Leaders of global CBDC projects talk shop in panel today

As part of DC Fintech Week, a digital conference on the governmental side of the financial technology sector, several international leaders gathered for an Oct. 19 panel called: Central Banks, CBDCs and Cryptoeconomics.

"I don't see technological barriers in this area, but I do see technological challenges," Cecilia Skingsley, First Deputy Governor of Riksbank, the central bank of Sweden, said on the panel.

The panel saw discussion between four separate authorities on various aspects of CBDCs, including the global race toward toward such a currency, as well barriers.

In addition to Skingsley, the panel hosted BIS executive committee member Benoit Coeure, Bank of England deputy governor Jon Cunliffe, and former U.S. CFTC chairman J. Christopher Giancarlo.

As far as the Bank of England is concerned, Cunliffe explained cash as a cumbersome part of the economy.

Giancarlo specifically pointed out the competitive atmosphere around launching a CBDC, noting that winning the race is not the most important point - sentiment U.S. Federal Reserve chairman Jerome Powell also recently expressed.

"If there's a winner, I don't think the winner is necessarily who's first and the loser is necessarily who's last," Giancarlo said during the panel.

"What matters is, which central bank successfully incorporates its societal values in a successful development of CBDC," he explained.

Mentioning a report from the BIS from January 2020, Coeure reminded the audience that a large number of the world's central banks consider CBDCs a worthwhile research effort.

China has notably charged forward with its CBDC development in 2020..