New Economy Talk: CBDC: Should Central Banks issue Digital Currencies?

Location: Cedar Hall, HQ1-1-660

Overview

Should central banks issue digital currencies? Get the latest thinking from policymakers on the front lines. As cash use diminishes, should central banks introduce digital currencies (CBDC)? Would households and firms use these? Would CBDC allow central banks to better satisfy public policy goals? What alternatives exist? How should CBDC be designed—as tokens, as accounts, or otherwise? To what extent should central banks collaborate with private firms to provide CBDC? What new risks would arise and how can these be managed? .

Moderator

Tommaso Mancini Griffoli

Deputy Division Chief, IMF

Speakers

Timothy Lane

Deputy Governor, Bank of Canada

Timothy Lane became Deputy Governor of the Bank of Canada in 2009. In this capacity, he shares responsibility for decisions with respect to monetary policy and financial stability. He also oversees the Bank’s funds management and currency functions—including the Bank’s ongoing research and analysis of developments in financial technology, crypto-assets and digital currencies. Mr. Lane served for 20 years on the staff of the International Monetary Fund. During that period, he contributed to the IMF’s analysis of numerous countries and conducted research on a wide range of topics, including monetary policy, financial crises, IMF reform and economic transition. In 2008, he joined the Bank of Canada as an Advisor to the Governor, a position he held until his current appointment. Born in Ottawa, Mr. Lane holds an honours BA from Carleton University and a PhD in economics from Western University.

Cecilia Skingsley

Deputy Governor, Riksbank

Cecilia Skingsley: took up the post of Deputy Governor of the Swedish Riksbank in May 2013. She represents the Riksbank on the Committee on the Global Financial System (CGFS) and on the Euro Retail Payments Board (ERPB). She is also the Governor of the Riksbank’s alternative on the Board of Directors of the BIS and chairs the retail payments council. In October 2016, Ms Skingsley was appointed to co-chair the World Economic Forum’s working group Global Future Council on the Future of Financial and Monetary Systems. Ms Skingsley has a BSc in economics and a financial analyst diploma. She was previously chief economist at Swedbank and has also worked at Dagens Industri, ABN Amro Bank and the Ministry of Finance.