Clifford Chance
Webinar: Central Bank Digital Currencies with Clifford Chance and the International Monetary Fund (IMF)
Clifford Chance recently co-hosted an event with International Monetary Fund (IMF) focused on the evolving legal questions around the development of central bank digital currencies (CBDCs). The session, hosted on 9 July 2024, brought together leading global industry experts advising on CBDC design and implementation projects to discuss the crucial legal considerations and latest developments as more jurisdictions around the globe meaningfully explore the introduction of CBDCs.
Welcome and opening
Yan Liu, Deputy General Counsel, IMF and Monica Sah, Partner, Clifford Chance open the event with an overview of some of the key CBDC design features and concepts being discussed, as well as sharing insights about some of the related work being undertaken by the IMF and Clifford Chance
Panel One: CBDC Legal Status & Design
In this panel, our experts share their insights on the latest developments around, and key considerations for, designing effective CBDCs, including considering central bank mandates, distinctions for wholesale and retail CBDCs and which CBDC design features may require legal reform.
Speakers:
- Marianne Bechara, IMF Senior Counsel
- Diego Ballon Ossio, Partner, Clifford Chance
- James Dadford, Senior Associate, Clifford Chance
- Monica Sah, Partner, Clifford Chance.
Panel Two: CBDCs and Private Sector Intermediaries
In this panel, our expert line up consider the role of private sector intermediaries in different CBDC models, looking at the legal relationship between intermediaries and the central bank, as well as considerations around CBDC interaction with alternative digital payment methods such as tokenized deposits and stablecoins.
Speakers:
- Juliana Bolzani, Senior Counsel, IMF
- Alessandro Gullo, Assistant General Counsel, IMF
- Diego Ballon Ossio, Partner, Clifford Chance
- Young Kim, Counsel, Clifford Chance
- Alex Tollast, Counsel, Clifford Chance
Panel Three: CBDCs and Payments Laws
Our final panel consider the application of payments laws to CBDCs, including where legislative changes may be necessary, the role of payment systems, financial market infrastructures (FMIs), settlement finality and legal issues related to cross-border payments.
Speakers:
- Adrian Dorel Dumitrescu Pasecinic, Senior Consulting Counsel, IMF
- Simon Crown, Partner, Clifford Chance
- Young Kim, Counsel, Clifford Chance
- Marian Scheele, Senior Counsel, Clifford Chance
Closing
Carine Antoine Chartouni, Deputy Division Chief, IMF and Alex Tollast, Counsel, Clifford Chance share their views on the key overall themes and the crucial takeaways from the preceding panel discussions.