The CBDC Era: The Current Development And Future Of Central Bank Digital Currencies

Central Bank Digital Currencies (CBDCs) represent a revolution in the international financial system and of money itself. While most money today is already digital fiat currency, mediated via commercial banks, CBDCs herald a major change to the management of digital public money, and its direct provision to non-financial enterprises and to the public by central banks.

Policymakers as well 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.

Today’s conference aims to develop the wider discussion of CBDCs from the position elaborated at the April 2023 GPI conference, indicating both the progress made internationally and domestically and indicating research agendas that need to be pursued with financial and non-financial businesses, central banks, commercial banks, and social and political institutions.

While taking account of technological developments, such as tokenization. these agendas should not necessarily be driven by technology, there is a need to explore the overall monetary, economic, and societal implications, the impacts on non-financial businesses as well as financial organizations, and the national and international legal and regulatory implications. These issues will be the themes of today's conference, organised by the University of Greenwich and the Global Policy Institute.

Conference Programme

From 12:15


13:00-13:15 WELCOME MESSAGE BY THE ORGANISERS (ADRKE Professor Petros Ieromonachou, tbc)


13.45-14:35 SESSION 1: National Retail CBDCS: A UK Perspective

14:35-15:25 SESSION 2: Commercial Banks: Meeting the Challenges of CBDCs

15:25-15:45 COFFEE BREAK







Nick Mclaren has been the Head of the Future of Money Division at the Bank of England since March 2023 and is responsible for the Bank’s work on Wholesale Cash Distribution, analysis of trends in cash use, and communication with businesses and other groups regarding bank note use. He also oversees the economics and strategy aspects of the Bank’s investigative work on the design of a Central Bank Digital Currency. Previously, Nick was the Deputy to the Governor’s Private Secretary and Economic Assistant to the Governor. He has also worked in the Bank’s Financial Markets and Monetary Analysis Directorates.

Diego Ballon Ossio is a Partner in the financial regulation practice in London, specialisation in advising technology companies, financial institutions and other market participants on regulatory aspects of digital asset trading and custody including in respect of strategic interactions with UK and EU regulators. Diego is a member of the UK Financial Market Law Committee (FMLC) Working group on Fintech and regulatory participates in industry events related to digital assets and tokenisation. He gained significant experience in financial regulation working at the UK Financial Conduct Authority (and predecessor organisation) from 2010 to 2015. He has been ranked by Legal 500 as a “Rising Star” since 2020 and by Chambers Fintech as an “Associate to Watch”.

Dr Michael Lloyd is Associate Director and a Senior Research Fellow at the international affairs think tank, Global Policy Institute, and a former visiting fellow at Newcastle University. He read Political Economy at Trinity College, University of Cambridge. Michael has wide experience as an applied economist in industry and in European international organisations and as an economic adviser, notably as Economic Adviser on Economic and monetary Union to the European Parliament in 1997/1998, covering preparations for the launch of the European Central Bank in 1999. His specialisations are monetary economics, the economics of European integration, and the economics of innovation. His new book “Central Bank Digital Currencies: The Future of Money” is published in April 2023.

Alla Ganz is a Partner and UK Payments Leader at Ernst & Young LLP in the expanding Financial Services Technology Consulting service. With over 25 years of experience working in payments and technology consulting, Alla led digital transformation and innovation programmes across financial services. She is focused on helping EY clients to accelerate payments operations and technology transformation, infrastructure modernisation and innovation, in addition to building new payment platforms. She is advising clients on strategic aspects related to digital currencies and new forms of digital money, including CDCs, deposit tokens, stablecoins, cryptocurrencies. She supported the pilot of Regulated Liability Network in the UK and involved in the next phase of its development. She holds an MBA from INSEAD in France.

