This event was jointly hosted with Fireblocks on 7 November 2023. During this webinar, Varun Paul announced a new paper entitled ‘Achieving Uniformity of Tokenized Money Through Smart Contracts’. You can download this paper here.
About the webinar
In the future, multiple different forms of money – both public and private, and both those currently in use as well as new forms of digital money – will coexist. Each has the potential to fill a different niche in the ecosystem and to provide enhanced consumer and business choices, arising from their different characteristics, the technical functionality that they offer, the nature of their issuers and their risk profiles.
In order to achieve a diverse, competitive and effective ecosystem of these new forms of digital money, seamless interoperability, convertibility, and – above all else – preservation of the singleness of a digital Pound in all its varied formats, will be required. Just as bank deposits can today be converted into cash, or e-money into bank deposits, the future evolution of money and payments will require equally seamless, trusted and invisible conversion between cash, bank deposits, e-money and other new forms of public and private digital money.
In a recent paper, the Bank for International Settlements observes that “singleness of money does not rule out varying credit risk across intermediaries. The value of private liabilities as stores of value could differ across intermediaries, in much the same way that in the current two-tier monetary system bank bonds or negotiable certificates of deposit (CDs) can trade at varying spreads. Singleness is an attribute of the payment, rather than private liabilities as a store of value.”
In this event, jointly hosted by the Digital Pound Foundation in conjunction with our member, Fireblocks, we will explore this concept of the singleness of money, and the practical ways in which it can be implemented, through legal and regulatory frameworks, technical interoperability, and settlement mechanisms. We’ll also look at what constitutes money in this new ecosystem, and the extent to which new private issuances and structures – such as stablecoins – can be considered to be “money”.
Panellists
- Jannah Patchay – Executive Director and Policy Lead, Digital Pound Foundation (Moderator)
- Varun Paul – Director of CBDC and Market Infrastructure, Fireblocks
- Martin Hargreaves – Chief Product Officer, Quant
- Ryan Rugg – Global Head of Digital Assets, Citi TTS
- Elise Soucie – Director of Policy & Regulation, GBBC Digital Finance
