efficient cross-border payments. New technologies and access to flexible and affordable computing services have encouraged the development of solutions that aim to fulfil the demand for better retail and wholesale cross-border payments.

In this session of The Payment Systems Broadcast, we’ll continue the discussion on how challenger FMIs are contributing to solving the cross-border payments conundrum with guests Phil Mochan from Nomos, a new global FMI that supports correspondent banking and Claudio Ceresani from DGT Solutions. Join us as we explore the extent to which FMIs are influencing the cross-border payments ecosystem.

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| Larissa de Lima, Oliver Wyman Forum

In previous sessions of The CBDC Broadcast, we focused on the many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies.

Session #8 of the CBDC Broadcast featured guests Larissa De Lima (Oliver Wyman Forum) and Erica Salinas (Amazon Web Services), who joined FNA to discuss their joint report: Retail Central Bank Digital Currency: From Vision to Design. The report sets a framework to support policymakers in evaluating the interdependencies between policy and technological choices and highlights the importance of ensuring CBDC motivations, design principles and policy decisions are properly aligned.

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| Masaki Bessho, Bank of Japan

There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies.

Each country has a different set of features and objectives that make the CBDC’s design and roll-out a tailor-made process.

In the seventh session of FNA’s CBDC Broadcast, we talked to two guest speakers from the Bank of Japan and Standard Chartered Bank Singapore, who offer an insight into CBDCs from an Asia-Pacific perspective.

The Session Covered