Show cover of Digital Euro Podcast

Digital Euro Podcast

The DEA Podcast was brought to life by the Digital Euro Association and deals with digital money, specifically CBDCs and stablecoins with a focus on different forms of a digital euro. The Digital Euro Association, as the largest European Think Tank dealing with digital money, is dedicated to educating people on the tokenization of money. In addition to that, the DEA assists in solving the immense challenge of creating an innovative and open environment for digital tokenized money in the eurozone and its 19 member states. Through shared knowledge and collaboration of the DEA community members, with backgrounds in a wide range of industries, we strive to significantly contribute to the development of the digital euro. On the basis of this interdisciplinarity, it is possible to develop solutions jointly and, under consideration of all interests, to formulate the necessary requirements for politics and the financial sector. In this way, the DEA hopes to offer every citizen, entrepreneur, (central) banker, and politician a platform that helps to understand the enormous impact of the digitization of money on the economy and to define design principles of differing forms of a digital euro.

Titel

Episode 38: Updates on Stablecoin Regulation with Circle
In this episode, Caroline Hill and Teana Baker-Taylor from Circle provide us with the current regulation and policy developments such as the Federal Government's progress, the competitiveness of different regulatory approaches and developments worldwide.
40:39 09.11.2022
Episode 37: This Month in Digital Money – News Digest October 2022
In this monthly news digest, Sarah, Conrad, Atakan and Neslihan recap the news in the stablecoin and CBDC space in October 2022.
16:11 31.10.2022
Episode 36: Stablecoins – Enabler for Borderless Work?
In this episode, various aspects of stablecoin usage including their economic and societal effects on the global labor market are discussed with first-hand experiences from the panelists.
59:41 27.10.2022
Episode 35: The CBDC Manifesto Explained
Jamiel Sheikh from the CBDC Think Tank and Tamara Schmidt from the DEA give context to the CBDC manifesto, released on September 12, 2022.
37:53 12.10.2022
Episode 34: This Month in Digital Money – News Digest September 2022
In this monthly news digest, Conrad and Sarah recap the news in the stablecoin and CBDC space in September 2022.
07:42 30.09.2022
Episode 33: Recommendations for a euro stablecoin: Private Digital Euro Working Group
In this episode, the members of the Private Digital Euro Working Groups review the various design choices and features of stablecoins, how stablecoins would interact with CBDCs, and the legal and regulatory framework required to support the introduction of stablecoins in the eurozone and the global financial system. The outcomes are particularly aimed at those policy-makers involved in EU crypto and stablecoin regulation.
43:50 28.09.2022
Episode 32: Paradigm Shift in Liquidity Visibility of Banks?
In this episode, Marcus Treacher answers the biggest questions around interbank settlements, the role of liquidity visibility in the digital age and the benefits for near real time payment settlements.
33:46 14.09.2022
Episode 31: Ahead of the Digital Euro: Public Digital Euro Working Group Recommendations
In this episode, the members of the Public Digital Euro Working Groups present their recommendations for a digital euro compartmentalized by design dimensions, payment relevant aspects and legal considerations after four months and in-depth analysis of relevant literature. The group’s findings have culminated in the paper “Ahead of the digital euro: Public Digital Euro Working Group Recommendations” and is particularly positioned at central banks involved in developing a central bank digital currency.
30:17 31.08.2022
Episode 30: This Month in Digital Money – News Digest August 2022
What are the conclusions of the newest ECB working paper? How is USDT developing after the Tornado Cash debacle? These and other questions will be addressed in the "This Week in Digital Money" August episode.
09:22 30.08.2022
Episode 29: Circle's Euro Stablecoin EUROC – The First Big Euro Stablecoin?
In this episode of the Digital Euro Podcast, Circle answers the biggest questions around its newly launched euro-denominated stablecoin EUROC and explains the concept of stablecoins as a money API.
76:22 17.08.2022
Episode 28: This Month in Digital Money – News Digest July 2022
Which functions does the Central African Republic's official digital currency allow? Which stablecoin did Tether launch this month? What are inflation-adjusted stablecoins? These and other questions will be addressed during the first "This Week in Digital Money" episode.
12:01 03.08.2022
Episode 27: Fungibility & Interoperability in the Digital Money Ecosystem
In this episode of the Digital Euro Podcast in collaboration with the Digital Pound Foundation, our panelists explore the meaning of fungibility and interoperability in the current and future digital money ecosystem. How do these two concepts differ and interrelate? How can a jurisdiction’s legal and regulatory framework support fungibility between CBDC and stablecoins? Why does it matter when we consider the relationship between public and private forms of money?
