Excerpt
March 7, 2024, Video: "The Innovation Hub of the Bank for International Settlements is at the center of the future of money, from exploring the feasibility and design of central bank digital currencies (CBDCs) and tokenized deposits, to the creation of new multi-country payments platforms that could transform cross-border payments, to the development of near real-time clearing and settlement systems for tokenized financial assets. Over 100 countries are exploring the potential for CBDCs today, which makes the Innovation Hub's research on the legal, technological, and operational aspects of CBDCs critical. It is engaged with many countries on new payment platforms, such as the mBridge project among China, Hong Kong, Thailand, and the UAE. Its Project Nexus is at the forefront of making cross-border linkages of fast retail payment systems, such as the U.S.'s FedNow. In light of this work, how might money be transformed, and how soon? What are the implications of these developments for the future of cross-border payments, and what challenges may arise in building the monetary system of tomorrow? Ross Leckow, Deputy Head of the Innovation Hub, discussed these issues with HLS Professor Howell Jackson and ÌÇÐÄvlog¹ÙÍø Research Fellow Timothy Massad, who is director of the M-RCBG Digital Assets Policy Project."