Professor Özlem Onaran is the director of the Greenwich Political Economy Research Centre and Co-Director of the Institute of Political Economy, Governance, Finance and Accountability. She has done extensive research on issues of inequality, wage-led growth, employment, globalization, gender, and crises. She has directed research projects for Rebuilding Macroeconomics/ESRC, the International Labour Organisation, UNCTAD, ITUC, the Institute for New Economic Thinking, the Foundation of European Progressive Studies, the Vienna Chamber of Labour, the Austrian Science Foundation, and Unions21. She is member of the Scientific Committee of the Foundation of European Progressive Studies, Scientific Advisory Board of Hans Boeckler Foundation, and the Policy Advisory Group of the Women's Budget Group. She has more than seventy articles in books and peer reviewed journals such as Cambridge Journal of Economics, World Development, Feminist Economics, Environment and Planning A, Public Choice, Economic Inquiry, European Journal of Industrial Relations, International Review of Applied Economics, Structural Change and Economic Dynamics, Eastern European Economics, and Review of Political Economy.

Before joining the University of Greenwich in 2012, Özlem has worked at several universities including the University of Westminster, the University of Applied Sciences-Berlin, Vienna University of Economics and Business, and Istanbul Technical University.

Professor Alex Stojanovic is Head of School for Accounting, Finance & Economics. He was formerly a founding member and Director of Research at Bradley Financial, a City of London-based equity research/financial consulting agency.

Alex graduated with a BA Economics with honours from Belgrade University, and an MBA Finance and a PhD Finance from Bayes Business School, London. In addition to his extensive undergraduate and postgraduate teaching experience, Prof Stojanovic has won praise as an executive education professional, most notably as a visiting Lecturer in Finance at the Bayes Business School's Executive MBA programme.

Alex started his career in commercial banking with Komercijalna Banka Belgrade and has considerable project management and consulting experience through his involvement in international banking projects, including work on International Payment Systems in association with the Bank of England and work on the Impact of the Euro on the UK Banking Industry in association with the Corporation of London.

Alex is also the Director of the Centre for Governance, Risk and Accountability which is active in the areas of corporate governance, corporate social responsibility, risk management, behavioural finance and banking regulation. He is Co-Director of the Institute of Political Economy, Governance, Finance and Accountability - PEGFA - which analyses economic political, social and corporate practices and issues from the political, governance and risk perspectives.

Dr Kefei You is an Associate Professor of Finance at the University of Greenwich. She is the research group leader for the Finance and Banking research team and the Depute Director of the Institute of Political Economy, Governance, Finance and Accountability.

Kefei graduated from East China University of Political Science and Law, Shanghai. She studied MSc Banking and Finance at Loughborough University, Leicestershire and completed her PhD in London. She has published widely in prestigious journals such as Technological Forecasting and Social Change, Journal of International Financial Markets, Institutions and Money, International Review of Financial Analysis and Journal of Business Research. Her recent research interests include Financial Technology (FinTech) and its wide impact on the financial system.

Prior to joining University of Greenwich, she spent a short spell as a consultant at Yingshitong Securities in Shanghai. She also worked as a visiting research fellow at the Bank of Finland and the People's Bank of China.

Professor Chris Dixon is Director of the Global Policy Institute and Emeritus Professor of International Development. He has extensive experience of research, publication and briefing on economic and political developments in East Asia. Current research includes regional integration and institution building in East Asia, the continuing importance of the BRI, the alignment of East Asian economic policy, regionalisation of the global system and the coming of the multipolar world.

Tuesday, 16 April 2024

12:00 - 19:00 BST


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  • Nick Mclaren
    Nick Mclaren
    Head of Division, Future of Money
    Bank of England
  • Diego Ballon Ossio
    Diego Ballon Ossio
    Clifford Chance
  • Michael-Lloyd-1
    Dr Michael Lloyd
    Associate Director
    Global Policy Institute (GPI London)
  • Alla Ganz
    Alla Ganz
    Partner and UK Payments Leader
  • Özlem Onara
    Professor Özlem Onaran
    Professor of Economics
    University of Greenwich
  • Alex Stojanovic
    Professor Alex Stojanovic
    Professor of Finance
    University of Greenwich
  • Dr Kefei You
    Dr Kefei You
    Associate Professor of Finance
  • Professor Chris Dixon
    Professor Chris Dixon
    Global Policy Institute (GPI London)

Room 080, Queen Anne Court, Greenwich University
Old Royal Naval College, Park Row
London SE10 9LS

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