## APRS on CBDC_1111

## Source details

**Canonical URL:** [APRS on CBDC_1111](https://www.imf.org/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111)

## Other formats

- [Markdown version](/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111/index.md)
- [Structured JSON version](/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111/index.json)
- [Bundle manifest](/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111/bundle-manifest.json)

### Contact

For event inquiries:  
International Monetary Fund  
Regional Office for Asia and the Pacific  
Tel. 81-(0)3-3597-6700  
Email: [OAPEconomicSeminar@IMF.org](mailto: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)](/-/media/files/oap/oap-home/2024/2024-1111-cbp-presentation-in-tokyo-tobias.pdf.md){rel="alternate" type="text/markdown"}
  - [The Future of Cross-Border Payments (PDF)](/-/media/files/oap/oap-home/2024/2024-1111-cbp-presentation-in-tokyo-tobias.pdf){rel="external" type="application/pdf"}
- **Modern Monetary System**
  - [Modern Monetary System (Markdown version)](/-/media/files/oap/oap-home/2024/2024-1111-cbp-presentation-in-tokyo-yamaoka.pdf.md){rel="alternate" type="text/markdown"}
  - [Modern Monetary System (PDF)](/-/media/files/oap/oap-home/2024/2024-1111-cbp-presentation-in-tokyo-yamaoka.pdf){rel="external" type="application/pdf"}
- **Central Bank Digital Currency Development Entering the New Phase**
  - [Central Bank Digital Currency Development Entering the New Phase (Markdown version)](/-/media/files/oap/oap-home/2024/presentation-on-cbdc-tokyo-2024-final-tommaso.pdf.md){rel="alternate" type="text/markdown"}
  - [Central Bank Digital Currency Development Entering the New Phase (PDF)](/-/media/files/oap/oap-home/2024/presentation-on-cbdc-tokyo-2024-final-tommaso.pdf){rel="external" type="application/pdf"}

---

## References

- [Regional Office Website](https://www.imf.org/en/countries/resrep/oap-home)
- [Asia-Pacific Regional Seminar: New Challenges in Digital Money and Payments](https://www.imf.org/en/videos/view/6364845316112)
- [Asia-Pacific Regional Seminar Series](https://www.imf.org/en/Countries/ResRep/OAP-Home/asia-pacific-regional-seminar-series)
- [High-level Economic Policy Conferences](https://www.imf.org/en/Countries/ResRep/OAP-Home/policy-conferences)
- [Macroeconomist Training Program](https://www.imf.org/en/Countries/ResRep/OAP-Home/macroeconomist-training-program)
- [Japan-IMF Scholarship Program for Asia](https://www.imf.org/en/Countries/ResRep/OAP-Home/JISPA-Home)
- [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.](https://www.imf.org/en/Topics/fintech/central-bank-digital-currency/virtual-handbook)

_Source: https://www.imf.org/en/countries/resrep/oap-home/2024/aprs-on-cbdc-1111_