Towards legal interoperability of retail central bank digital currencies:
a comparative law perspective.

In the context of central bank digital currencies (CBDCs), interoperability is an important technical functionality that merits consideration from the legal perspective. The panel will discuss interoperability largely in the retail CBDC context and, based on lessons from the past, will attempt to provide conjectures about the future. The discussion will cover both the domestic context (exchangeability between CBDCs and cash; interoperability between intermediaries’ platforms) and the international context (exchangeability between CBDCs and cash; interoperability between CBDCs). The panel will also touch upon the different civil law treatment of the two CBDC systems (account based/claim and token-based/quasi in rem) as well as the ramifications of that treatment for legal interoperability.

Chair:
– Otto Heinz, Head of Division, Legal Services, European Central Bank

Panellists:
– Panagiotis Papapaschalis, Senior Lead Legal Counsel, Legal Services, European Central Bank
– Ross Leckow, Acting Head of BIS Innovation Hub – Strategy and Legal at Bank for International Settlements, BIS
– Jess Cheng, Senior Counsel, Federal Reserve Board
– Seraina Gruenewald, Professor European and Comparative Financial Law, Radboud University

Discussion with questions from the audience

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About this event
The International Monetary Fund (IMF) reports that 97 nations, or more than half of the world’s central banks, are experimenting with developing Central Bank Digital Currencies (CBDCs). Recent example is Norway’s central bank confirming that the prototype infrastructure for the project is based on Ethereum are just one example of the headway countries are making in developing a digital currency.

As more announcements from central banks worldwide are made public, the discussion about the design dimensions of a CBDC is also coming into the spotlight in the eurozone. In August, the ECB’s newest working paper series publication “The economics of central bank digital currency” sought to identify issues and consensus regarding CBDCs, and to identify gaps in the previous research (i.e., the arising fear of compromised privacy and the benefits of anonymous payments). The conclusion of the ECB that there is no one-size fits all solution for all countries and that different currency unions and countries need to comply with differing economies and demands from its citizens opens up more questions than it answers.

A CBDC infrastructure thus needs to be consistent with the various needs of citizens, the economy, and also local regulatory requirements. The World Economic Forum (WEF), for instance, considers robust cybersecurity and technical resilience to be significant design features that should be taken into account. Especially threats coming from emerging technologies (i.e., quantum computing) should be prevented. Furthermore, the Bank for International Settlements (BIS) also lists privacy, interoperability, and the ability to operate across borders as key design considerations for a CBDC.

The aim of this webinar is to discuss the calibration of an optimally designed retail CBDC. In this context, the challenges of this day and age, such as data protection, are explored alongside country and currency union specific considerations.

In particular, in this panel, we focus on addressing the following questions among others:

Which design dimensions of a retail CBDC are there? Which ones are especially relevant to different countries?
Which design features have a particularly strong influence on financial stability and monetary policy? How should the ECB address these features?
Why are some countries inclined to use blockchain technology and others are reluctant to?
Which goal is the euro zone pursuing in designing an optimal retail CBDC?
What are the learnings from currently live retail CBDC projects in other countries?
Are there non-negotiable design features for a retail CBDC regardless of the country or currency union?

During the webinar, you will also have the opportunity to ask direct questions to the speakers.

Panelists

Antony Welfare (Senior Advisor CBDC and Global Partnerships, Ripple)
Steven Hildebrandt (Product Manager Digital Currencies, Bundesdruckerei Gruppe)
Dr. Peter Dittus (Chief Economist, SFB Technologies)
Philipp Sandner (Head of Frankfurt School Blockchain Center)

Moderator
Sarah Palurovic (Executive Director, DEA)

Location and Date

Location: Online. Details for the live broadcast will be sent to you on the day of the event (no prior software installation required)

Date: Nov 22, 2022

Time: 17h00–18h30 (CET)

Language: English
Agenda

17:00 – Welcome and introductory words

17:05 – Keynote: The CBDC manifesto

17:15 – Panel discussion: The Optimal Design of a Central Bank Digital Currency

18:15 – Q &A

18:30 – End of webinar

Contact
Digital Euro Association

E-Mail: [email protected]

Web: www.digital-euro-association.de
About the Digital Euro Association

The Digital Euro Association (DEA) is a think tank specializing in crypto assets, stablecoins, central bank digital currencies (CBDC), and other forms of digital money. Our mission is to contribute to the public and political discourse through research, education, and by providing a platform for discussion and a community for policy-makers, technologists, and economists. We are committed to independence and excellence, aiming to set the agenda and to shape policy by encouraging new ideas and forward-thinking in the field of digital money. We deal with new and innovative topics such as the digital, programmable Euro and Libra, but also with “classical” crypto assets such as Bitcoin and Ether. More information on the Digital Euro Association can be found on our website, LinkedIn and Twitter.

Privacy policy: By registering for this event, you agree to receive emails from the Digital Euro Association.

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