APRS on CBDC_1111

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APRS on CBDC_1111

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• Structured JSON version
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Contact

For event inquiries:
International Monetary Fund
Regional Office for Asia and the Pacific
Tel. 81-(0)3-3597-6700
Email: OAPEconomicSeminar@IMF.org

Seminar focus and key themes

• The seminar addressed "New Challenges in Digital Money and Payments," focusing on Central Bank Digital Currencies (CBDCs) and global financial platforms for cross-border payments.
• The seminar stated that CBDCs and global financial platforms:
  • "offer unprecedented opportunities to reduce costs and increase speed, accessibility and transparency of transactions across borders"
  • "pose significant challenges, including the need for robust regulatory frameworks and international cooperation."
• The seminar highlighted the latest chapters of the IMF CBDC Virtual Handbook and insights into the development of cross-border payments, including global financial platforms, to share cutting-edge knowledge and foster regional dialogue on the future of payments.
• Agenda note: "There will be no specific Q&A sessions during the seminar."

Principal presentations and analytical emphasis

• Central Bank Digital Currency Development Entering the New Phase
  • Speaker: Tommaso Mancini-Griffoli, Division Chief, Payments, Currencies, and Infrastructure division, IMF.
  • Emphasis on digital currencies and payments, monetary policy, foreign exchange interventions, modelling, and central banking operations and communication.
• The Future of Cross-Border Payments
  • Speaker: Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF.
  • Emphasis on financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, debt management, and climate finance; capacity building for supervision, monetary and exchange rate regimes, central bank digital currency, and debt management.

Policy-relevant implications emphasized by speakers

• Opportunities:
  • Reduce costs of cross-border transactions.
  • Increase speed of cross-border payments.
  • Improve accessibility and transparency of transactions across borders.
• Challenges and policy needs:
  • Need for robust regulatory frameworks.
  • Need for international cooperation to manage cross-border implications of digital money and payments.
• Capacity building:
  • Importance of IMF work on capacity building in member countries regarding supervision of financial systems, central bank digital currency, and debt management.

Agenda and timing (as scheduled)

• 10:00 AM — Opening; Akihiko Yoshida, Director, Regional Office for Asia and the Pacific, IMF;
• 10:05 AM — Central Bank Digital Currency Development Entering the New Phase; Speaker: Tommaso Mancini-Griffoli, Division Chief, Monetary and Capital Markets Department, IMF; Presentation; Discussants: Ryan Rizaldy, Director of the Payment System Policy Department, Bank Indonesia; Hiromi Yamaoka, Board Director of Future Corporation and the Chairperson of the Digital Currency Forum; Presentation;
• 11:00 AM — The Future of Cross-Border Payments; Speaker: Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF; Presentation; Discussants: Kentaro Ogata, Deputy Vice Minister of Finance for International Affairs, Ministry of Finance Japan; Naoto Shimoda, Deputy Director-General, Payment and Settlement Department, Bank of Japan;
• 11:55 AM — Closing & post-event survey

Participant expertise and roles (speaker bios and relevant experience)

• Tommaso Mancini-Griffoli
  • Division Chief of the Payments, Currencies, and Infrastructure division at the IMF.
  • Prior roles: senior economist, Research and Monetary Policy Division, Swiss National Bank; private sector roles at Goldman Sachs, Boston Consulting Group, and Silicon Valley startups.
  • Education: PhD from the Graduate Institute in Geneva; prior degrees from the London School of Economics and Stanford University.
• Ryan Rizaldy
  • Director of Payment System Policy Department, Bank Indonesia; manages Indonesia Payment System Blueprint 2024, Nexus Project, Indonesia Payment System Blueprint 2030 and Project Garuda (Indonesian CBDC or Digital Rupiah).
  • Previous role: Externally Finance Appointee, Payments, Currency and Financial Market Infrastructure Division, IMF.
  • Education: M.Sc. in Policy Economics, University of Illinois at Urbana-Champaign.
• Hiromi Yamaoka
  • Board Director of Future Corporation; Head of Future Institute of Research; Chairperson of the Digital Currency Forum.
  • Previous roles: Director General, Markets Dept. and Payment and Settlement Systems Dept, Bank of Japan; Member of the Basel Committee; Alternate Executive Director for Japan at the IMF.
  • Education: LL.B., University of Tokyo; LL.M., University of California at Berkeley.
• Tobias Adrian
  • Financial Counsellor and Director, Monetary and Capital Markets Department, IMF.
  • Previous roles: Senior Vice President, Federal Reserve Bank of New York; Associate Director, Research and Statistics Group.
  • Education: Ph.D., Massachusetts Institute of Technology; MSc, London School of Economics.
• Kentaro Ogata
  • Deputy Vice Minister of Finance for International Affairs (assumed position in July 2023).
  • Roles: oversees G7 and G20 matters; served as Chair of G7 Digital Payment Expert Group under the Japanese Presidency in 2023; two tenures at IMF (Fiscal Affairs Department) from 2001 to 2005 and from 2010 to 2013.
  • Education: Bachelor of Law (LLB), University of Tokyo (1992); MBA, University of Maryland (1996).
• Naoto Shimoda
  • Deputy Director-General, Payment and Settlement Systems Department, Bank of Japan.
  • Leads modernization of wholesale and cross-border payments using new technologies; represents the Bank in international fora including the Committee on Payments and Market Infrastructures and the group of seven central banks and the Bank for International Settlements (BIS) on CBDC.
  • Career start: joined the BOJ in 1992.
  • Education: law at Hitotsubashi University; computer science at Harvard University.

Content in this bundle

• The Future of Cross-Border Payments
  • The Future of Cross-Border Payments (Markdown version)
  • The Future of Cross-Border Payments (PDF)
• Modern Monetary System
  • Modern Monetary System (Markdown version)
  • Modern Monetary System (PDF)
• Central Bank Digital Currency Development Entering the New Phase
  • Central Bank Digital Currency Development Entering the New Phase (Markdown version)
  • Central Bank Digital Currency Development Entering the New Phase (PDF)

References

• Regional Office Website
• Asia-Pacific Regional Seminar: New Challenges in Digital Money and Payments
• Asia-Pacific Regional Seminar Series
• High-level Economic Policy Conferences
• Macroeconomist Training Program
• Japan-IMF Scholarship Program for Asia
• IMF CBDC Virtual Handbookand insights into the development of cross-border payments, including global financial platforms to share cutting-edge knowledge and foster regional dialogue on the future of payments.