As economies around the world look for ways to foster greater financial inclusion, conversations have increased around upgrading the global payments system, both wholesale and retail. Koji Fusa, chief executive officer at GVE, joins John Orchard, chief executive officer of OMFIF, to discuss the tension between privacy and oversight if physical cash is phased out, characteristics of a two-tier (opted for by the People’s Bank of China and most other central banks considering CBDCs) and three-tier system. A closer look at the impact on tokens and contracts used to settle transactions if a new payments system is created involving using blockchain or distributed ledger technology is also explored. 

View the graph mentioned in the podcast here.