Exclusive video: Professor Alistair Milne on CBDC
Held at the QEII Centre in the heart of Westminster, our annual conference, FinTech LIVE London 2023, proved to be a disruptive learning and networking experience.
The two-day event gave leading lights from across the fintech industry an opportunity to showcase their latest strategies, projects and innovations, while attendees soaked up valuable insight and expertise.
Day two continued with a keynote from Alistair Milne, Professor of Financial Economics at Loughborough University, who discussed CBDC and the fintech ecosystem.
CBCD on the horizon
"There's so much change happening in the world of financial technology," said Prof Milne, introducing his talk. "Nobody knows it all. In fact, I think [for] all of us, the best starting place is to say we all have a great deal to learn."
He continued by discussing the emergence of CBDC in countries across the globe.
"CBDC is catching on; it's one of the big talking points of the last couple of years," added Prof Milne.
"We have a lot of regulation, a lot of consultation, so projects around the digital euro and digital pound are not going to happen very quickly, but maybe in four or five years' time this is going to be a real thing."
Explaining further the concept of CBDC and how it might work in practice, Prof Milne continued: "It's like a bank note, but it's going to be facilitated by payment interface providers and without the handicap of legacy systems.
"Certainly the way the Bank of England's going, and the Euro system as well, these transactions are not going to be completely anonymous and private because the police and law courts will have the opportunity to jump in if they need to."
"CBDC is not really about replacing commercial banks, but it's ultimately, I think, a furthering up of opportunities for technology-based business models in digital banking."
To watch the session in full, simply follow the video link at the top of this story.
Want to see more from FinTech LIVE London 2023? Stay tuned to our website for more content, which will be coming your way very soon.
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