Skip to main content

Formal meeting (oral evidence session): Central Bank Digital Currencies

Economic Affairs Committee
Central Bank Digital Currencies

Tuesday 12 October 2021

Start times: 3.00pm (private) 3.00pm (public)


Add to calendar

Economic Affairs Committee to hold first oral evidence sessions on Central Bank Digital Currencies

On Tuesday 12 October at 3pm, the Economic Affairs Committee holds its first evidence session on Central Bank Digital Currencies (CBDCs). In the first session, the Committee will hear from Simon Gleeson, Partner, Clifford Chance and Professor Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University. In the second session, the Committee will hear from Natasha de Teran, Member of the Financial Services Consumer Panel and Georges Elhedery, Group Executive and Co-CEO of Global Banking & Markets, HSBC. The committee’s inquiry is looking at the main issues confronting HM Treasury and the Bank of England as they explore the potential of a possible CBDC for the UK. It will also examine how a CBDC might affect the role of the Bank, monetary policy and the financial sector.

Meeting details

At 3.00pm: Oral evidence
Inquiry Central Bank Digital Currencies
Partner and Legal Advisor at Clifford Chance
Adams Distinguished Professor of Management and Professor of Finance at Stanford University
Member of the Financial Services Consumer Panel at Carnegie Endowment for International Peace
Group Executive and Co-CEO at HSBC Global Banking & Markets

Likely questions

The committee is seeking answers to the following points:

  • Main issues driving central banks to explore central bank digital currencies.
  • The potential threat to financial stability of privately issued digital currencies, particularly stablecoins.
  • The disintermediation risk to the commercial banking sector posed by CBDCs.
  • Trade-offs central banks and governments need to consider when assessing the level of privacy and data protection in their designs for a CBDC.
  • The possible advantages of CBDCs offer to consumers, merchants or people sending money overseas that cannot be replicated through improvements to existing payment systems.
  • Whether CBDCs could stifle innovation in finance and payments.
  • How CBDCs can square the circle of being 'like cash' while meeting 'know your customer', anti-money laundering and other requirements.

These evidence sessions will be streamed live on Parliament TV

Location

Virtual meeting (webcast)