11h30 – 13h00. Registration and welcome buffet
13h00 – 13h15. Welcome address by François VILLEROY DE GALHAU, Governor, Banque de France
13h15 – 13h30. Opening address by Mairead McGUINNESS, European Commissioner
How should central banks address financial stability challenges related to digitalisation of financial services?
For some years now, the payment landscape and the financial sector more broadly have witnessed the disruptive effects of digitalisation. The increasing footprint of BigTechs, the emergence of stablecoins and more recent trends such as Decentralised Finance (DeFi) have accelerated and deepened change in both the retail and wholesale markets, while raising new threats for financial stability. This roundtable will discuss whether these new risks have been sufficiently addressed and whether and how central banks and regulators should further step in to rein in this new ecosystem.
Chair: François VILLEROY DE GALHAU, Governor, Banque de France
Decentralised Finance: opportunities and challenges
In the past few months, Decentralised Finance (DeFi) has experienced a fast and noticeable growth. DeFi uses crypto-assets and distributed ledger technology such as public blockchains to offer direct, peer-to-peer crypto-based financial services (e.g. borrowing and lending of crypto-assets based on decentralised applications). This roundtable will discuss the opportunities and challenges of DeFi for financial players and their views for a safe and efficient development of this emerging market.
Chair: Nathalie AUFAUVRE, Director General Financial Stability and Operations, Banque de France
15h30 – 16h00. Coffee break
Wholesale CBDC: emerging opportunities for stabilising the tokenised ecosystem
In the globalised world, wholesale CBDCs could be regarded as key assets for monetary and financial stability of the tokenised ecosystem, but such role also raises challenges. Understanding the implications of issuing wholesale CBDCs requires a comprehensive analysis of the ecosystem while taking a prospective view on its cross-border dimension. This roundtable will explore how wholesale CBDCs could secure transactions on tokenised financial assets with a possible cross-border reach, involving multi-CBDC (m-CBDC) arrangements.
Chair: Denis BEAU, Deputy Governor, Banque de France
17h00-17h15. Concluding remarks by Denis BEAU, Deputy Governor, Banque de France
Updated on: 09/23/2022 18:04