Central Bank Digital Currencies (CBDCs) represent a revolution in the international financial system and of money itself. While most money today is already digital, CBDCs herald a major change to the management of digital public money, and its provision to non-financial enterprises and to the public.
Policymakers as well as financial, legal, and technology stakeholders are already busy debating important questions pertaining to the future functioning of CBDCs, the relationship between public and private money, as well as the technological opportunities and global legal challenges involved.
However, the introduction of CBDCs has even more far-reaching global implications. These follow from the increasingly dysfunctional structure of the current global political economy. The US dollar-denominated international monetary system no longer provides the necessary structural global financial stability and is facing mounting challenges. These crucially include large sections of the non-Western world building their own alternative systemic structures, which risks the rise of a fragmented and even less stable global monetary order.
What constitutive response CBDCs will be able to offer to these global challenges, including the implications for the international financial system, will be the theme of today's conference, organised by the Global Policy Institute and the Digital Pound Foundation, and kindly hosted by Clifford Chance.
Monday, 24 April 2023
8:00 - 18:00 BST