67:37 22.07.2022
Episode 26: Crypto vs. CBDC Bubble: Irreconcilable Perspectives?
In this episode of the Digital Euro Podcast, Sarah Palurovic (Executive Director of the DEA) takes a look at the perspectives of crypto and CBDC proponents. The debate which is shaped by polarizing voices on social media, especially Twitter, seems to have fundamentally irreconcilable perspectives. Which points of critique and philosophies are brought forth by these two camps who holds up to a reality check? Is there any common ground for crypto and CBDC proponents?
35:47 06.07.2022
Episode 25: Digital Money in Times of Crisis
The recent Ukraine-Russia war has raised multiple significant questions about the use of digital money. First, with the bank-run on Russian banks following the sanctions, would public and private forms of digital money offer potential ways to deal with bank-runs? After Western nations imposed new sanctions on Russia for its invasion of Ukraine, the Russian ruble was down nearly 30% against the US dollar at one point. Soon after, Russians queued to withdraw money in some cities, worried about cash shortages, despite the Russian Central Bank calling for calm. With the bank-run on Russian banks following the sanctions, public and private forms of digital money received the spotlight to be discussed regarding their roles in dealing with bank-runs as well as possibly creating other forms of risks.
87:49 14.06.2022
Episode 24: Private sector products and services for public sector CBDCs
In this episode of the DEA Podcast, Sarah Palurovic interviews Glenn Kim, the managing director of strategic business development at Fluency with vast experience in government and central bank financial advisor, investment banking, and entrepreneurship in tech and financial services. They discuss which tasks, tools and processes could be outsourced to the public sector companies by a Central Bank when CBDCs are introduced. Glenn explains how such products and services will be introduced concurrent with the introduction of a CBDC and how factors such as user-experience, data protection (i.e., GDPR requirements) and anonymity are addressed in such an outsourcing business model. Be sure to tune in to learn about how Central Banks draw the line between welcoming public sector solutions (i.e., tech or wallet providers) and simultaneously use regulation as a tool to omit disintermediation.
37:55 04.06.2022
Episode 23: Fungibility and Interoperability of CBDC
In this episode, Valentin Seehausen talks with Jannah Patchay about the fungibility and interoperability of CBDC. Jannah works for the Digital Pound Foundation and is specialized in financial markets innovation, and in helping firms to define, develop and execute their commercial strategies in a highly regulated environment. Her passion lies in building the capital markets of the future, harnessing emerging technology to create new and innovative financial services and products that can promote wider social benefit and greater access to financial services.
36:42 11.05.2022
Episode 22: Stablecoins, Synthetic CBDC and the History of Cryptocurrencies
In this episode, Valentin Seehausen talks with Franklin Noll about Stablecoins, Synthetic CBDC, and the general history of cryptocurrencies. Noll Historical Consulting assists clients in succeeding in the cryptocurrency, monetary, and payments fields by providing inside knowledge of those worlds and by providing the expertise needed to develop and promote successful projects. Focusing on the technology of money, past, present, and future, Noll Historical Consulting helps those working with banknotes, stablecoins, Central Bank Digital Currencies, and more. Just some of the services available are shown below.
34:24 28.04.2022
Episode 21: Digital Currencies in Asia
Central banks around the world have stepped in and intensified their efforts to conceptualize and design their own digital currencies, i.e., central bank digital currencies (CBDCs), in particular, as a reaction to the increased competitive dynamics by the cryptocurrencies and stablecoins. Asia has a particular importance and critical leading efforts in this space with various Asian central banks assessing and experimenting with CBDCs. For instance, China has launched pilot programs and trials of its digital currency project e-CNY. Goals of the e-CNY include to provide a convenient, yet more efficient, resilient and secure retail payment system to increase financial inclusion and preserve monetary sovereignty. Further, fair competition and interoperability should be promoted. As another example, the Bank of Japan is in the proof of concept stage regarding their own digital currency. Additionally, the Japan Digital Currency Forum as a consortium of around 70 Japanese firms, including the country's three largest banks, is also working on a yen-based digital currency, tentatively called "DCJPY" for Japan's private sector to complement the central bank's efforts.
