CBDC and the Future of Wholesale Payments

Central bank digital currencies (CBDCs) are undoubtedly a hot topic. Not a week goes by without news from at least one central bank of their latest plans for tests, pilots, and live trials. In the UK, Rishi Sunak's announcement on 19th April this year of a joint HMT-Bank of England taskforce to "coordinate exploratory work on a potential central bank digital currency", has led to a range of reactions from the media: excitement, bewilderment, confusion, a misguided perception that the UK is about to create its own cryptocurrency, and a heartfelt plea of "could someone please explain what this all means for us". For financial markets participants, it’s particularly important to understand the potential for CBDC to transform the ways in which wholesale payments are made, and the potential opportunities for innovation and evolution of financial markets.  So what is CBDC and how does it differ from digital money? In this episode our host Jannah Patchay interviews Jake Hartley of Fnality International to find out more.