Members of the United Nations Internet Governance Forum Dynamic Coalition on Blockchain Assurance & Standardization (UN IGF DC-BAS ) is meeting with government, banking, and industry leaders considering the development of Central Bank Digital Currencies (CBDCs).
The meeting, organized by the Atlantic Council and the Digital Dollar Project, is on November 28-30 near Washington, DC. The event is called:
It is the first-of-its-kind convening of leaders from international financial institutions, central banks, businesses, technology providers, and governments. The event aims to help participants understand the issues before a country decides to develop a CBDC.
- International Monetary Fund Financial Counselor and Director of the Monetary and Capital Markets Development – Tobias Adrian
- Bank of International Settlement Innovation Hub Head – Cecillia Skingsley
- Central Bank of Turkiye – Hatice Karahan
- UN IGF Dynamic Coalition on Blockchain Assurance & Standardization Co-Lead – Gerard Dache
The UN IGF DC-BAS will be hosting a workshop as part of the event that outlines the current blockchain standards that are applicable to financial services. Participants will learn about the Blockchain Maturity Model (BMM) published by the Government Blockchain Association, an international non-profit that has public and private sector members that work in and with over 500 government offices around the world. Specific emphasis will be paid to the BMM Baking & Financial Services Supplement.
“There are significant challenges to deploying CBDCs in production environments because many of the blockchain technologies are not capable of meeting the demands of financial use cases. These include requirements for credit and risk management, clearance & settlement, double-entry accounting, future-dated transactions & balances and many other requirements applicable to financial services.”
Said Gerard Dache, Co-Leader of the UN IGF Dynamic Coalition on Blockchain Assurance & Standardization.
“However, we are developing a registry of trusted blockchain solutions for banks and financial institutions to be able to select solutions.” The first solution that have met the rigorous BMM Banking & Financial Services requirements is TapestryX, a layer one blockchain specifically designed for financial services.
Central Bankers will also learn about the skills needed by digital asset custodians related to accounting, legal compliance, technology, and tokenomic considerations. They will explore the controls needed to prevent the epic failures experienced by other digital asset custodians in recent history.
To find out more about the event or to watch it online visit the event page, Exploring central bank digital currency: Evaluating challenges & developing international standards.