86:56 13.04.2022
Episode 20: CBDC, Synthetic CBDC and Stablecoins
In this episode of the DEA Podcast, Manuel Klein interviews Miguel Fernandez Ordoñez, the former president of the Spanish central bank. They discuss why Miguel believes that we need new forms of money, and what these new forms of money bring with them economically. Miguel also explains, which role he foresees for the state, central banks, commercial banks, and other non-banking institutions, e.g. Stablecoin-providers in this new world, in which CBDC plays a larger role. Be sure to tune in to learn arguments for a system, in which CBDC or 100% backed Stablecoins become the dominant form of money in the money supply and what effects this shift might have on the economy and banks.
50:27 30.03.2022
Episode 19: Role of Commercial Banks in CBDC implementation
In this episode of the Digital Euro Podcast, DEA Executive Director Conrad Kraft sits down with Dr. Cyrus de la Rubia to discuss the role of commercial banks amidst CBDC implementation. They run through the current roles of commercial banks and how these may be impacted by the introduction of various types of CBDCs. Enjoy!
34:45 16.03.2022
Episode 18: Ripples Engagement in CBDCs
In this podcast episode of the Digital Euro Podcast, James Wallis, VP for Central Bank Engagements and Antony Welfare, European CBDC lead at Ripple, talk to Manuel Klein, founding member of the DEA about Ripple's engagement in CBDCs. James and Antony give an overview of what Ripple does and what the underlying blockchain technology, the XRP Ledger (XRPL), is used for. They describe how Ripple partnered with the Central Bank of Bhutan to build a pilot for their CBDC and what role the XRPL could play in a future of multiple CBDCs running on different technologies. James and Antony also discuss the use cases of a CBDC and give an outlook into the future and how digital payments will play a fundamental role in it. We at DEA want to thank Ripple for their support of the DEA. If you want to learn more about Ripple, make sure to visit their website (https://ripple.com/) and read their “Future of CBDCs report” https://ripple.com/wp-content/uploads/2021/01/cbdc-wp-2020.pdf
37:38 02.03.2022
Episode 17: The Future of Payments in the Euro Area
Bitcoin rose from the ashes of the global financial crisis of 2007-08 as the first cryptocurrency to attract global attention. With the rise of peer-to-peer electronic cash systems that do not rely on intermediaries, there are more than 7,500 cryptocurrencies in circulation now, according to Statista. Some first businesses accept major cryptocurrencies as payment today. All these developments lead to the questions such as, whether cryptocurrencies are actually money, and whether they are good investment or store of value tools with their high volatility issue. The cost of low stability in cryptocurrency values increased the importance of (fiat-backed) stablecoins, which are cryptocurrencies backed by real-world assets such as commodities, fiat currency (issued by the government), gold, or other cryptocurrencies. Investors can safeguard themselves against the volatility in cryptocurrencies by investing in stablecoins, which may also serve as a store of value. Increased competition from these novel forms of primarily private sector-issued money such as cryptocurrencies and stablecoins with the declining use of cash as a means of payment lead most of the central banks around the world to consider issuing their own central bank digital currency (CBDC). The European Central Bank (ECB) is also looking into the possibility of introducing a CBDC for the Euro Area, the digital euro. Therefore, a digital euro might become reality in a few years.
95:14 16.02.2022
Episode 16: CBDC Infrastructure Blockchain
In this episode of the DEA Podcast, DEA Board Member Valentin Seehausen discussed with Cizar Brahim, Chief Strategy Officer at Sovereign Wallet, the technical requirements of a CBDC infrastructure blockchain. Moreover, they talk about the advancements of SWN in CBDC pilot research. Enjoy the episode!
41:26 03.02.2022
Episode 15: Digital Euro and Digital Identities
In this episode of the DEA Podcast, DEA Chairman Jonas Gross discussed with Sven Marsing, Head of Project & Service Management at the Bundesdruckerei, the role of digital identities for the digital euro. They talk about the work of the Bundesdruckerei in this context, and why a digital identity is crucial for a digital euro. Enjoy the episode!
