News

On 9. Sept 2021, I delivered the inaugural Global Retail CBDC Challenge Masterclass organised by the BIS Innovation Hub and the Monetary Authority of Singapore (MAS), in cooperation with the International Monetary Fund, Asian Development Bank (ADB), OECD – OCDE and the United Nations.

Below are the slides, including the results from two polling rounds on what the advantages and disadvantages of CBDC issuance would be, and how it should be designed. The video will be made available later (I will update this entry).

You are welcome to use the graphs from this presentation, but only with attribution (cite the respective paper mentioned below the respective graph).

Digital Euro Summit- view the summit and our Panel: Building a digital euro – Design choices and their trade-offs https://www.bitkom.org/Themen/Digital-Euro-Summit-2021-Live-Stream-DES2 Speakers: Ralf Wintergerst – Giesecke+Devrient Raphael Auer – BIS Katharina Gehra – Immutable Insight

Finally forthcoming in the American Economic Review: Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation, with Ariel Burstein and Sarah M. Lein. Link:

• paper on the AEA website,
• and to the full (up to date version) with appendix: BIS Working paper 751

my VoxEU columns can be accessed here – If for some reasons they cannot be accessed, some pdfs are here:

I presented BIS WP 880 at the CBDC Research Forum Bern. Many thanks to the organizers Susan Emmenegger, Mirjam Eggen, Christian Sillaber, Cyril Monnet, and Dirk Niepelt.
The program included some very nice papers:

Project Helvetia: Settling Tokenised Assets in Central Bank Money – Nino Landerer (Swiss National Bank)

A model of central bank digital currencies – Jonas Gross (University of Bayreuth)

The Monetary Law of CBDCs in the Euro Area – Aurelia Birne (University of Marburg)

CBDC, the risk of bank disintermediation – and how it could be reduced – Corinne Zellweger-Gutknecht (University of Basel)

Regulating Central Bank Digital Currencies: Towards a Conceptual Framework – Simon Hess (University of Salzburg)

Global stable coins and their implications for government issued money – Christoph Kreiterling (BAFIN)

Shadow Central Banking – Marco Dell’Erba (University of Zurich)

Program and my slides below:

On 25.11.2020, I presented my BIS work in a plenary on “Digital Currency: From Concept to Reality”, alongside:

LI Lihui, Leader of Blockchain Research Working Group, National
Internet Finance Association of China; Former President, Bank of China
CAI Weide, Distinguished Professor of National “One Thousand People
Plan”, Beihang University; Chair Professor, CKGSB
LIU Xiaochun, Vice President, Shanghai Finance Institute; Former
President, China Zheshang Bank

The event was translated in Chinese and can be reviewed here (our session is the very last of the event):

百度 BAIDU
http://mbd.baidu.com/webpage?type=live&action=liveshow&room_id=4047512289&from=wechat

新浪 SINA
https://live.media.weibo.com/live/show?id=1022:232050d593817ff0138954793bcfa155ec426a

Slides are here:

Agenda-CAIJING-Annual-Conference-2021

Agenda-CAIJING-Annual-Conference-2021