{
  "title": "APRS on CBDC1111",
  "sourceUrl": "https://www.imf.org/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111",
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  "summary": "They offer unprecedented opportunities to reduce costs and increase speed, accessibility and transparency of transactions across borders, but pose significant challenges, including the need for robust regulatory frameworks and international cooperation.",
  "profileBlocks": [
    {
      "type": "office",
      "heading": "Contact",
      "lines": [
        {
          "text": "For event inquiries:"
        },
        {
          "text": "International Monetary Fund"
        },
        {
          "text": "Regional Office for Asia and the Pacific"
        },
        {
          "text": "Tel. 81-(0)3-3597-6700"
        },
        {
          "text": "Email: OAPEconomicSeminar@IMF.org",
          "href": "mailto:OAPEconomicSeminar@imf.org",
          "linkText": "OAPEconomicSeminar@IMF.org",
          "links": [
            {
              "href": "mailto:OAPEconomicSeminar@imf.org",
              "linkText": "OAPEconomicSeminar@IMF.org"
            }
          ]
        }
      ]
    }
  ],
  "sections": [
    {
      "heading": "Seminar focus and key themes",
      "content": "- 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.\n- The seminar stated that CBDCs and global financial platforms:\n  - \"offer unprecedented opportunities to reduce costs and increase speed, accessibility and transparency of transactions across borders\"\n  - \"pose significant challenges, including the need for robust regulatory frameworks and international cooperation.\"\n- 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.\n- Agenda note: \"There will be no specific Q&A sessions during the seminar.\""
    },
    {
      "heading": "Principal presentations and analytical emphasis",
      "content": "- Central Bank Digital Currency Development Entering the New Phase\n  - Speaker: Tommaso Mancini-Griffoli, Division Chief, Payments, Currencies, and Infrastructure division, IMF.\n  - Emphasis on digital currencies and payments, monetary policy, foreign exchange interventions, modelling, and central banking operations and communication.\n- The Future of Cross-Border Payments\n  - Speaker: Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department, IMF.\n  - 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."
    },
    {
      "heading": "Policy-relevant implications emphasized by speakers",
      "content": "- Opportunities:\n  - Reduce costs of cross-border transactions.\n  - Increase speed of cross-border payments.\n  - Improve accessibility and transparency of transactions across borders.\n- Challenges and policy needs:\n  - Need for robust regulatory frameworks.\n  - Need for international cooperation to manage cross-border implications of digital money and payments.\n- Capacity building:\n  - Importance of IMF work on capacity building in member countries regarding supervision of financial systems, central bank digital currency, and debt management."
    },
    {
      "heading": "Agenda and timing (as scheduled)",
      "content": "- 10:00 AM — Opening; Akihiko Yoshida, Director, Regional Office for Asia and the Pacific, IMF;\n- 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;\n- 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;\n- 11:55 AM — Closing & post-event survey"
    },
    {
      "heading": "Participant expertise and roles (speaker bios and relevant experience)",
      "content": "- Tommaso Mancini-Griffoli\n  - Division Chief of the Payments, Currencies, and Infrastructure division at the IMF.\n  - 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.\n  - Education: PhD from the Graduate Institute in Geneva; prior degrees from the London School of Economics and Stanford University.\n- Ryan Rizaldy\n  - 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).\n  - Previous role: Externally Finance Appointee, Payments, Currency and Financial Market Infrastructure Division, IMF.\n  - Education: M.Sc. in Policy Economics, University of Illinois at Urbana-Champaign.\n- Hiromi Yamaoka\n  - Board Director of Future Corporation; Head of Future Institute of Research; Chairperson of the Digital Currency Forum.\n  - 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.\n  - Education: LL.B., University of Tokyo; LL.M., University of California at Berkeley.\n- Tobias Adrian\n  - Financial Counsellor and Director, Monetary and Capital Markets Department, IMF.\n  - Previous roles: Senior Vice President, Federal Reserve Bank of New York; Associate Director, Research and Statistics Group.\n  - Education: Ph.D., Massachusetts Institute of Technology; MSc, London School of Economics.\n- Kentaro Ogata\n  - Deputy Vice Minister of Finance for International Affairs (assumed position in July 2023).\n  - 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.\n  - Education: Bachelor of Law (LLB), University of Tokyo (1992); MBA, University of Maryland (1996).\n- Naoto Shimoda\n  - Deputy Director-General, Payment and Settlement Systems Department, Bank of Japan.\n  - 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.\n  - Career start: joined the BOJ in 1992.\n  - Education: law at Hitotsubashi University; computer science at Harvard University."
    }
  ],
  "bullets": [
    "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:",
    "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.\"",
    "Central Bank Digital Currency Development Entering the New Phase",
    "The Future of Cross-Border Payments",
    "Opportunities:",
    "Challenges and policy needs:",
    "Capacity building:",
    "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",
    "Tommaso Mancini-Griffoli",
    "Ryan Rizaldy",
    "Hiromi Yamaoka",
    "Tobias Adrian",
    "Kentaro Ogata",
    "Naoto Shimoda",
    "**The Future of Cross-Border Payments**",
    "**Modern Monetary System**",
    "**Central Bank Digital Currency Development Entering the New Phase**"
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