34:46 19.01.2022
Episode 14: Digital Assets and the Digital Euro
Digitization of financial assets promises tremendous benefits to the capital markets, such as executing fast, efficient, and secure transactions via distributed ledger technologies (DLTs). First financial institutions across the globe look for opportunities to integrate blockchain technology into their security offerings, such as blockchain-based bonds. The World Bank pioneered by issuing a new blockchain-based debt instrument and launched its bond-i already back in August 2018. Today, digital assets are already allowed by the regulator, e.g., in Germany, and will thrive over the next years. The advantages of digital assets become particularly clear when not only the digital asset itself, but also the payment/settlement of the digital asset is observed. When digital assets are based on DLTs, not only buying and selling the bond via a DLT is possible, but also the payment of the bond - both on the same platform. This allows for instantaneous settlement of assets. One promising way for digital assets is to settle in central bank money, via a wholesale central bank digital currency (CBDC). While the first central bank pioneered wholesale CBDCs, the Austrian Central Bank has recently conducted a research project for settling a digital asset with central bank money. In their DELPHI (Delivery vs. Payment Hybrid Initiative) project, appropriateness of blockchain technology for issuing and settling digital bonds in real time using a wholesale CBDC was explored. The Austrian Central Bank issued a wholesale CBDC that was used to pay for the digital bond. Potential deliveries of this blockchain-based project are to assess the compatibility of the current legal framework and its various amendment needs and to evaluate the applicability of this project learnings to the market needs.
78:54 05.01.2022
Episode 13: 2021 in Review
In this final episode of the DEA Podcast for 2021, DEA Board Chairman Jonas Gross together with Conrad Kraft (Executive Director of the DEA) and Manuel Klein (Founding Member of the DEA) recap some of the most important developments made at the DEA as well as review some of the interesting developments in the world of digital money and the digital euro. They also share their predictions and outlook for 2022 in the world of digital money. Be sure to tune in to get a great overview of the year that was and insights into what 2022 may hold.
59:28 22.12.2021
Episode 12: Agent-Based Simulation of CBDC
In this podcast episode, Valentin Seehausen, COO of the DEA, interviews Dr. Kimmo Soramäki from FNA. FNA builds models that are based on agent-based modelling (ABM) and consults central banks from all over the world. Valentin and Kimmo discuss how the ABM approach differs from models that central banks have been using in the last decades. They focus on the CBDC simulator, an ABM model that can simulate the effects that different parameters of a CBDC could have on the economy.
31:30 08.12.2021
Episode 11: Celo Stablecoin and CBDC projects
This podcast episode of the Future of Money Podcast by the Digital Euro Association focusses on Stablecoins. DEA founding member Manuel Klein talks with Markus Franke, Partner and economist at cLabs who work on Celo stablecoins, about what stablecoins are, which different types of stablecoins exist and which advantages and disadvantages the different types of stablecoins bring. After having described the different stablecoin-types, Manuel and Markus focus on the decentralized stablecoins of celo: Celo is a layer 1 blockchain with stablecoins like the Celo Dollar and Celo Euro that are optimised for decentralised finance applications on cell phones. Manuel and Markus discuss how the decentralized celo Stablecoins differ from centralized stablecoins and how they are issued, backed and redeemed. Last but not least, Markus explains how celo is aiming to become environmentally sustainable money and which use cases the members of the celo alliance for prosperity work on. Make sure to listen to this very insightful episode on a promising form of the private digital euro: the decentralized stablecoins of celo.
40:06 24.11.2021
Episode 10: The regulated Internet of Value
In this episode, Tony McLaughlin outlines a network on which different forms of money that we already know today can be transferred as tokens issued on distributed ledgers. These different monies are all “regulated liabilities” and include commercial bank money, electronic money, and central bank money. A network that tokenizes regulated liabilities on the same chain may deliver a next generation digital money format with the benefits of DLT but without the downsides of currently discussed digital money forms such as stablecoins or CBDCs. As DLT has the potential to represent multiple forms of digital value, we might go further and envision the creation of networks that tokenize regulated liabilities and regulated assets on the same chain. Such a network would be significantly different from today’s siloed financial architecture: It would embody all types of tokenized assets and money in an ‘always on’, programmable and global network — a regulated internet of value.
56:37 10.11.2021
Episode 9: Will central bank digital currencies enable anonymous payments?
Most of the central banks around the world consider issuing a CBDC mainly as a consequence of the declining use of cash as a means of payment and to position themselves against increased competition from novel forms of private sector-issued money such as cryptocurrencies and stablecoins. In most jurisdictions, CBDC design requirements and design principles are currently being analyzed and discussed. A consultation by the European Central Bank (ECB) revealed that privacy seems to be the most important requirement for a CBDC for European citizens. Privacy of transaction data is important for ensuring the security of the data and fair pricing, and avoiding data exploitation, amongst others. Therefore, a high degree of data privacy while complying with regulations such as anti-money laundering and combating the financing of terrorism seems to be desirable for a CBDC.
69:28 03.11.2021