Open Banking Expo’s inaugural CBDC (Central Bank Digital Currency) virtual event goes live in three weeks and today we caught up with speaker at the event and Global Economist at HSBC, James Pomeroy on his hopes and dreams for the future of this ever evolving digital payments phenomenon.
- Where do you see the future of retail/wholesale CBDC?
So much will depend on what happens in the tech space in the coming years – but we see CBDCs as a key step in the world’s move away from cash payments
- What is the one thing people should take away from this event?
How important a topic this is to learn about, given the huge uncertainties that are still present in terms of how they could look
- What are the most exciting potential benefits of CBDC – where do you see digital currencies really making a difference?
Cutting payment costs and encouraging digital payment usage in emerging markets makes be very excited.
- Do you think society will move away from fiat currency?
Not any time soon, at least. There’s a few huge hurdles to cross for widespread adoption of other forms of payment
- How much of your day to day role involves work or conversations around CBDC
A growing amount. My remit is very broad, as a global economist, so having been a very rare topic of discussion a year or so ago, it’s now a much a bigger part of it
- In your work to date; what has been the main challenge of CBDC and how do you see this changing?
How to design one that works. I think the ongoing pilots will build a consensus on how CBDCs will look going forwards.
You can register for your free place at this event HERE