The latest session of the IIF’s DataTalk focused on the potential of central bank digital currencies (CBDCs) for cross-border payments. This note provides a summary of the key themes that emerged, noting that the conversation was conducted under the Chatham House Rule, and comments are unattributed. For context, DataTalk is our community of practice, held in partnership with knowledge partner the Oliver Wyman Forum, to bring together data officers and experts for interactive sessions on key data topics in financial services.

Most major economies and many emerging markets are conducting research or running pilot projects on CBDCs. Digital central bank money has the potential to reduce costs and increase the speed and security of cross-border payments, but the pace of development is uneven. China is one of several markets that is piloting a CBDC but countries like the US and UK are unlikely to introduce their own CBDC for five to ten years. Greater dialogue, both between countries and between central banks and the private sector, can accelerate the development and successful use of CBDCs around the world.

The DataTalk series continues later this month (March 15th at 9:00 am New York time) when we will discuss Digital Identity.

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